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Northern Rock Asset Management - unexpected refund - should I be suspicious?


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I redeemed my Northern Rock mortgage some years ago now but I've had a letter through this morning enclosing a cheque. The letter says:

 

'NRAM is committed to providing our current and previous customers with a great level of service. To ensure we maintain these levels, we have reviewed our previous Mortgage Application process and have identified that whilst your account is now redeemed, it appears that we made an administrative error when your account was originally set up.

 

Therefore a cheque of £XXX.XX is attached to rectify this error.

 

Included in this amount is £XXX.XX representing 8% simple interest on the amount charged in error.'

 

Now I'm not one to look a gift horse in the mouth but I can't help feeling really suspicious about this. No bank I've ever dealt with has voluntarily sent customers cheques for errors - I mean just look at PPI claims and bank charges refunds. I can't help wondering if there is some sort of reasoning behind it - such as the error actually potentially requiring them to pay out larger amounts. For that reason I was wondering - should I hang fire from banking the cheque?

 

Anyone know what this is about - the letter doesn't even state what the charge was!

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Quite a few of these turning up, all to do with the way the interest was calculated I believe.

 

So its genuine say thanks and bank the cheque.:-D

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

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  • 4 weeks later...

My daughter has received one of these letters. The mortgage was taken out Nov 2005 until early 2012, but they will only look at the information from 31 Oct 2009 to the redemption. Surely, they should be looking at least 6 years? Any advice gratefully received.

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Phatram, if you have concerns that your daughter might not be getting what is due, contact FCA (old FSA) and see if they have any information.

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