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NRAM: Wrongful wording on Loan Statements <£25k


scottybhoy
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Should affected NRAM Customers be entitled to a cash refund?  

8 Caggers have voted

  1. 1. Should affected NRAM Customers be entitled to a cash refund?

    • Yes
    • No
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    • Undecided
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Hi

 

No doubt, lots of people will be aware of the total mess NRAM has caused with regards to the wording in their statement regarding the repayment of interest on loans under £25k.

 

If not, here is an article... http://www.guardian.co.uk/business/2012/dec/11/northern-rock-loan-blunder-270-million-pounds

 

I am myself affected by this "mistake", which basically means that I have paid more money to NRAM than they are legally due.

 

Now according to the wording in the letter received, NRAM will not be paying cash refunds. Instead they will be amending the amount owed on the Loan.

 

I for one, am not happy about this. If I have overpaid NRAM any amount of money that they are not due, then I, like other should be entitled to receiving this money in full to spend any way in which I see fit. This is legally my money and NRAM had no right to take this from me. This money could have been distributed elsewhere and I feel that I, or rather everyone affected should have this money refunded in full and not just "redressed" to their account.

 

If anyone can offer any advice on the legality of this I would be very grateful. The fact that NRAM has taken money which they are not legally due to them should be enough to justify a cash refund. Remember not so long ago the drama regarding Energy Companies withholding Customers credit? Same thing, is it not?

 

Also, to clarify, this is my current standing with NRAM.

 

- Together Mortgage taken out Pre-April 2007

- Unsecured Loan part of Mortgage under £25k

- Currently up to date with all payments, no arrears, never missed a payment!

 

Any thoughts or people in the same boat, would like to know your thoughts.

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