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Northern Rock Together Mortgage misold
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If that is the case, adds you my argument this was a mis sold mortgage
Nothing on this thread suggests any missale. Main reasons being that it was 2007. So, the offer letter would be using the FSA (as it was then) regulated template for costs disclosure and risk warnings.
You would have signed that agreement.
A 25 year unsecured loan would drop barely anything in the early years and then reduce very slowly from around year 7-8 and then speed up from around year 15.I accepted their excuse, there was not much publicity on claiming mis sold mortgages. I recently saw an article so now interested in knowing if I have a claim against NRAM.
There are very few successful missold mortgage complaints. That is why you are not seeing the CMCs take these on (bar a few dodgy ones that take up front fees or, more commonly, no upfront fee but after a month or two tell you that you have a case and will get thousands but you need to pay a fee to take it further).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Have you asked NRAM to explain how they arrive at the outstanding balance? You can gently persuade them to respond by making it clear you are raising a complaint (which will start the clock ticking on the 8 weeks they get before you can complain to the FOS).0
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Nasqueron - Really?? I have had loans before and they always reduce proportionally. Never have I experienced a loan where you pay all the interest off first and then the capital. If that is the case, adds you my argument this was a mis sold mortgage
It's not miss-sold, it's just how debt works, this article below explains it well
https://www.telegraph.co.uk/finance/personalfinance/2955757/Capital-repayment-options.htmlSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Thank goodness i went bankrupt..kept the house but had the unsecured loan wiped.
Was sold the mortgage as 100% secured on house...naughty naughty Northern Rock and there money grabbing ways.0 -
Samsung_Note2 wrote: »Thank goodness i went bankrupt..kept the house but had the unsecured loan wiped.
Was sold the mortgage as 100% secured on house...naughty naughty Northern Rock and there money grabbing ways.
I think it's a bit much to blame NR when you wanted the mortgage, you didn't have to take itSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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