Northern rock loan over £25,000

benrussell · 14 January 2015 at 1:11PM

Looks like they are going to appeal, i'm not allowed to post links

NRAM plc v McAdam & Hartley – NRAM Board Seeks Leave to AppealFurther to the High Court’s decision on 10 December 2014, the Board of NRAM plc, following legal advice and having carefully considered the implications for both customers and taxpayers, has decided to seek leave to appeal the Court’s decision.

carlyberyl · 14 January 2015 at 1:46PM

They're doing anything to keep dragging it out, absolutely ridiculous!

NorthernRockVictim · 14 January 2015 at 1:50PM

So, that will be six months interest £18m + Costs say £1 = £19m just to obtain leave to appeal, then they may not appeal?!?! If they do then a further £45m in interest and legal fees of say £3m. Total = approximately £67m. :T

fermi · 14 January 2015 at 1:52PM

Updated here recently I presume.

http://www.n-ram.co.uk/loans/loans-over-25000

fermi · 14 January 2015 at 1:59PM

Or here actually.

http://www.ukar.co.uk/media-centre/press-releases/2015/14-01-2015?page=1

NRAM plc v McAdam & Hartley – NRAM Board Seeks Leave to Appeal

14 Jan 2015

NRAM plc

Further to the High Court’s decision on 10 December 2014, the Board of NRAM plc, following legal advice and having carefully considered the implications for both customers and taxpayers, has decided to seek leave to appeal the Court’s decision.

Richard Banks, Chief Executive Officer of UKAR, commented:

“We have a duty to the taxpayer to safeguard public money and although the High Court found against us in December, it is important to remember that our customers have suffered no financial detriment. Following legal advice, we are seeking leave to appeal the Court’s decision.”

Media Contact: Investor Relations Contact: Brunswick UKAR Jonathan Glass / Nick Cosgrove

Tel: +44 20 7404 5959
Email: [EMAIL="ukar@brunswickgroup.com"]ukar@brunswickgroup.com[/EMAIL] Neil Vanham
Tel: +44 1274 806 341
Email: [EMAIL="neil.vanham@ukar.co.uk"]neil.vanham@ukar.co.uk[/EMAIL]

NOTES TO EDITORS
UK Asset Resolution Limited (UKAR)

UKAR was established on 1 October 2010 to facilitate the orderly management of the closed mortgage books of both Bradford & Bingley (B&B) and NRAM to maximise value for taxpayers, while ensuring that both companies continue to treat customers fairly, deliver consistently high levels of service and support those customers facing financial difficulty. Further information about UKAR is available at www.ukar.co.uk.

fraaaaanka · 14 January 2015 at 2:21PM

Farcical, not only additional cost for the taxpayer but even if they were successful it would result in us all basically claiming we were sold an unregulated loan by being told it was cca regulated.
Clear mis-selling of the product which would make the unsecured aspect unenforceable, total unsecured balance remaining wiped out and all unsecured payments refunded as well as invest on the refunded amount compounded.
Perhaps we should all be hoping for a win on appeal?

goaten2000 · 14 January 2015 at 2:22PM

Richard Banks, Chief Executive Officer of UKAR, commented:
“We have a duty to the taxpayer to safeguard public money and although the High Court found against us in December, it is important to remember that our customers have suffered no financial detriment. Following legal advice, we are seeking leave to appeal the Court’s decision.”

Sounds like they're going to take this all the way. Given it could take up to 15 months, it's likely there won't be any payouts until end of 2016 at the earliest

NorthernRockVictim · 14 January 2015 at 2:23PM

goaten2000 wrote: »

Sounds like they're going to take this all the way. Given it could take up to 15 months, it's likely there won't be any payouts until end of 2016 at the earliest

And they could win the appeal!

goaten2000 · 14 January 2015 at 2:25PM

NorthernRockVictim wrote: »

And they could win the appeal!

They could but if they do, as fraaaaanka has stated there's still a case for miss-selling. Is this what the judgement was originally based on, that it was miss-sold as a CCA regulated loan?

Bignosher13 · 14 January 2015 at 2:35PM

NorthernRockVictim wrote: »

So, that will be six months interest £18m + Costs say £1 = £19m just to obtain leave to appeal, then they may not appeal?!?! If they do then a further £45m in interest and legal fees of say £3m. Total = approximately £67m. :T

Wow, that's some gamble NRV!

My initial annoyance at this has turned to amusement: Having taken themselves to Court and losing they are now applying for the right to appeal. They may not be granted that right and even if they are they may not appeal!

It's a blatant stalling tactic and cynically it looks like a stitch up. Go through the correct public motions to get something rubber stamped that you know full well will be overturned. Nram, Government and Court all eggs in the same basket.

I'm back to feeling annoyed now .... Unenforceable it has to be then :mad::mad:

Northern rock loan over £25,000

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