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Northern Rock to pay Compensation


citizenB
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The total pay-out is expected to see each affected borrower refunded an average of about £6,000, with the total overall bill being paid in part by the UK taxpayer.

 

The compensation will come in the form of a shorter loan period.

 

The Together Mortgage allowed unsecured loans of up to £30,000 alongside mortgages, to be repaid at the same rate as the mortgage.

 

But the High Court said paperwork relating to unsecured loans of between £25,000 and £30,000 pounds taken out between 1999 and 2008 were incorrect, and that customers should be paid back interest and fees.

 

 

For full story:

 

http://www.bbc.co.uk/news/business-30413572

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2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

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5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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http://www.n-ram.co.uk/loans/cca-loans

 

^^^^^^^^ for loans under £25,000

 

http://www.n-ram.co.uk/loans/loans-over-25000

 

^^^^^^^ For loans OVER £25,000

 

 

Loans over £25,000 (live or redeemed accounts)

 

 

Important information for customers who took out loans where the amount we agreed to lend exceeded £25,000.

For loans taken out before 6 April 2008, the Consumer Credit Act (CCA) only applies where the amount we agreed to lend you (the amount of credit) was £25,000 or less.

 

Historically, some NRAM customers took out unsecured loans for over £25k on documents which incorrectly stated these loans were regulated under the Consumer Credit Act (CCA). It was unclear whether those customers were entitled to the same rights and remedies as customers who took out loans that were regulated under the CCA. Because NRAM is fully committed to acting in accordance with the law and treating both customers and the tax payer fairly, NRAM asked the High Court for a declaration of the meaning of those agreements.

 

The Court has looked at one of the relevant agreements and has decided that it means the customer is entitled to the rights and remedies applicable to a regulated agreement (in so far as this is possible).

 

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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