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Mortgage Agency Services Number Five Limited - MAS No.5 - Insurance Problems
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# 1
BurnsMoney
Old 27-01-2011, 4:37 PM
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Default Mortgage Agency Services Number Five Limited - MAS No.5 - Insurance Problems

DO NOT USE... MORTGAGE AGENCY SERVICES NUMBER FIVE (not that most people were given a choice).

Not to blow my own trumpet - but I do have an excellent credit rating, and have never missed a payment with MAS or anyone else for that matter, but I have STILL had problems with MAS Plymouth Branch.

At approximately the time the rates dropped around 2007 MAS No.5 decided that they needed to see a copy of all their B2Let mortgage holders insurance policys shedules each year to check the policies were in line with the 'mortgage terms'. Fair enough I thought, although they had never needed to before. However, MAS seem to have neglected to put the necessary administration systems in place to cope with their own demands.

MAS have managed to loose all three of the last Insurance Shedules that the Halifax had faxed over in the last few months. And have lost them in previous years too. This year, this led to MAS setting up an unessary insurance policy on the mortgaged property to 'protect their interests as lenders'. This policy was 15 a month with an apparently non-refundable 40 set up fee (for the dubious 'administration' apparently) which was all shoved onto my mortgage account to accumulate interest.

No supprise, Instead of trying to help and rectify the situation caused by them, MAS just said unless they recived the shedule there was nothing they could do, but they had been faxed it three times!

Luckily I am with th Halifax and they keep VERY good records, and I was able to send proof (by registered letter and also fax in the end - just to make sure) that I had indeed been insured correctly the whole time and ALSO that MAS had lost the documentation sent, not that it had not been sent at all (as they implied). They say they are now refunding me - we shall see, because this will not be the first time MAS No.5 have broken their word over promises made on the phone.

Interestingly the lady at the Halifax informed me that this happens with MAS more than any other company - I do think this is interesting as MAS DO have their own insurance department and DO give quotes for insurance too. It certianly feels as though they were just trying to get more business by keeping an antiquated administration system that means they can say that they do not recive things, and then simply set up policies that it is VERY hard to get cancelled even when the customer is doing all the right things.

I wonder how many people who could not prodice proof from their insurance companies of lost faxes or other problems fall foul of these MAS charges.

You only have search Google for Creditgate.com and look up MORTGAGE AGENCY SERVICES NUMBER FIVE LIMITED (whole words) and you will see how many Directors have resigned recently. Maybe they are all off to form MAS No.6 to re-line their pockets!

They say they don't have e-mail, how strange - but Britannia and Co-Op do ... and as MAS are an agency/subsidary of theirs AND registered under them at the FSA you can complain to them too, or maybe get them to e-mail your insurance shedules on (if anyone else has encountered this insurance problem)... So please do email - if only to get your revenge a little and make Brittania and Co-Op realise thay cannot just keep these types of companies hidden under strange and unusual names with no high street or internet presence. The Co-Op is meant to be ETHICAL! Registered FSA address and registered email below...

New Century House, Corporation Street, Manchester, Lancashire, M60 4ES
44 01538399399
michael.gill@britannia.co.uk

And yes if anyones wondering - My mortgage was sold to MAS No.5 by GMAC that other wonderful mortgage provider (when MAS was only under the Brittania umbrella).

The above does contains my opinion but all the facts are true and I think speak for themselves.

I hope this helps someone.
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# 2
BurnsMoney
Old 27-01-2011, 4:54 PM
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Oh look there they are - MORTGAGE AGENCY SERVICES NUMBER SIX LIMITED - Same people - they have been set up for ages and waiting to go by the looks of it ...

visit ... worksmart.org.uk/company/company.php?id=049628688

.... Grrr
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# 3
BurnsMoney
Old 27-01-2011, 5:02 PM
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A MAS No.1,2,3,4,5,6,7 Director - (or at least he was) ...

"Phil Lee, BSc, CIPFA, CA., serves as Director of Integration & Change of Co-operative Bank plc. Mr. Lee serves as an Integration & Change Director of Co-Operative Financial Services Limited. Mr. Lee served as Managing Director of Capital Investment Group of Britannia Building Society since April 2008. Mr. Lee served as Group Finance Director of Britannia Building Society from September 1, 2002 to June 2008 and was responsible for finance, change management, group risk ... management and information systems. Mr. Lee served as Finance Director of West Bromwich Building Society, and he has held senior roles at Bristol & West, Somerfield and Ernst & Young. Mr. Lee serves as an Executive Director of Co-Operative Financial Services Limited, and CIS General Insurance Limited. He has been an Executive Director of Co-operative Bank plc since August 1, 2009. He serves as a Director of Britannia Asset Management Limited, Britannia Building Society Estate Agents Limited, Britannia Building Society Land and Development Company (Midlands) Limited, Britannia Conveyancing Services Limited, Britannia Development and Management Limited, Britannia Estate Agents Limited, Britannia Estate Agents (London) Limited, Britannia Independent Limited, Britannia (Isle of Man) Limited, Britannia LAS Direct Limited, Britannia Lending Company Limited, Britannia Life Direct Limited, Britannia Motor Insurances Limited, Britannia New Homes Limited, Britannia Overseas Limited, Britannia Pension Investment Limited, Britannia Shield Conveyancing Services Limited, Britannia Shield Financial Services Limited, Britannia Shield Property Services Limited, Britannia Treasury Services Limited, Findprior Limited, Mornington Information Technology Services Limited, Mortgage Agency Services Number One Limited, Mortgage Agency Services Number Two Limited, Mortgage Agency Services Number Four Limited, Mortgage Agency Services Number Five Limited, Mortgage Agency Services Number Six Limited, Mortgage Agency Services Number Seven Limited, PCSL Services No. 1 Limited, PCSL Services No. 2 Limited, Platform Consumer Services Limited, Platform Funding Limited, Platform Funding No. 2 Limited, Platform Funding No. 3 Limited, Platform Funding No. 4 Limited, Platform Funding No. 5 Limited, Platform Funding No. 6 Limited, Platform Group Holdings Limited, Platform Home Loans Limited, Plum Sterling Number 1 PLC, The Mortgage Agency PLC, Verso Limited and Western Mortgage Services Limited. Mr. Lee serves as a trustee of the Society’s pension scheme. Mr. Lee served as a Director of Britannia Building Society since September 1, 2002." [Bloomsberg Buisness Week. Jan 27th 2011].

Where do they get the time ...
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# 4
sarahlou9975
Old 03-05-2011, 11:53 AM
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Many thanks for this information, I have been having the same problems with the MAS no 5 in Plymouth they have now said they still have not received my Insurance details that have been faxed to them 3 times and yes I am insured through Halifax.

Halifax have confirmed that the faxes have been sent with dates and times, After a few phone calls and still getting nowhere and being told that they can assure me that they have not lost or ignore faxes. I have even said that there is obviously a problem as others have reported these issues I was told "You shouldn't believe everything you read" (Nice customer services) I even asked for a manager to speak to as nothing was getting done and I was the one that was being charged 40.00 admin fee and 23.67 per month for insurance I don't need or asked for.

Any help of where I can go to next for this to be resolved.
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# 5
Savvy Consumer
Old 28-04-2012, 10:08 AM
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Has anyone else - who has a mortgage with MAS no 5 - received a letter in the last few days saying their mortgage interest has increased, or am I just the lucky one?
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# 6
K Jones
Old 29-04-2012, 3:14 PM
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Default Mortgage Agency No 5 Ltd

I had a letter yesterday, stating that their standard variable rate will increase to 5.75% from tomorrow.

I used to be with GMAC and since they sold off my mortgage to MAS I have had problems. At least twice a year I have to spend 5 months on writing complaints. Just this week I had to lodge 2 separate complaints, which i am hoping to take all the way to Financial Ombusman.

Having read up on them I think we should all join in and try to do something about their poor service and rising SVR.
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# 7
Savvy Consumer
Old 30-04-2012, 12:45 PM
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Same here - Having never missed a payment in 5 years and having to put up with their unreasonable rate rises several times now, I have made a complaint to the FO - if you haven't contacted them yet, I urge you to do so.

And yes, very happy to join forces as am keen to know about the court rulings in the past about GMAC and the current one regarding the legality of selling us onto MAS 5 - does anyone have any information about this as I can't find anything other than what is mentioned on these forums?



Quote:
Originally Posted by K Jones View Post
I had a letter yesterday, stating that their standard variable rate will increase to 5.75% from tomorrow.

I used to be with GMAC and since they sold off my mortgage to MAS I have had problems. At least twice a year I have to spend 5 months on writing complaints. Just this week I had to lodge 2 separate complaints, which i am hoping to take all the way to Financial Ombusman.

Having read up on them I think we should all join in and try to do something about their poor service and rising SVR.
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# 8
BurnsMoney
Old 08-05-2012, 9:41 AM
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Yes - Same letter received about the % rate hike - it seems not 6 months go by without one, despite no change to the base rate! I am going to escape this company as soon as I can! Sarahlou ... just to say - I did actually get a letter from them (believe it or not, saying sorry for the mix up's). So you can believe me... I did eventually get a refund too, so it does pay to make a fuss. Yes - My mortgage was sold to MAS from GMAC . I thought The Co-Op and Britannia were ment to be the ethical banks! It would be good if somone could start an awareness campaign on F.book or somthing to highlight awareness of these companies existance (hiding under these so called 'ethical company umberellas').
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# 9
cgsac
Old 28-12-2012, 6:57 PM
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Default MAS No 5 (Plymouth)

I am currently in battle with them about the compulsory insurance and charges (40 plus a monthly sum).

Has anyone checked the legality of forcing us to take out their policy? I never wanted it, and sent details of my policy in Oct which they claim is insufficient sot hen hit me with it.

is it legal?

Does anyone have a name to hound for info and progress on fighting this?
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# 10
magpiecottage
Old 29-12-2012, 3:29 PM
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Quote:
Originally Posted by cgsac View Post
I am currently in battle with them about the compulsory insurance and charges (40 plus a monthly sum).

Has anyone checked the legality of forcing us to take out their policy? I never wanted it, and sent details of my policy in Oct which they claim is insufficient sot hen hit me with it.

is it legal?

Does anyone have a name to hound for info and progress on fighting this?
If it has been going on since October, I suggest you take the matter to the Financial Ombudsman Service.

If the loan is a buy to let, they may argue that it is outside FOS jurisdiction so make clear it is the INSURANCE, not the loan you are complaining about.
I run a consultancy to help Independent Financial Advisers to comply with their rules and resolve complaints. Although I am qualified to, I don't advise consumers for reward.
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# 11
K Jones
Old 11-04-2013, 1:29 PM
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Default Any news

Is there any news on this issue as yet? Just to update everyone, despite submitting evidence to the ajusticator, they ruled against me, but the case is now going all the way to Financial Ombudsman. Not worried, as the evidence is there, but apparently it takes about 13 months to come to a decision. I would strongly advise anyone with a complaint to contact financial ombudsman.
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# 12
bigmumma
Old 15-04-2013, 8:26 AM
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Hi there
Just seen this post and appreciate its an old one but saw the last reply was only recent so thought I'd give it a go....have to totally agree about MAS No. 5 Ltd - we were also sold to them in 2007 without any choice/notice/clue it was going to happen and we've been furious with the amount of times our mortgage rate has been increased since, considering the base rate has stayed the same for years and is the lowest ever. They well and truly have us over a barrel because our house has a poor loan to value rate - we're not in negative equity but our house is probably worth little more than when we brought it and we got a 90% interest only mortgage (big mistake).
Anyway, they have also astounded me by not being able to produce a contract - they said they do not have a copy of this. I started to wonder if these guys were cowboys and even legal......hence I did a google search and found this post. I guess I need to put my request for a copy of a contract in writing before complaining to the FO? I am dreading another letter from them coming through my door any day now telling me it's gone up yet again.....
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# 13
wigeon
Old 19-06-2013, 5:17 PM
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Default MAS NUmber 5 limited

As the mortgage is fairly new send GMAC RFC a SARN we have the same problem for a client with this company, also try and remember if the mortgage was brokered and send the broker a SARN as well it is worth doing as they have to have the documents your referring to.
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# 14
Paul the Ball
Old 16-08-2013, 9:17 PM
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Default Mas number 5 ltd. Plymouth

Well as everyone else my mortgage was sold to MAS number 5 Ltd by GMAC, I didnt even realise untill my rate constantly increased.
Now I have a real problem and am finding them very uncooperative, a surprise as they are a division of THE COOPERATIVE BANK.
I was recently made redundant and have found it hard to continue with the payments but have continued to struggle through, due to unforseen circumstances I have for the first time since opening the mortgage in 2004 fallen behind with payments, my daughter has agreed to assist and we invited MAS field service agent to the house and made an offer whereby we pay the normal monthly ammount due and an additional sum which will clear the debt within 2 years, every letter and visit adds costs to the debt. (admin charges)
After two weeks of making this offer, they choose to ignore the offer and are now seeking repossesion through the county court.
I am in the process of complaining and asking for a full refund of all charges and a freeze on any future charges as they have proven to be totally incompetant and have displayed a complete lack of communication within there own departments.

I will set a time limit for a response and then forward all the details to the Financial Ombudsman.
I believe they are unethical, uncaring and unhelpful, they have caused undue stress to my family and myself. finally I cannot believe they regularly continue to increase the % interest rate even though the base rate has remained static for quite sometime.
Who else is suffering at the hands of these bully boy tactics?
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# 15
_Andy_
Old 16-08-2013, 9:42 PM
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" I cannot believe they regularly continue to increase the % interest rate even though the base rate has remained static for quite sometime."

the base rate has no bearing on a variable rate product, nor the cost for a mortgage lender to acquire the funds.
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# 16
Paul the Ball
Old 19-08-2013, 3:04 PM
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Default Variable Rates and Base Rates

Totally confused, don't pretend to be a financial wiz kid but do know an interest only mortgage is designed to keep the monthly payments to a minimum but find that I am paying double what other borrowers are paying for the same size loan, I would gladly change my lender but at the age of 61 and recently redundant makes this option verty difficult, looks like I'm stuck with these Rip off Merchants, "A DIVISION OF THE COOPERATIVE BANK" yet another Ethical,Caring,Bank, I don't think.
MAS Number Five Ltd Alias:Rip off,uncaring, unethical lender.
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# 17
Favieres
Old 24-01-2014, 4:41 PM
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Default Tenant - MAS 6 now demanding new contract and 6000 pounds

Hello
I am new to the forum and have joined because I have been looking in to a problem that my Mum is having with MAS number 6. She is 73 years old and it is making her ill.

She has had a mortgage with them for several years and they have been aware of her tenant and accepted her tenant in writing. This year they have decided that she has to pay 100 per month extra because of her tenant and that she has to sign a new contract which they sent her. I told her it was suspicious and she should check it out - they then told her that if she did not sign she would be in breach of contract and they would send her another contract costing her more money and the interest rate could change. They said they would take the money anyway - which they have not done.
Do they have the right to change her contract and force her to sign a new one?
I have told her not to sign and am looking in to it for her as she has not much money and she is very worried about it, plus her mortgage term finishes in 20 months - she has to sell the house before this - so why would they wait until this time and demand more money? She has complied with all their insurance requirements and legal proof they have asked for regarding the tenant over the last few years. I would be very grateful for any advice.

Thank you.
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