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Posted: Fri Jul 06, 2012 4:23 pm
by Cath
Hi all
I have received a letter from NRAM confirming that I was mis sold PPI on a loan with them but they have said....
NRAM's position where customers are subject to an IVA is that any claim for reimbursement of PPI premiums was compromised by virtue of the terms of the IVA. In short, NRAM agreed to accept a reduced amount in the IVA on the understanding that you would not look to pursue any subsequent action against NRAM for reimbursement of the PPI premium. If you do look to pursue such a claim, NRAM will argue that you are stopped from pursuing this claim in reliance of the previous compromise.
Following a review of your concerns, in this instance NRAM do not believe there is sufficient evidence that you were provided with enough information to enable you to make an informed choice. On this basis we agree to uphold your concerns. That said, in view of the above mentioned compromise, we cannot agree to a refund of premiums paid.
Has anyone else had this and if so what happens to the proceeds of the mis-sale? I will send to my IP but thought I'd ask here as it's Friday!
Thanks in advance.
Posted: Fri Jul 06, 2012 4:39 pm
by Foggy
Absolute Tosh !!! Did you agree to such a compromise ?? I doubt it.
Posted: Fri Jul 06, 2012 4:55 pm
by Cath
That's what I thought and I do not recall this being in any modifications or T&Cs when the IVA was accepted!
Posted: Fri Jul 06, 2012 5:21 pm
by Pennyless
"In short, NRAM agreed to accept a reduced amount in the IVA on the understanding that you would not look to pursue any subsequent action against NRAM for reimbursement of the PPI premium."
Well as long as its written in their comments when they voted then you dont have a leg to stand on Cath......but I'd be surprised if you find it in writing.
Go for it Cath!
Posted: Fri Jul 06, 2012 5:25 pm
by Broke of London
I think the compromise NRAM refer to is the IVA. That said, it's still tosh. NRAM are entitled to deduct the PPI claim from their outstanding debt but not to refuse a refund!
Posted: Fri Jul 06, 2012 5:46 pm
by Cath
Hello Pennyless.....long time!!
Just phoned them and asked them to send me a copy of the documentation in which I agreed to this, poor guy didn't have a clue but said he would get them to write to me! Another couple of weeks he said but I think he didn't actually do anything as all I could hear was heavy breathing!
Think I will write to them also.
Posted: Fri Jul 06, 2012 5:59 pm
by Pennyless
Yes Cath long time indeed but great to see around.
I know I got the full report when creditors voted and Eversheds represented Northern Rock (NRAM). I have checked their "voting proposal" and nowhere does it make mention of any future PPI claim.
Posted: Fri Jul 06, 2012 7:23 pm
by Cath
Do you think they are just trying to fob me off to avoid paying out.....haven't been able to find anything similar anywhere on the net.
Posted: Fri Jul 06, 2012 7:42 pm
by Pennyless
Cath did you not receive the results of your Initial Creditors Meeting where they voted on whether or not to accept/reject your IVA. Each of their conditions is written on this documention.
Posted: Fri Jul 06, 2012 8:05 pm
by Cath
Yes, there is nothing on the modifications about PPI claims.
1. Fees, stuff about fees.
2. Joint and several claims....the right of any creditor who has a joint and several claim against a third party will not be affected by this proposal..
3. Extension.....usual NR 12 month extension stuff
Posted: Fri Jul 06, 2012 8:06 pm
by Cath
It was Grant Thornton for Northern Rock
Posted: Fri Jul 06, 2012 8:41 pm
by Pennyless
Hopefully theres your answer then Cath. No mention of PPI's.
Posted: Fri Jul 06, 2012 8:51 pm
by orchid5
I would think that as you have been in your IVA for nearly 3 years now, how would northern rock know about the PPI fiasco then? So, how could they agree to accept a reduction in pay back providing you didn't claim PPI etc? Personally i think they are trying to fob you of and keep the money without it going to all your creditors, sounds a little fishy to me. Good luck i hope you get something sorted though, fingers crossed. x
Posted: Fri Jul 06, 2012 10:28 pm
by wantmylifeback
I have exactly the same letter. I think I will do the same and ask them to send me a copy of the documentation stating this as you said, good idea.
Posted: Fri Jul 06, 2012 10:33 pm
by Pennyless
If NRAM have stipulated such a condition for their IVA customers its strange that others havn't, after all we see daily that other banks (creditors) are repaying PPI to ongoing IVA customers.