Norterh Rock Split

[frisp]

Received a letter from NR informing me that they were splitting the Bank into NR PLC and NR (Asset Management). My account is moving to the latter.

It has been widely reported that NR was going to take this step also that one part of the re-org would contain the 'less than lucrative' mortgage book.

Attached is the FAQ that was sent which raises more questions than it answers.

I've sent the following letter can anyone suggest questions I may have missed?

Dear Mr Hoffman
Thank you for your letter dated Jan 10, in which you stated that my account is now to be managed by Northern Rock (Asset Management) PLC.

I am writing to ask you the following questions;

Under what contractual mechanism this action was taken.

Describe the type of mortgage that has been kept with Northern Rock Plc and why

'Precisely' what criteria was used to decide which account went to each financial institution, please use my account in defining your answer.

Why was I not consulted during the decision making process.

You have stated that Northern Rock (Asset Management) PLC is not a 'bad' bank yet have not clearly or convincingly stated why this is not so, please do so in your response.

What are your proposals to convince 'other lenders' that Asset Management is not a bad bank and that its customers are somehow less trust worthy than those of Northern Rock Plc.

My current mortgage allows me to take 'a holiday' from payments, may I continue to do this.

Why should this step not be seen as penalising Asset Management customers e.g. it is common to allow a consumer to increase the size of their mortgage when 'porting' loans, yet you have stated this is not allowed under the new company.

Would you agree this is the first step to NR getting rid of the less lucrative mortgage book.

We look forward to hearing from you very soon with comprehensive and clear answers to the above

[frisp]

Re: Norterh Rock Split

bump

[charitynjw]

Re: Norterh Rock Split

Hmmmm..........

http://www.telegraph.co.uk/finance/n...hern-Rock.html

[Guest]

Re: Norterh Rock Split

I wrote that this would happen amost two years ago - post #28 General comment about mortgage arrears - Page 2 - Legal Beagles

[frisp]

Re: Norterh Rock Split

Cet

Don't see how this helps with my query, but thanks anyway.

[Guest]

Re: Norterh Rock Split

I was not aware that I was obliged to help and wonder why the other poster was not met with a similar response.

You have not made it clear what you are attempting to achieve, nor what the purpose of your letter is, or why receiving answers to your questions would change anything for you. Since it is unclear what you are doing this for, how can anyone suggest any questions?

[frisp]

Re: Norterh Rock Split

I was not aware that I was obliged to help and wonder why the other poster was not met with a similar response.

You have not made it clear what you are attempting to achieve, nor what the purpose of your letter is, or why receiving answers to your questions would change anything for you. Since it is unclear what you are doing this for, how can anyone suggest any questions?

I thought helping was the idea of this site, especially this one. If you look there are questions there.

You could have commented on the contents of the letter or the letters as sent by NR.

Or perhaps I was looking for others who received the same letters and perhaps sharing ideas or ways to sort this unfair situation out.

Maybe you should hand your admin badge back Cetelo and go back to CAG where helpful' comments like this will be less noticeable.

thanks anyway

[FrazerD]

Re: Norterh Rock Split

Although it's now some years since the Good and Bad issue left some us in the bad bin (NRAM) I recently found my employed position made redundant and when funds got low asked NRAM if they could help reduce my repayments for say, 3 months. They duly obliged and sent a letter confirming our 'arrangement'. There is no mention in the letter of how the unpaid amount would need to be repaid, so I assumed, like the old Northern Rock terms, that they would be offset against a 'payment holiday' and the amount and interest would be added to my outstanding mortgage. Once the agreed arrangement expired I received a call from NRAM debt collection department asking how I was going to pay the 'arrears'. I duly informed them that they had issued no 'terms' on repayment and suggested they be offset to the payment holiday scheme. I was told very abruptly "oh we don't offer anything like that now" I read the letter word for word to the caller and asked where the details of how the 'arrangement' would be repaid were located. Long silence, then she asked "do you want to make a complaint then?" I have and await a response. Would you agree I made a fair assumption with such a lack of information provided by NRAM?

[Amethyst]

Re: Norterh Rock Split

I think you're perfectly right to make a complaint. Payment holidays are usually made up in onwards payments. How much was the loan originally and was it a together loan?