Northern Rock v UltimateWorrie

[UltimateWorrie]

Northern Rock v UltimateWorrie

Hi UW,

Yes, all well with me at the moment thanks.

Then if that is in writing, all should be OK.

If it is still with Northern Rock, then they just want to get what they can. All the best bits were sold off to Virgin.

Good luck with the Settlement

Yes, it's still with them (NRAM, they call themselves). I don't have to settle now. I have an agreement (in writing) to settle it when I can as long as I continue with my monthly payment, which I was anyway. Hope to be in a position in the future tho. F&F is held til then.

Have NRAM actually sent any refunds out yet?

Don't know anything about that, but I think for those it did apply to, they were shaving it off the o/s balance.

[Enforcer]

Re: Northern Rock v UltimateWorrier

Have NRAM actually sent any refunds out yet?

[vint1954]

Re: Northern Rock v UltimateWorrier

Hi UW,

Yes, all well with me at the moment thanks.

Then if that is in writing, all should be OK.

If it is still with Northern Rock, then they just want to get what they can. All the best bits were sold off to Virgin.

Good luck with the Settlement

[UltimateWorrie]

Re: Northern Rock v UltimateWorrier

They need to respond, confirming an F&F.

If it is not closed out that way, there is always a possibility that any balance could be sold on.

Marking your credit file as partially settled, is fairly normal, but you need to get those words, Full and Final, into any settlement offer and acceptance.

Hello pal, thanks for looking in, hope all is well with you.

I have definitely got the words "full and final settlement" from them. So I guess it's ok.

[vint1954]

Re: Northern Rock v UltimateWorrier

They need to respond, confirming an F&F.

If it is not closed out that way, there is always a possibility that any balance could be sold on.

Marking your credit file as partially settled, is fairly normal, but you need to get those words, Full and Final, into any settlement offer and acceptance.

[UltimateWorrie]

Re: Northern Rock v UltimateWorrier

Goalposts moved slightly.
Can anyone advise if this is a decent result or not? I had to reply to email confirm acceptance of offer. now had a reply stating that (when I'm actually able to pay it):

"Upon receipt of the settlement payment, our clients will update your credit file to show the account as ‘partially satisfied’ however, the account will be closed and will be marked with ‘zero’ balance owed."

So is that a F&F?
Should I be hoping for something else?
Am I missing out or open to something that may bite my ass later on if I agree?

Just I thought a F&F would mean settled, not partially satisfied or is this just as good an best I can hope for in this situation?

[UltimateWorrie]

Re: Northern Rock v UltimateWorrier

So update required, for those interested....

replied saying I can't pay it (because I can't) and counter offered (approx £100), using a Niddy template (cheers pal - I did doctor it a bit to suit my situation and what i wanted to say).

Anyway, got a reply saying they can't accept my offer but willing to accept minimum to settle of £2500, but that settlement is being held indefinitely for when I can pay it and to continue paying my token payments a month until I take it up.

Not a bad result methinks! Now to save save save...somehow.

[UltimateWorrie]

Re: Northern Rock v UltimateWorrier

I hadn't written to them since my last post (#28) but received a reduced settlement offer today (dated 18th) from them (approx 50% so roughly £4500) but to be paid by 28th.

Obviously I can't get that type of money but wondering what I should respond with...hmmm...maybe I can offer them so many times my current monthly payment (£1). At the moment it's gonna take over 700 years to pay off at this rate.

Any ideas?

I could throw in a packet of crisps and a kitkat chunky too!

[UltimateWorrie]

Re: Northern Rock v UltimateWorrier

Not sure if this helps you or not but useful information besides.....

NR were the ONLY company I have contacted regularly by phone when I fell into arrears as I didn't want to play silly buggers with the mortgage. It paid off as the woman I spoke to let something slip that perhaps she shouldn't........

When I went through my I/E to discuss how I was going to pay my arrears the woman at NR initially rejected my payment plan as it didn't fit their 'criteria'. When I asked her what these criteria she explained that they are only allowed to authorize a payment plan where arrears are repaid withing 24 months.

Now as it happened my payment plan was £0.84 (I kid you not) short per month. There was no common sense applied at this point, just 'computer says no'. So I asked the woman to put the figures through again increasing the payment by £1/month and it was accepted.

So if you have arrears try dividing it by 24 and then rounding up a little if you want to propose a payment plan.

Otherwise your account will go through to their collections department, who, by all accounts, aren't quite as reasonable (!)

Best
SnV

Cheers SnV, good to know that. It isn't linked to my mortgage or property in any way. I also couldn't afford the arrears/24mths payment. I guess you'd have to pay the normal monthly payment too on top otherwise you'd be forever in arrears.
Cheers pal

[SaltnVinegar]

Re: Northern Rock v UltimateWorrier

Not sure if this helps you or not but useful information besides.....

NR were the ONLY company I have contacted regularly by phone when I fell into arrears as I didn't want to play silly buggers with the mortgage. It paid off as the woman I spoke to let something slip that perhaps she shouldn't........

When I went through my I/E to discuss how I was going to pay my arrears the woman at NR initially rejected my payment plan as it didn't fit their 'criteria'. When I asked her what these criteria she explained that they are only allowed to authorize a payment plan where arrears are repaid withing 24 months.

Now as it happened my payment plan was £0.84 (I kid you not) short per month. There was no common sense applied at this point, just 'computer says no'. So I asked the woman to put the figures through again increasing the payment by £1/month and it was accepted.

So if you have arrears try dividing it by 24 and then rounding up a little if you want to propose a payment plan.

Otherwise your account will go through to their collections department, who, by all accounts, aren't quite as reasonable (!)

Best
SnV

[UltimateWorrie]

Re: Northern Rock v UltimateWorrier

Basically all they are saying is that only CCA agreements are covered by the new regulations regarding statements and that any agreements taken out before April 6 2008 and above £25k are not regulated by the CCA, so the refunds are not applicable.

Shame about you agreement being enforceable, if there are fees they should be included within the TCC of course and the APR should reflect this, I am sure that Niddy would have checked the figures for you.
I think they should also give an up-to date statement of account along with your agreement on a copy request although would have to look it up to be sure.

Hi GT, Yes mine was pre-april 2008 but below £25k. Having said that it doesn't really change anything.

yeah is a shame it's enforceable.

Not too sure how to play this one yet. All my concentrations have been on credit cards and not fixed term loans. I think I'm gonna reply with something along the lines of "thanks for that, comments & payment details noted, as I already pay the agreed monthly amount directly to NR then I don't think they're necessary" see where that gets me! At the moment they are requesting the full amount and haven't even suggested a new monthly payment (only for me to call them to discuss, where I've already said writing only please..)..then keep negotiating until I'm in a position to offer them a decent F&F.

Does anyone know what happens when the end of the term arrives? (2016 for me).

[gravytrain]

Re: Northern Rock v UltimateWorrier

Cheers GT. Just reading the link now. I'm not convinced what they're saying is correct tbh. I have a 16 digit number, it is covered by the CCA and was taken out prior to April 2008 and I have received statements with incorrect wording. So they are contradicting themselves.

It's ambiguous as they say: "In the case of loans taken out before 6 April 2008, it only applies where the amount we agreed to lend you (the amount of credit) was £25,000 or less." yes

then they say: "If your loan is CCA regulated, this does not necessarily mean that you will be affected by this issue. This will depend on whether you have been sent any communications that did not comply with all the requirements prescribed by the CCA."

and then:
"Please note - if you hold an unsecured personal loan with a 16 digit account number, we can confirm you are NOT affected by this issue. Our review has determined that the communications sent to you during the term of your loan did follow the exact format set out in the CCA." no see above

As I pointed out on all my statements the correct wording pursuant to The Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007 Schedule 1 PART 1 is bob on correct But Schedule 1 PART 2 doesn't have the correct wording as shown above on ALL my statements to date.

I'm just not sure whether I'm covered by this act, or how relevant it really is. I really need to find "all the requirements prescribed by the CCA" but would this be the 1974 act only?? (and not updated ones?? as it the regulation above) . don't think there's much mileage in it only might save a bit of interest.

Basically all they are saying is that only CCA agreements are covered by the new regulations regarding statements and that any agreements taken out before April 6 2008 and above £25k are not regulated by the CCA, so the refunds are not applicable.

Shame about you agreement being enforceable, if there are fees they should be included within the TCC of course and the APR should reflect this, I am sure that Niddy would have checked the figures for you.
I think they should also give an up-to date statement of account along with your agreement on a copy request although would have to look it up to be sure.

[UltimateWorrie]

Re: Northern Rock v UltimateWorrier

So received my CCA response. It is 1 sheet of a copy of the CCA. I was wondering if there was anything else that is supposed to be supplied or is that it. It's a Fixed Term Loan. (Niddy's already confirmed it's enforceable, although it does state £30-35 fees would be payable)...

Also cover letter states here's a copy of your agreement as requested. payment must be received in 7 days (and goes on to say different methods of paying). i just find that rather strange, no threats or "or elses" just that. Also the amount is back to the amount outstanding as if my above post didn't happen.

I'm gonna reply but just not too sure what I'm gonna say, still been paying my £1 as agreed, still have the letters saying so.

[UltimateWorrie]

Re: Northern Rock v UltimateWorrier

For those interested, been meaning to say: received a MH chaser over Xmas stating a new o/s balance (reduced by just over £2200), not bad eh? Doesn't actually help me much and received absolutely no letter or explanations about it either, but worth saying. Didn't do anything to request it and apparently I wasn't "supposed" to fit in with the errors, but I ain't complaining.

Still waiting for by CCA response too.

[UltimateWorrie]

Re: Northern Rock v UltimateWorrier

As far as the NRAM are concerned 16 digit account statements are compliant unfortunately(see below)

The need for compliant statements will only apply after 2008 it seems.( whenever executed)

This is virgin territory so it may be that there are other areas open to compliance challenges regarding the regulations.


"Please note - if you hold an unsecured personal loan with a 16 digit account number, we can confirm you are NOT affected by this issue. Our review has determined that the communications sent to you during the term of your loan did follow the exact format set out in the CCA."

Important information about NRAM CCA regulated loans - NRAM

Cheers GT. Just reading the link now. I'm not convinced what they're saying is correct tbh. I have a 16 digit number, it is covered by the CCA and was taken out prior to April 2008 and I have received statements with incorrect wording. So they are contradicting themselves.

It's ambiguous as they say: "In the case of loans taken out before 6 April 2008, it only applies where the amount we agreed to lend you (the amount of credit) was £25,000 or less." yes

then they say: "If your loan is CCA regulated, this does not necessarily mean that you will be affected by this issue. This will depend on whether you have been sent any communications that did not comply with all the requirements prescribed by the CCA."

and then:
"Please note - if you hold an unsecured personal loan with a 16 digit account number, we can confirm you are NOT affected by this issue. Our review has determined that the communications sent to you during the term of your loan did follow the exact format set out in the CCA." no see above

As I pointed out on all my statements the correct wording pursuant to The Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007 Schedule 1 PART 1 is bob on correct But Schedule 1 PART 2 doesn't have the correct wording as shown above on ALL my statements to date.

I'm just not sure whether I'm covered by this act, or how relevant it really is. I really need to find "all the requirements prescribed by the CCA" but would this be the 1974 act only?? (and not updated ones?? as it the regulation above) . don't think there's much mileage in it only might save a bit of interest.