MAS No.5

Siliquaesid

Originally Posted by truffle2011
"Unfortunately 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".

You are SOooooooooooo Wrong matey!!!

Their rate hikes are PUNITIVE, in most cases, and THAT my friend is illegal END OF!!

If you believe that COOP would not do anything unethical then you are naive in the extreme, these mooks WILL take the p1ss at EVERY opportunity and for as long as they think they can get away with it.

ALL financial institutions are PARASITES, and parasites get EXTERMINATED...eventually. When enough complaints (and looking around the 'Net there are certainly enough for the FO to take an interest) are made then it will only be a matter of time before they get shut down at which point I will refuse to deal with any company that takes over my mortgage unless they are filing reasonable FIXED rates (under 3.5%).

These ppl would do well to remember they live in MY world, not I theirs.

Oh and BTW I took the VAT for that £8K in the end. I simply wound up the company and told them "Good luck finding the (non existent) money to pay THAT particular bill!

Judging by recent court cases GMAC RFC may be guilty of illegally selling my mortgage to MAS No.5 in any case so the whole issue might be one big moot point!

K_Jones

I have recently reported them to financial ombusman for bad service and since them had to lodge another 2 complaints hoping to take all the way too.

Anyone else has got problems with them, especially the rip off SVR at the moment?

Does also anyone know what would happen if GMAC is found guitly of illegally selling our mortgages to MAS?

Savvy_Consumer

Can anybody help with information or is in a similar situation with MAS 5?

gopher_broke

Hi All, I was most fortunate to receive a letter from MAS number5 informing me of a lovely increase from 5.25% to 5.75% from 1st June 2012. I have written to them (again) asking how they can justify this exhorbitant increase and will be in touch with the FSA as soon as I receive a reply from MAS.

barelysolvent

Just to let all those who have contributed to this thread onMAS No 5. we are going through the exact same process. Its unbelievable the responses we have had from them. It is interesting, if true, that an earlier post indicates they are registered as a debt collecting agency, This probably explains why they can't or wont offer better , more currently realistic and competitive rates.



If our mortgage was sold on as a debt to these people then that was illegal as we were not in debt, or had defaulted and we weren't told this fact.



Without wanting to jeopardise our current process of formal complaint through the official channels, we have now gone past the first stage - this was where it was an adjudicator from the FSA first response that did not accept the complaint, howeverwe re-complained with further compelling evidence together with a few choice words and have now been informed that our case is being submitted to the actual ombudsman - AT LAST.



We have never been subprime borrowers, never defaulted on paymentsetc, but because of the current economic climate and the abrupt change in lending criteria (thosewho are lending) we can't even swap to another lender - and by gosh we have tried. Although my income level is considered amply sufficient for the mortgage I have, I am employed through my own company - and there lies the problem. i can currently manage these payments but if these interest hikes keep going up then i think i will be barely solvent.




So 1 for all and all for 1? pooling our experiences and tipson getting progress in this process might end up as a positive result for all ofus. I am sending a link to this thread to the FSA Ombudsman but urge you all to resubmit any complaint you have about MAS No 5 to them again and explain why. The more that send these complaints in simultaneouslythe better.

Also do a bit of internet searching on who the directors are and just how many directorships they hold!

sideways_2

Hello i have tried to contact you on the no listed but it does not work. I am too having trouble with mas.

sserfaty wrote: »

hi ,

please read my posts would be good if we can get some momentum behind this

sacha
07912281531

sideways_2

Hello sacha

please can ypu call me on 07746 027 875

geestar71

Hi All,

I too have had a mortgage with this lot for many years. To be honest, I was looking at switching my mortgage provider as I've always found MAS no 5 to be hard work to deal with. I stumbled across this forum not aware that MAS may be acting illegally. I just thought their rates were very high (I'm at 5.75 SVR with them presently).

I will be watching this thread with increased interest from hereonin. Sascha, please keep this updated

Mr_Upset_2

I too am having a problem with MAS buying my GMAC mortgage after just 6 months.

They are now seeking repossession via Optima but we are fighting it as we are only 3/4 payments in arrears. A family tragedy meant we had to pay 5 grand pretty quick so we missed 3 or 4 payments to mortgage but we did keep them informed at all times. Instead of trying to discuss things they went ahead and instructed Optima to repossess. I wrote a snotty email to Optima and they have returned the account to MAS for investigation but I feel I have some very good points such as they never sent any FOS Factsheet nor did they follow Mortgage Pre Action Protocol otherwise they'd have known that the protocol does say legal action should be a last resort yet I feel MAS have used it as a first resort.

I have complained to MAS and also to GMAC because I think this was illegally sold. When I took the mortgage it was not a subprime but was a self cert because I am self employed. They sold it within a matter of months so surely they knew they'd do this at the time in which case I would have went elsewhere. MAS are showing as a debt collector on OFT website but most striking they are a subprime lender.

Because my mortgage was never subprime I am going to seek intervention from FOS and OFT regards the original sale because also I learned that GMAS had around 14 products for mortgage customers exiting a fixed rate but MAS have a couple, a fixed rate or SVR mortgage. So I feel we may be worse off as a result of the sale.

Add to this the way in which MAS have behaved it does seem as though had we stayed with GMAC then we'd have been a lot better off. The rate has increased time and time again and we feel stuck in a rut because a self cert mortgage is now not available.

For the record we pay around £1500 per month into the mortgage and arrears which are less than £3500.

help!

Mr_Upset_2

Paratus AMC is the new name for GMAC RFC. why?