MSE News: Northern Rock pays Ј270m to 150,000 after gaffe

A question about : MSE News: Northern Rock pays Ј270m to 150,000 after gaffe

Around 152,000 Northern Rock customers will get an average Ј1,775 compensation due to a paperwork error...

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Northern Rock pays Ј270m to 150,000 after gaffe

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• Well, after getting all excited I checked the link and it confirms that loans with a 16-digit account number aren't affected - just checked my paperwork and, you guessed, 16 digits.......
  Never mind!
• Knowing my luck, i'll end up owing them.
• the reports make it sound like you'll get some cash, but they'll just take it off your existing balance.
• My husband and I had two personal loans with Northern Rock. Both were ten year loans which we paid off in full early in Spring 2011 and then moved house. We have since moving disposed of all the paperwork which was relevant to the two loans and Northern Rock do not have our new address!
  I believe we are eligible for some sort of pay out, but am not sure how best to proceed with this! Can anyone advise me on this, please?
  Thank you.
  Jane.
• DH has a current loan with them - we'll see what the postie brings over the next few days.
• From what I understand this compensation will only be paid out to those who have unsecured loans of under Ј25000 as these loans are regulated by CCA 1974. I assume this rules me out as the unsecured loan I took out with NR in Jan 2007 was for more than that amount. However, I had a look at my loan agreement tonight and it clearly states that it is regulated by CCA 1974. So I'm a bit confused why payment will only be made to those with loans under Ј25000!?
  I will contact NRAM but as the site states I wont be able to get any information specific to my loan at this stage!
  I'm just wondering if anybody out there is in the same boat?
• i have 4 loans with varying values totalling about 23k, wonder how that will effect me?
• look at this link it says for secured loans
  https://www.itv.com/news/2012-12-11/n...-compensation/
  Quote:
• and this on NRam website, think its a see if you get a letter. i'll let you know if i get anything. other people do so as well so we can get a better idea of what falls in and out of the criteria
  Is my loan CCA regulated?At this stage, we cannot confirm if your loan is regulated under the CCA. The CCA is a complex piece of regulation that covers many secured and unsecured loans taken out by customers with the former Northern Rock plc
  Quote:
• The Beeb is saying that many (but not all) of the loans were in conjunction with mortgages, in which case no doubt they were secured. Ours definitely wasn't - 10 year unsecured taken out in 2006.
• I had a 4 year loan with them back in 2006. It was a car loan for less than 25K. Ive moved house since then and have no account details!!
  Does anyone know if ill get anything or how they may get in touch when they dont have my new address.
• Suggestion:
  If you get this money back, use it to reduce your debts.
  Especially if you've got negative equity.
• My OH has a loan with them and it seems on checking the NRAM website they say the following
  'Please note - if you hold an unsecured personal loan with a 16 digit account number, we can confirm you are NOT affected by this issue. Our review has determined that the communications sent to you during the term of your loan did follow the exact format set out in the CCA'
  https://www.nram.co.uk/en/customers/cca-loans.aspx
• I currently have a mortgage with NRAM which is a together mortgage split between the secured and unsecured. The unsecured park is around 15K so falls into the category of the affected. I will wait for a letter from NRAM in the next few days.
  If you had a unsecured loan or a mortgage with an unsecured part and have since repaid it and don't have any correspondence with your details on NRAM will still be able to search for your details on their database using the names of the account holders and the address where the mortgage/loan was registered.
  I ask the question, if I am due a refund and even if NRAM say they will alter my account to reflect the overpayment/refund can I ask for the money to be paid to me rather than my account being adjusted.
  Thanks
• I have a mortgage with NRAM, taken out in October 2007 which was part secured and part non-secured, the latter one I have paid off in full. The account no. isn't 16 digits long and have just checked through all the documentation - none of the older style statements indicate the original loan amounts. Let's hope the postie makes me a visit in the next few days. I will post on here again if anything arrives.
• Excuse my ignorance but this is going to be one cost to the taxpayer like many people have said
  but i cant stop asking the following to my self?
  when RBS lost 38Billion pounds of taxpayer money-Did they get compensation or is this because northern Rock was saved by the tax payer when Lab was in power from failing you get a compensation
  Seems Good for some people but taxpayer money is going again to cover the cost.