NRAM - Shocking Conversation with NRAM

[Mu Mu]

After receiving a mortgage statement yesterday, and having a very rare 10mins spare I decided to read and digest my mortgage statement. I noticed that my balance from month to month was increasing, not massively but still increasing. I am on a variable rate and interest only; I have not taken any payment holidays so could not think of a logical reason why this was. So I called them! I was advised that I was not paying enough towards my mortgage on a monthly basis, and my payments were not enough to cover the interest being applied. I was under paying by £11 per month, but they were happy for me to pay under hence why I had never been advised of this. After advising the operator of the basic principles of a mortgage and advising them that it was not responsible lending I asked the question "Why have I never been advised of this?" the response was "well we have been sending you statements, and its not something that we do" I wonder how many other people there are out there who are under paying on their mortgages ever so slightly, and their mortgage balance is increasing month on month. I dread to think how much extra I would have paid over the term of the mortgage had I not made that call. Now I know that Northern Rock have a massive debt to re-pay but this situation is just crazy. I lodged a formal complaint and am waiting to hear.

[MrZ]

Just curious to know if you ever had a response to the complaint?

[slick132]

HI Mu Mu,

 

Can you update on this, even if it's to say you resolved it and are now happy.

 

Thanks, Slick