Northern Rock v UltimateWorrie

[gravytrain]

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

[UltimateWorrie]

Re: Northern Rock v UltimateWorrier

It applies to all agreements if they are current,( i think also if they are defaulted and terminated(arguable)), as long as they are regulated which is why the ones executed before 2008 would have to be below 25K.

I believe that this only applies to NR accounts where the account number is not in a 16 digit format, if that helps.

Cheers GT, My is current and regulated under cca 1974 and under £10k and executed before 2008 but it does have a 16 digit number, so I'm unsure really if it applies.

looks like the correct wording only came into effect 01.10.08 so unsure if applies to executed agreements prior or not.

Looking at my statements from Feb 09 to date the wording is wrong and has the words below added or missing:

The Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007

PART 2 FORMS OF WORDING TO BE INCLUDED IN STATEMENTS RELATING TO FIXED-SUM CREDIT AGREEMENTS
4. Each of the following forms of wording shall be contained in a statement under this Part:
“Settling your credit agreement early
You can settle this agreement at any time by giving us notice in writing and paying off the amount you owe. If you wish to settle early you should contact us for a final settlement figure.”;
“Dispute resolution
If you have a problem with your agreement, please try to resolve it with us in the first instance. If you are not happy with the way in which we handled your complaint or the result, you may be able to complain to the Financial Ombudsman Service. If you do not take up your problem with us first you will not be entitled to complain to the Ombudsman. We can provide you with details of how to contact the Ombudsman.”;
“Paying less than the agreed sum:
If you pay less than your agreed payment in most cases it is likely to take you longer and may cost you more to pay off the debt under the agreement.
If you have difficulties in making payments under your credit agreement please contact us if you have not already done so to discuss terms for the rest of the agreement. You may also want to seek advice on what to do from an independent free advice agency such as the Citizens Advice Bureau.”.

Don't know where I stand with that really...

[gravytrain]

Re: Northern Rock v UltimateWorrier

It applies to all agreements if they are current,( i think also if they are defaulted and terminated(arguable)), as long as they are regulated which is why the ones executed before 2008 would have to be below 25K.

I believe that this only applies to NR accounts where the account number is not in a 16 digit format, if that helps.

[UltimateWorrie]

Re: Northern Rock v UltimateWorrier

I do feel slight guilt with the guys who play fair, but that lasts for all of 10 minutes lol

I don't know if this may be of interest.

BBC News - Northern Rock will repay £270m to loan customers

yeah, that was well weird, as I just read about that shortly after starting thread. i've requested CCA today and gonna request SAR too to check I fit or not. I have kept some decent records for these but can't see any statements until Feb 2009 (but they maybe around the house though).

I believe the rebates are due to none compliance with the new(ish) regulations in the CCA 2006.

Section 77A states that certain information should be included within the annual agreements, and furthermore that if this is not then the creditor cannot claim interest for the period of none compliance.

If true, his is an interesting development in my opinion and i wonder how many other loans this applies to

does that mean it only applies to loans taken out after April 2007

It would be brilliant if this applied to them all. Seen it a few times where no statements but still wanting interest.

However and this is the big however. The taxpayer you me and everyone who keeps baling these shysters out will have to cough up as usual.

Can you see any of the leeches that we deal with day in day out having the same eureka moment that actually they are going to do the right thing for a change even if the bottom line is dented?????

They tend to believe themselves above the law so why comply with the law

I wasn't aware that there were regulations relating to the form and content of annual statements, I was under the impression that the sanction only applied if the statements were not sent.

I don't suppose anyone knows where they are, I certainly would like to examine my own statements to see if they comply.

me too

It would be interesting to know what NRAM have found.

You can bet your last dollar if it was NR private company they wouldnt be so forthcoming.

And like you its the non sending of annual statements and the charging of interest I was alluding to in my post.

you never received any either than, maybe my annual statements aren't somewhere round the house and they never sent them.

Hmmm

“77A
Statements to be provided in relation to fixed-sum credit agreements
(1)
The creditor under a regulated agreement for fixed-sum credit—
(a)
shall, within the period of one year beginning with the day after theday on which the agreement is made, give the debtor a statement underthis section; and
(b)
after the giving of that statement, shall give the debtor furtherstatements under this section at intervals of not more than one year.
(2)
Regulations may make provision about the form and content of statementsunder this section

Thanks

What the hell does that mean?

More to the point how the hell did NRAM jump from having normal accounts to having accounts they must pay the interest back on??????

I know they did a lot of changing over round that time as I kept the company restructuring letters they sent me. I don't know if during the changeover things went missing or lost etc,..hence my CCA to them today.

The Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007

good stuff buddy, saves my own research time, I'll have a look into that.

Well done that man, I couldn't find them.

From what ihave read it seems that this was the problem ?

3. Information specific to the agreement—

(a)a description of the agreement sufficient to identify it;

(b)the amount of credit provided and, where applicable, to be provided under the agreement (shown as one figure);

can't say that applies to me with the info I do have but then there's statements for 2007 and 2008 missing

You would have thought they should be able to get that right.

Wonder if this will help the OP

looking into it Ken

It depends if it applies to his account, if it does it should be credited to his account.

Also I believe they are not allowed to enforce whilst in breach of the requirement.

yep, gonna look into it but may take some time. Cheers.

I'm interested in my token payment being accepted at £1 too, without expiry date.

Cheers all
UW

[gravytrain]

Re: Northern Rock v UltimateWorrier

It depends if it applies to his account, if it does it should be credited to his account.

Also I believe they are not allowed to enforce whilst in breach of the requirement.

[ken100464]

Re: Northern Rock v UltimateWorrier

You would have thought they should be able to get that right.

Wonder if this will help the OP

[gravytrain]

Re: Northern Rock v UltimateWorrier

The Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007

Well done that man, I couldn't find them.

From what ihave read it seems that this was the problem ?

3. Information specific to the agreement—

(a)a description of the agreement sufficient to identify it;

(b)the amount of credit provided and, where applicable, to be provided under the agreement (shown as one figure);

[Riz]

Re: Northern Rock v UltimateWorrier

(2)
Regulations may make provision about the form and content of statementsunder this section

The Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007

[ken100464]

Re: Northern Rock v UltimateWorrier

What the hell does that mean?

More to the point how the hell did NRAM jump from having normal accounts to having accounts they must pay the interest back on??????

[gravytrain]

Re: Northern Rock v UltimateWorrier

Hmmm

“77A
Statements to be provided in relation to fixed-sum credit agreements
(1)
The creditor under a regulated agreement for fixed-sum credit—
(a)
shall, within the period of one year beginning with the day after theday on which the agreement is made, give the debtor a statement underthis section; and
(b)
after the giving of that statement, shall give the debtor furtherstatements under this section at intervals of not more than one year.
(2)
Regulations may make provision about the form and content of statementsunder this section

[ken100464]

Re: Northern Rock v UltimateWorrier

It would be interesting to know what NRAM have found.

You can bet your last dollar if it was NR private company they wouldnt be so forthcoming.

And like you its the non sending of annual statements and the charging of interest I was alluding to in my post.

[gravytrain]

Re: Northern Rock v UltimateWorrier

I wasn't aware that there were regulations relating to the form and content of annual statements, I was under the impression that the sanction only applied if the statements were not sent.

I don't suppose anyone knows where they are, I certainly would like to examine my own statements to see if they comply.

[ken100464]

Re: Northern Rock v UltimateWorrier

It would be brilliant if this applied to them all. Seen it a few times where no statements but still wanting interest.

However and this is the big however. The taxpayer you me and everyone who keeps baling these shysters out will have to cough up as usual.

Can you see any of the leeches that we deal with day in day out having the same eureka moment that actually they are going to do the right thing for a change even if the bottom line is dented?????

They tend to believe themselves above the law so why comply with the law

[gravytrain]

Re: Northern Rock v UltimateWorrier

I believe the rebates are due to none compliance with the new(ish) regulations in the CCA 2006.

Section 77A states that certain information should be included within the annual agreements, and furthermore that if this is not then the creditor cannot claim interest for the period of none compliance.

If true, his is an interesting development in my opinion and i wonder how many other loans this applies to

[gravytrain]

Re: Northern Rock v UltimateWorrier

I don't know if this may be of interest.

BBC News - Northern Rock will repay £270m to loan customers