Northern Rock Claims
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Northern Rock, formerly the Northern Rock Building Society, was one of the first casualties of the 2008 financial crisis, less than a decade after it had de-mutualised and become a bank.
It went bust after news got out that it had approached the government for financial help and it became the first British bank in 150 years to close its doors after a bank run with people queueing outside branches to get their savings out.
Branch operations were eventually sold to Virgin Money, but the ‘bad’ side of the bank was nationalised and renamed Northern Rock Asset Management, later shortened to NRAM. In 2016 the assets, mainly mortgages, were sold to Cerberus Capital Management.
How was PPI mis-sold?
If you took out a loan, credit card or mortgage with Northern Rock, it is likely you were mis-sold PPI if you experienced any of the following:
- you were pressured into buying PPI or told you must have PPI
- you were promised a cheaper rate if you bought PPI
- you were already covered by another policy
- you received full sick pay from your employer
- you were told your loan or credit application was more likely to be accepted if you bought PPI
- PPI was added without telling you
- you were advised to buy PPI that did not suit your circumstances or needs
- you were self-employed, unemployed or retired but advised to buy PPI
- you had a pre-existing medical condition at the time of buying PPI, which may have affected your ability to make an insurance claim
- you were advised that a pre-existing medical condition was included in your PPI policy (or advised that it wasn’t included)
- it was not made clear that you would pay interest on the PPI if it was added to your loan
- it was not made clear that the PPI would end before the loan or credit was repaid
- the amount of commission paid on the sale was not revealed at the time