NRAM - compensation ruling

[r1flyguy1]

Dear all,

There has been news recently of a court ruling against NRAM to compensate........

43,000 borrowers are entitled to the compensation because of a paperwork glitch that occurred while Northern Rock, which was nationalised in 2008, was in public ownership

Also in various press releases is this statement....

The court ruled on Wednesday that £261m could be handed back to 43,000 borrowers who took out Northern Rock loans worth more than £25,000 as part of its “Together” mortgage product.


Am I understanding this correctly that, the compensation will be awarded only if you took out BOTH the mortgage & unsecured loan with Northern Rock?

There is also this piece of news in another website abou the same issue

"But the High Court said paperwork relating to unsecured loans of between £25,000 and £30,000 pounds taken out between 1999 and 2008 were incorrect, and that customers should be paid back interest and fees"


I'm one of those 'customers' who took out an unsecured loan but do not have the mortgage with them so at the moment I'm confused as to whether I'm in the catchment for is or not.

I appreciate its not a cash windfall, moreover a outstanding loan amount adjustment, which is better then nothing and a help nonetheless but as I read it it was just for those who had the mortgage and then took out the unsecured loan too.

Anyone with a better understanding of this could enlighten me?

Cheers