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Northern rock loan over £25,000

edited 30 November -1 at 1:00AM in Loans
1.9K replies 430.2K views
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  • edited 13 December 2012 at 12:57PM
    lizardslizards Forumite
    220 posts
    edited 13 December 2012 at 12:57PM
    I wonder what our next step is? Presumably we wait and see if we get a letter when the others do? If we don't, or if the letter says we're not entitled to anything.. then what?

    Any legal sorts around?

    PS if I do get a letter I'll find out a while from now because as we've just moved, NRAM don't know our new address yet and the mail redirection is flaky at best. We still own the old property, hence not bothering to update them with our change of address, but I only visit once a week.
  • On another note - What do you pay a solicitor for when taking out a mortgage / loan / buying a house? Surely it's to check the documentation is in order and correct...
  • edited 13 December 2012 at 2:30PM
    Fizzy_FishFizzy_Fish Forumite
    43 posts
    edited 13 December 2012 at 2:30PM
    downhiller wrote: »
    £30k unsecured loan here as part of a together mortgage. All the papers also say it's covered by the CCA 1974. Almost £8k (gulp) in interest on this loan in the last 5 years!

    We're in the same situation, and that money sure as hell would come in handy in cutting down what we owe!

    Have done some reading up on the Consumer Action group forum about the CCA issue and it seems like a bit of a legal grey area that hasn't been ruled on yet.

    Given the potential money at stake (and the fact that I like a challenge!) I'd be willing to contribute something g to help take this further through one of the potential legal routes, depending on how things pan out over the next few weeks.
  • rmartrmart Forumite
    43 posts
    I have emailed NR as stated on their web site [email protected]

    This is my email :

    Dear Sirs,



    My loan was taken in 2006 for more than £25,000 and I was informed that my loan is covered by the 1974 CCA.



    This is also clearly stated on my loan documents.



    Please could you inform me of my position.

    Kind Regards
    .......................

    I would advise that all with a loan over £25k do the same
  • rmart wrote: »
    I have emailed NR as stated on their web site [EMAIL="customerrelations@n-ram.co.uk"][email protected][/EMAIL]

    This is my email :

    Dear Sirs,



    My loan was taken in 2006 for more than £25,000 and I was informed that my loan is covered by the 1974 CCA.



    This is also clearly stated on my loan documents.



    Please could you inform me of my position.

    Kind Regards
    .......................

    I would advise that all with a loan over £25k do the same

    Also sent an email - will update if I get a response
  • I am also in a similar position where I took a loan of over 30k as part of mortgage package in 2005 with NR.from a brief bit of reading the 25k limit for a CCA regulated loan was removed in 2006 in the new Act and came into force in 2008.Certainly no expert but it does seem like we must have a fair case and NR have not fully thought this one through
  • I am in a similar position 28k loan taken in 2007. It is CCA paperwork.

    I did speak to nram yesterday and I was informed that my account had a tick next to the CCA field..

    I read the website where they had the statement on and then I have been back today to see if i could find an email and something of interest is on there now which I did not spot...

    Please note - the CCA regulations only cover loans taken out for amounts of £25,000 or less.

    So can anyone tell me what the differences are between a regulated and unregulated loan. I did read the long thread on CAG but it was all a bit lost on this simpleton...
  • Hi everyone, I'm in the same position -£27k loan in 2005 as part of together mortgage, signed by both NR and myself. Paperwork clearly states subject to CCA 1997. I have not contacted NRAM yet as wanted to wait to see if I got a letter first, but nothing so far. Not sure where we all stand to be honest. If they do not treat our loans the same as the <£25k customers on the basis that our loans could never have been CCA protected and admit yet another mistake, what happens now?

    I certainly would not have entered into an agreement for an unregulated/unprotected loan, would you? And what happens moving forward as things may be ok now but what if you need to rely on the protection in the future? What a mess!!
  • Hi All, So we're in the same boat £30k unsecured loan that states it is covered by CCA. We'd be happy to contribute £100 if there are enough of us willing to chip in to get a barrister to look at this?
  • GhIFAGhIFA Forumite
    619 posts
    Chrisb80 wrote: »
    Hi everyone, I'm in the same position -£27k loan in 2005 as part of together mortgage, signed by both NR and myself. Paperwork clearly states subject to CCA 1997. I have not contacted NRAM yet as wanted to wait to see if I got a letter first, but nothing so far. Not sure where we all stand to be honest. If they do not treat our loans the same as the <£25k customers on the basis that our loans could never have been CCA protected and admit yet another mistake, what happens now?

    I certainly would not have entered into an agreement for an unregulated/unprotected loan, would you? And what happens moving forward as things may be ok now but what if you need to rely on the protection in the future? What a mess!!

    Just out of interest, at the time you entered into the agreement, what protection did you think you had on this part of the loan?
    I am an IFA. Any comments made on this forum are provided for information only and should not be construed as advice. Should you need advice on a specific area then please consult a local IFA.
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