Northern Rock's £270m blunder
Around 152,000 Northern Rock customers will receive hundreds of pounds each in refunds over incorrect paperwork in loan deals.
Latest ITV News reports
Northern Rock: Are you entitled to repayment?
Northern Rock's £270m loan blunder
More than 150,000 Northern Rock customers will receive hundreds of pounds each in refunds over incorrect paperwork in loan deals.
The mistake was not spotted for five years.
ITV News' Business Editor Laura Kuennsberg reports.
Read more: Northern Rock's small but extremely expensive mistake
Labour: Osborne failed to mention Northern Rock payout in Autumn Statement
George Osborne’s smoke and mirrors in last week’s Autumn Statement continue to be exposed.
– Shadow Treasury Minister Chris Leslie MPNow the Treasury has admitted that public sector net borrowing will be £270 million higher this year as a result of mistakes at Northern Rock.
But this figure was not revealed to parliament last week or in the official forecasts, even though the Treasury has admitted it knew about this problem in October.
It’s time George Osborne started being honest with people.
No amount of trickiness with the figures can disguise the fact that his failure to deliver jobs and growth means he is borrowing billions more than he planned.
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Could Virgin Money customers also be set for payouts?
After Northern Rock announced £270 million-worth of refunds to 152,000 customers, could Virgin Money also be set for a payout?
Read the full storyNorthern Rock customers given 'incomplete' information on loans
Richard Banks, the boss of UK Asset Resolution Limited who are overseeing the winding down of Northern Rock, told ITV News's Laura Kuenssberg that customers were given "incomplete" and not "misleading" information about their loans.
Northern Rock £270m payment 'cauterises' problem
by Laura Kuenssberg - Business EditorJust been speaking to the boss of UKAR (UK Asset Resolution Limited), including Northern Rock - says £270 million payment "cauterises" problem.
Fault was in Northern Rock's system - but not noticed until February last year during standard quality check.
He told me no one who might have made the error is still working there.
Northern Rock: Are you entitled to repayment?
Will Northern Rock send you money? What have they done wrong? And, what should you do now? Our Consumer Editor answers the key questions.
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Northern Rock's small but extremely expensive mistake
Some 152,000 Northern Rock customers will get a total of £270 million compensation after a small but costly mistake.
Read the full storyNorthern Rock: 152,000 customers to receive compensation
by Laura Kuenssberg - Business EditorSome 152,000 customers will get a total of £270 million compensation after mistakes by remnants of Northern Rock.
Northern Rock Asset Management, the publicly owned bit, made mistakes on loan documents between 2008 and now, so customers will get interest back.
If you had a loan with them you will be contacted in coming days to see if you will get compensation. It's a major embarrassment.