NRAM assistance with PPI Claim - northern rock

[Tungata]

Hi. Newcomer here, seeking advice on an issue relating to PPI

 

My son took out with Northern Rock 5 years ago. He took out this loan via the Internet and took out PPI. The loan was cleared within 24 months (agreed term) with no issues.

He has recently been contacted by Northern Rock Asset Management (NRAM), seeking his authorisation to recover the PPI element of the loan. Papers sent by NRAM state that they will charge 30% of any successful claim to cover their costs. Although my son knows how, when, who with and how much the loan related to, has not retained records of the agreement. So, without NRAM he doesn’t know how to proceed.

 

Investigations by me indicate that although the loan was with Northern Rock, this section of the (Northern Rock) business was sold to Virgin Money and that NRAM took the bad debt.

 

My view is that if he believes he was miss-sold PPI, then his claim is most probably with Virgin and that NRAM are simply offering a service that he can actually perform himself, but NRAM appear to have implied that they are the only route to making a claim

 

Can any one offer me advice about how this can be taken forward?

- Any views about the relationship between Virgin and NRAM?

- If Virgin is now deemed as the provider, how can he get the details of the account to start the PPI claim process?

- If NRAM are the provider, can the charge for resolving this?

 

Thanks in advance

[dx100uk]

do it yourself for FREE and get ALL The money back to HIS pocket - GOOD IDEA!!

 

very easy

 

1st port of call would be an SAR to virmin

 

dx

[ims21]

Hi

 

He can do this himself...forget NRAM and their 30%.

 

Ideally you would need the agreement and the statements for the loan. If you haven't got them then SAR the lender.

 

Have a read of No.1 in my signature...all you need is there

 

ims

[Tungata]

Thanks for the comment and apologies fore ther appalling grammer in my original post

 

Given my comments about NRAM & Virgin do you recommend he simply send the SAR to Northern Rock ( as the original lender) at their registered address (Newcastle)?

 

Thanks

 

[ims21]

Thanks for the comment and apologies fore ther appalling grammer in my original post

 

Given my comments about NRAM & Virgin do you recommend he simply send the SAR to Northern Rock ( as the original lender) at their registered address (Newcastle)?

 

Thanks

 

 

I would...yes

[bigkacker]

Hi,

 

I might be able to help you with this one as I worked for Northern Rock Plc and NRAM when the company was split.

 

If you took your loan out five years ago with Northern Rock Plc you need to make the claim through Northern Rock Plc and not NRAM as the debt will never have pased to NRAM when the company split into good bank/bad bank.

 

As for Virgin money chariging 30% commission, tell them to do one.

[FrannieC]

Hi,

 

I might be able to help you with this one as I worked for Northern Rock Plc and NRAM when the company was split.

 

If you took your loan out five years ago with Northern Rock Plc you need to make the claim through Northern Rock Plc and not NRAM as the debt will never have pased to NRAM when the company split into good bank/bad bank.

 

As for Virgin money chariging 30% commission, tell them to do one.

 

Hi bigKacker,

 

Thanks for your continued help with this topic. I have recently recieved a letter from NRAM saying they are reviewing its sales processes between 2005 and 2008, sounded too good to be true. No mention of a 30% fee though, which after investigation seems to be the highest fee charged for this kind of service! I took out my loan with NR in Sept 2006, please could you advise me to whom should I write to begin an investigation. The good the bad or the ugly?

 

Thanks in anticipation.

Edited February 24, 2012 by FrannieC
Grammatical error