MAS No.5

gopher_broke

I have had a mortgage with MAS for almost 5 years as they took it over from GMac. I was advised by a broker that GMac were the best and obviously took their advice. MAS took over the morgage after six months.
When interest rates were reducing MAS reduced theirs. After bank rate had been @ 0.5% for a few months I received a letter from MAS saying they were increasing their rates. I wrote to them asking how they could justify this with bank rate so low and received an answer which more or less said "Because thay can" a couple of months later they upped it again and they have now increased from April 2011 to 5.25%
I again asked them why and was told because it was expensive to maintain my mortgage and they had to increase to cover their costs. I sent a copy of their letter and mine to David Cameron but have not heard from him (Too busy with Libya I expect).
I checked with the Co-op what their SVR is and it is 4.24%. I asked why MAS were charging so much and was told "They are a seperate company and can charge what they like"
Spoke to Sacha who advised writing to the Ombudsman so will be doing that.
Just hope enough pressure can be exerted to make them reduce rates to an average level but won't hold my breath though.
Gopher Broke

Found_true_love

HI all

I am in the same boat as you all, I ahve spoken with Sacha and will be writing to MAS to get thier justification

tsnt772

Hi, I tried without any joy to ask MAS no 5 to return their rates to the excellent pre sept 09 rate without any success. "Go to a financial advisor" etc. I am going to go to the ombudsman but have not started it yet. Do you have specific contact details and I will ensure they go to the relevant person. (You can bet that as the B.O.E rate goes up this year that MAS will follow !!
A disgrace.

sserfaty

Go through the Ombudsman procedure - MAS will send you a leaflet.
Good luck!
Sacha

looby38

I am with MAS 5 also, infact I have just launched a cpmplaint to the FO. I was told however, they are not regulated by them though so wondered if this would affect my complaint? I have had numerous difficulties with them since separating from my husband 3 years ago. They continue to hike interest rates up, but I have had no letters explaining this, I have had insurance problems again sending information they claom never to have recieved. I confess to not understanding the libor rate thing, as I am finding myself having to deal with financial matters on my own, its all new to me. Sacha I would very much like to discuss this with you if you can offer any advice?
Regards
Lobby

sserfaty

About the FO I think you have been mislead or spoken with someone who is not that knowledgeable. I say that because I have lodged a complaint successfully with the FO and have sent my forms and all that stuff so going through the process.
In terms of using the FO you need to go through a procedure with MAS. You complain to MAS and give them 28 days to sort out your complaint. If you are still dissatisfied then you have a period of 6 months within which to complain formally via the FO so if you follow this, then you should be fine.
If you need more call me
07912281531
Sacha

looby38

Hi
they did lodge my complaint and today I received the forms...am i right in thinking they give MAS chance to respond before taking it any further??
Looby

sserfaty

Once you take it up with the FO it is a formal complaint. Not sure what they do or how they deal with it as I am going through the process currently

Regards

sacha

gopher_broke

I contacted the financial services authority but was told they don't get involved in these disputes.
I had written to MAS previously and sent a copy to David Cameron, the reply from Cameron was from his secretery and just said my letter had been passed to HM Treasury (Fat lot of good that will do) so that they can be aware of my views. I have again written to MAS and expressed strongly that I feel they are profiteering when other lenders seem to have lower SVRs. I doubt it will do a lot of good though. I am in the process of writing to the Co-op and just need to find the name of the CEO or whatever his title may be. Sacha, can you get some form of organised complaint going? Gopher Broke

sserfaty

Hi Gopher,
I am still waiting for the FO to come back to me with what they find. They sent a letter saying they have a high volume of complaints to deal with at present so I am just in a queue.
In terms of organised complaints I am doing what I can. the only way to do it is through the FO so you should lodge a complaint with them. The FSA should have passed you their details but as always there is a procedure you need to go through. Complain to MAS, get a response and if not happy complain to FO within 6 months of final response from MAS.
Sacha