MAS No.5

dimitrios

Hi,
New victim of MAS Number 5,
same, fed up with the constant svr increases, Will write to Mas and complain, then take it to Ombudsman,.... that will cost the abit as they have to pay the Ombudsman every time a complain is lodged.

sserfaty

Thanks for everyone that called me or texted me to discuss MAS 5 but there are still many more people out there and we need a following in order to get this turned over.
Some good suggestions were:
1) Ask Martin Lewis whether we can start a campaign on here ( I will certainly email the site manager and see - please join in if you are in the same situation)
2) Ensure you being the complaint procedure with the Ombudsman (I know that several people have but we need everyone in the same situation to do so)
3) Contact Watchdog
4) Blog and use the forums etc to attract attention
Again - please call me to discuss how we can coordinate an effort and how we can all pitch in to make this happen!!

Thanks
Sacha 0791 228 1531

sserfaty

I wrote the following email to the website. The email address is: news@moneysavingexpert.com

Hi,

my username on the forum site is sserfaty.

MAS 5 is a mortgage company which was sold GMAC mortgages a few years ago. A lot of these mortgages were self-cert mortgages from the days when 95% mortgages were possible. Many of us, (I have spoken with a few people) bought a year fixed rate mortgage from GMAC before these mortgages were sold to MAS 5 (Plymouth based and owned by Britannia) without our consent.

Once the fixed term ended our interest rates were jacked up (3 times in 2009 and again now in Feb 2011) to the point where we are paying about 5.25%. This is a standard variable rate mortgage now so they are using reasons such as increased funding costs etc to justify the increases.

Many of us believe that we are being trated unfairly. I myself have started a formal complaint with the Fin Ombudsman and am encouraging those who are in a similar position to do so - not that they need encouraging.

I just feel this is a story which needs to be brought out. These are our homes and a lot of us are in negative equity - something I am sure MAS 5 is very well aware of and perhaps even part of the reason they can increase rates without any resistance. They offer no alternative products and it is just too expensive for a lot of people to go to another provider.

We would be grateful if we could get some sort of a campaign going to raise awareness. Our ultimate aim would be to expse this on Watchdog if appropriate.

I hope to hear from you.

Sacha
0791 228 1531

sserfaty

truffle2011 wrote: »

Unfotunately guys you dont have a leg to stand on. I can understand your frustration but you signed the mortgage offer and it is an SVR which is not linked to anything. The rate Mas borrow at to lend is high as it is a sub prime lender however you were not complaining when they gave you a mortgage when no one else would.
The Ombudsman will throw this out as Mas have not done anything illegal and their reasons are sound.
If you were transfered from GMAC then you are still better off as their SVR is 5.75% at the mo.
Also Mas are a subsidiary of Co-op and they would not let any company under them do anything that was not necessary.
Make sure if you redeem you read you offer.

Interesting it looks like the Co-op are coming under pressure in other areas too - please see the article on the Co-Op and rate hikes on credit cards on this same website

SiliqaueSid

I am with MAS No.5 and I've noticed something VERY insidious, every time I apply for credit somewhere else, a few days later my mortgage rate goes up. WHAT SCUM!! FOUR times this has happened now!!

Me thinks one of the posts above came from an employee, see if you can spot which one .

Last Christmas my mortgage went up THREE times in two months with these shysters.. Yesterday I rose to 5.75% with some lame letter telling me about "absorbing costs incurred". WHAT FREAKING COSTS????? we've NEVER missed a payment, have complied with everything they have asked, and this is how they treat people?

I'm writing to request an explanation, if they don't provide an adequate one, then I will declare a "dispute" on the account. Let's see how they like that!:mad:

I'm wondering if it's possible to get together with other MAS "victims" and organise a little "present" for them in the form of an FO appeal. Either way, I am declaring war on these morons, and so far;

MBNA (£6,500)
NAT West (£1800)
HMRC (£8000 and counting)
Barclaycard( £3300)

Have all fallen victims to campaigns I have waged against them. MAS No.5 are next. Care to join me?

sserfaty

SiliqaueSid wrote: »

I am with MAS No.5 and I've noticed something VERY insidious, every time I apply for credit somewhere else, a few days later my mortgage rate goes up. WHAT SCUM!! FOUR times this has happened now!!

Me thinks one of the posts above came from an employee, see if you can spot which one .

Last Christmas my mortgage went up THREE times in two months with these shysters.. Yesterday I rose to 5.75% with some lame letter telling me about "absorbing costs incurred". WHAT FREAKING COSTS????? we've NEVER missed a payment, have complied with everything they have asked, and this is how they treat people?

I'm writing to request an explanation, if they don't provide an adequate one, then I will declare a "dispute" on the account. Let's see how they like that!:mad:

I'm wondering if it's possible to get together with other MAS "victims" and organise a little "present" for them in the form of an FO appeal. Either way, I am declaring war on these morons, and so far;

MBNA (£6,500)
NAT West (£1800)
HMRC (£8000 and counting)
Barclaycard( £3300)

Have all fallen victims to campaigns I have waged against them. MAS No.5 are next. Care to join me?

Please call me on 0791 228 1531
Thanks

Sacha

sserfaty

truffle2011 wrote: »

Unfotunately guys you dont have a leg to stand on. I can understand your frustration but you signed the mortgage offer and it is an SVR which is not linked to anything. The rate Mas borrow at to lend is high as it is a sub prime lender however you were not complaining when they gave you a mortgage when no one else would.
The Ombudsman will throw this out as Mas have not done anything illegal and their reasons are sound.
If you were transfered from GMAC then you are still better off as their SVR is 5.75% at the mo.
Also Mas are a subsidiary of Co-op and they would not let any company under them do anything that was not necessary.
Make sure if you redeem you read you offer.

Thanks Truffle I remember once a Dr told me not to go to court over a whip lash injury because I would get nothing - but I went and got a pay out. If MAS 5 is squeaky clean then there is nothing for them to worry about, but there are a number of us feeling the full pinch of their practices so I don't think it's a good idea for us to just sit back and hope that when some base rate increases come, we will be treated fairly by MAS 5.
Sacha

gianabanana1968

Hi Sacha,

I too am having similar problems with MAS - need to start the ball rolling, therefore, do you suggest writing to them or contacting Ombudsman direct? I note that the Ombudsman may require initial contact with MAS first before they will get involved - do you have any guidance for me with contacting MAS? Your help would be most appreciated. Thanks, Denise.

sserfaty

gianabanana1968 wrote: »

Hi Sacha,

I too am having similar problems with MAS - need to start the ball rolling, therefore, do you suggest writing to them or contacting Ombudsman direct? I note that the Ombudsman may require initial contact with MAS first before they will get involved - do you have any guidance for me with contacting MAS? Your help would be most appreciated. Thanks, Denise.

Hi Denise,
Thanks for the post.
You really need to go through the proper process. So first, sent a letter expressing your complaint to MAs and give them an opportunity to respond to you within the period of 28 days.
Once you have a final decision from them then you can go to the Ombudsman and seek a formal complaint against MAS. You must do this within 6 months of the final response from MAS 5.
Let me know how it goes

Sacha
07912281531

Kavajo

Hi Sacha,

I can see that you might have a complaint if they have been trying to pressure you into buying their own insurance. I have had the same thing where the property is leasehold and the freeholder is responsible for the insurance, not the lessee. They must have had thousands of cases like this but don't seem to understand.

However I don't see what your grounds for argument are regarding the interest rate rises. While I quite agree that they are unfair and nothing more than profiteering by MAS, there is nothing you can do as they can set the SVR to whatever they like. If it was a base rate tracker or similar, then it would be fixed to the BoE rate i.e. 0.5% + something. So they make the rules and play them to their advantage. I expect you were a GMAC customer too and just got transferred to this bunch unwillingly.