Some 152,000 Northern Rock Asset Management customers will receive hundreds of pounds each in compensation owing to mistakes made in paperwork. Customers who took out personal loans of less than £25,000 will receive an average of £1,775 each. Bank staff failed to include key details on annual statements about loans, including the original amount which had been borrowed. Refunds of the interest paid by customers will now be made.
'Right thing'
Many of the loans were provided on top of Northern Rock's Together mortgage which was popular before the credit crunch, and allowed homebuyers to borrow more than their homes were worth....Read more here: BBC News - Northern Rock will repay £270m to loan customers