Northern Rock CCA is it enforcable? - please help

[mann01]

Bump

 

Please advice

[218bhp]

I think it is highely unlikeley that they will allow the funds to clear before setting up a new agreement. If they do that, what to stop you running off with the money and never paying back a penny?

 

Afterall, you asked them for a loan some years ago and agreed to pay it back. Regardless of this refund being for PPI, you owe them money so they have every right to offset it against the outstanding ammount.

 

I think you would be hard pressed in court to convince anyone that your suggestion is the correct thing to do (from a legal, moral and business point of view)

[Pipster2797]

Sorry for the delay in posting after you posted on my thread a few days ago. i have been snowed under (excuse the pun with the current weather) with sorting out my defence as it needs to be in next week.

 

Very similar case to mine too be honest. I personally would not sign a new agreement. If they have admitted to the PPI being mis-sold then the CCA won't stand up in court as the total amount for credit will be wrong. I would write to them telling them that the account is now in dispute and not another penny will be paid until they resolve the dispute.

 

In my circumstances I needed the PPI money back and signed a new agreement. However I couldn't afford the new mothly payments and fell behind.

 

The new agreement though will be a valid CCA so if you can't afford the new monthly payment you will fall behind with payments and then they will take you to court. Yes you will have the PPI back but still be in a position of not being able to afford a loan and they have a stronger hand as you have signed a new credit agreement.

 

I disagree with 218bhp as banks have been ripping people off left, right and centre.

 

Banks like NR have dished out loans to people who couldn't afford them and then been ruthless to claw money back.

 

Man Man clearly told them he wanted to cancel the PPI from the start and they said he couldn't without going through a brand new application. They did the same to me too. Every month that payment for their highly expensive PPI could of brought the loan down and reduce the amount of interest he was paying, however the bank clearly were thinking about profits and staff their bonuses. ManMan has techincally been overpaying for 5 years with this loan because of PPI yet as he has fallen behind with payments they are straight after him for payments

 

So from a moral position my stance is if the banks can't act fair then why should we!!

[mann01]

Thanks Everyone,

 

 

My Initial Loan was for £25,000 with PPI and Interest over 10 Years comes to £47000.... Thanks makes me sick.

 

From my understanding I have paid approx £10,000 the remaining balance approx £15000. If i get the full refund of the £5.5k of PII i am planning to offer Full and final settlement on the account using this full refund. I am not sure if i am approching this in the best way.

 

I will not agree to sign any new agreement, I plan to do the following:-

 

1. Ask for full refund of PPI and not agree to sign anynew agreement and then use this fund to do full and Final

 

2. If NR don't agree to the above, I will offer Full and Final using the PPI value, and not request them to refund anything.

 

Any comments.

[Pipster2797]

If you try for a F&F make sure you get it in writing that no one else can chase you for the remainder of the debt as they are likely to sell on what was short and someone else will chase it for you

[citizenB]

In response to you pm, I can only advise that most companies will want to restructure the loan agreement when having been caught out in respect of mis sold PPI.

 

If you do go down this route then you need to ensure that you arent being given a raw deal on the new agreement. Especially with the interest rates. If the original agreement had a very low interest/APR then the new agreement should have the same.

 

If it is their intention to put a higher interest rate/APR then almost certainly you would be advised to refuse to go along with it.

 

If I could go back in time, then I would almost certainly advise my OH not to sign a restructured agreement and if the bank refused to refund until such times then it would be straight off to the FOS.

[mann01]

Hi Thanks for the advice,

 

I really don't want a new agreement or loan. Ideally want tobe in a position so i can agree some sort of full and final.

[mann01]

its impossible to set a settlement figure from NR, it got front loaded interest

 

basically the cash loan was for £25,000 at 6.9 APR over 120 month payment, monthly payment inc. interest is £286.83. I have paid 38 month payment at £286.83 totaling to £10,899.

What is the settlement figure ? can any one help please.

[nonnynonny]

This is exactly what happened to me with Northern Rock.

 

I signed an 'acceptance' letter but they never sent a new credit agreement for me to sign, simply a letter detailing the 'new' loan.

 

These documents are attached.

 

Can i say now that the agreement is not enforcable as there is no new agreement?

[nonnynonny]

Not sure why i bother here and advise any guests reading to head over to Martin Lewis moneysavingexpert forum, where people are far more helpful, responsive, and actually reply to a question when they say they will.

[citizenB]

Not sure why i bother here and advise any guests reading to head over to Martin Lewis moneysavingexpert forum, where people are far more helpful, responsive, and actually reply to a question when they say they will.

 

Hmm, perhaps you should be asking questions on your own thread and not on someone elses:)

[citizenB]

its impossible to set a settlement figure from NR, it got front loaded interest

 

basically the cash loan was for £25,000 at 6.9 APR over 120 month payment, monthly payment inc. interest is £286.83. I have paid 38 month payment at £286.83 totaling to £10,899.

What is the settlement figure ? can any one help please.

 

You should start off at the lowest possible figure and work your way upwards.

 

On the agreement is there a section which advises if you were to settle early there will be a rebate ?

[MARTIN3030]

Re: Northern Rock CCA is it enforcable? - please help

"Not sure why i bother here and advise any guests reading to head over to Martin Lewis moneysavingexpert forum, where people are far more helpful, responsive, and actually reply to a question when they say they will."

 

 

If you think its so bad here-nothing stopping YOU from going.

Let others decide for themselves.

[nonnynonny]

Hmm, perhaps you should be asking questions on your own thread and not on someone elses:)

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/220414-northern-rock-credit-agreement.html

 

I did 3 months ago, and ironically it was you who responded to me then/or didnt, as the case may be.

[nonnynonny]

Re: Northern Rock CCA is it enforcable? - please help

"Not sure why i bother here and advise any guests reading to head over to Martin Lewis moneysavingexpert forum, where people are far more helpful, responsive, and actually reply to a question when they say they will."

 

 

If you think its so bad here-nothing stopping YOU from going.

Let others decide for themselves.

 

I look at both forums, because they are good for research purposes, simply personal preference that i find the other forum a nicer place to be.

[mann01]

Hi guys, please help again,

 

i have been getting from Northern Rock again, they are asking me to sign new agreement without the PPI and then they will process my refund. I have refused. I am worried & not sure what to do.

I don't want to enter another agreement new agreement as i will not be able to maintain.

 

 

 

please help.

[itsamomentintime]

write to them explaining that you will be making a complaint to the FOS if they dont refund you. DO NOT SIGN A NEW AGREEMENT!!!!!

[brokebutnotbeatn]

Hi. I agree. You do not need to sign a new agreement. Barclays bank did that to me. You need a cheque for the monies owed. You do NOT want the repayment taken off he monies owed. And they need to recalculate the debt to put it back in the position it would have been without PPI. It make take a lot of letter writing but you should get there.