MAS No.5

Mr_Upset_2

wondering if this thread is now dead?

Mr_Upset wrote: »

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!

K_Jones

Are there any news? My complaint with adjusticator is now going all the way to financial ombudsman as well. Appparently the normal wait to an answer is around 13 months.

stuffum

Hi Mister Upset,

Seems like we are all in the same boat here, though activity on this forumregarding MAS has tailed off. It would have been handy to be able to call Sashabut the number is no longer in service.

Get this one, I had burglars break in and I got the kicking of a life time.Over 100 stitches in my face and broken bones not to mention needing £17k ofdental treatment (jaw bone came out with teeth). Police didn’t think I wouldmake it through the night. Worked for my own 25 year old company (soleemployee) but off work for 18 months due to the injuries and resulting surgery –living off savings. Kept MAS informed. Feeling really poorly for months but Iput it down to stress, ended up in hospital on life support! 5 days in hospitaland diagnosed with leukaemia! Got so ill I could hardly talk. Kept MAS informed.

Just started chemo and had missed 3 months payments to MAS, they put animmediate repossession order in, court date set for 20 December 2012, I couldn’teven get to the loo without help. Was with GMAC, have been through hell but MASsay “we need to protect our interests” even though we’ve lived in the samehouse for 17 years. Tried to speak with their complaints department and theyhung up on me. What sort of people are they?

How are you getting on with them?

Mr_Upset_2

stuffum wrote: »

Hi Mister Upset,

Seems like we are all in the same boat here, though activity on this forumregarding MAS has tailed off. It would have been handy to be able to call Sashabut the number is no longer in service.

Get this one, I had burglars break in and I got the kicking of a life time.Over 100 stitches in my face and broken bones not to mention needing £17k ofdental treatment (jaw bone came out with teeth). Police didn’t think I wouldmake it through the night. Worked for my own 25 year old company (soleemployee) but off work for 18 months due to the injuries and resulting surgery –living off savings. Kept MAS informed. Feeling really poorly for months but Iput it down to stress, ended up in hospital on life support! 5 days in hospitaland diagnosed with leukaemia! Got so ill I could hardly talk. Kept MAS informed.

Just started chemo and had missed 3 months payments to MAS, they put animmediate repossession order in, court date set for 20 December 2012, I couldn’teven get to the loo without help. Was with GMAC, have been through hell but MASsay “we need to protect our interests” even though we’ve lived in the samehouse for 17 years. Tried to speak with their complaints department and theyhung up on me. What sort of people are they?

How are you getting on with them?

Hi,

I am sorry to hear of your problematic period and hope you get better soon. How nasty are they? Hate them.

Well we beat them in so much as they only got a suspended reposesion order which is fine because they agreed to the order at the same amount offered so I complained to financial ombudsman and they have requested the case file from mas.

I will let you know how I get on. Right now its with fos.

good luck with getting better soon you need to be at your fittest to take these on. They tried to say the same with me and quoted that part about protecting interests which I told the judge was wrong because I paid such a big deposit and have so much equity that by enforcing a sale at a loss would worsen their position. the judge agreed with me.

over £700 of charges were added to mortgage so I went to fos because they did not need to start action against me because they ended up agreeing to what I offered weather it went to court or not so the court day was unneccessary and I don't feel obliged to just pay their costs because they say so.

In my gmac terms there is nothing about paying legal fees so I wont. they cheat you as well as lie to you and treat you with contempt. i hate mas#5.

stuffum

Thanks for your reply, I hate the bugg..rs too. We had enough going on as it was, didn't actually go to court because found a way to pay off the arrears but they loaded £960 of costs anyway. Complained to them about this but they said it was in the terms we signed for either with GMAC or when they took over (can't remember).
Seems that they don't actually have any mortgage product at all, they just buy in existing mortgages from other companies like GMAC, and they are not taking on any new business either. My FA thinks that they are working towards closing the company (maybe set up again with No. 6!).
Maybe we should think about putting group action to the FOS about them, I posted my complaint last week. This all happened last year but it has taken me until now to have the strength (have been bed ridden) to put the complaint together. I will only be able to manage about 2 maybe 3 more months at their 5.75% rate. Unbelievable that everybody else have been lowering their rates while MAS have been increasing theirs. Like many, I am trapped with them because of the arrears but also being ill with no income as such.
Have a think about my suggestion, shame the others on here seem to be quiet now.

Looking_forward_4

I have read with interest the entire thread going back some years. It is a shame that MAS 5 have been able to exploit their position since acquiring the GMAC book.
Lets hope that the Mortgage Agency Services customers do not just simply allow these unethical lender to ride rough shot over them. More posts of experiences going forward would be well received by all I am sure.
With regular interest rate hikes over the past 6 years there must be a huge amount of victims of this company.
To profiteer from the BoE reducing its interest rate is immoral. I fully understand that the cost of borrowing has risen, but, not by the multiples that they have raised their rates.
MAS will be forcing people into difficulty that would have been otherwise OK had the GMAC book not been sold.

On the insurance issue. I will post separately to aid indexing but they have take a huge backtrack this past week (Oct 2013) interesting if this has been forced or not.

please post your MAS experience and only then can these unethical practises have any prospect of being halted.

Looking_forward_4

Any idea why 'Mortgage Agency Services' have taken a complete U turn on charging people for their house insurance.

This has to be a little odd if it were legitimate to charge so many customers in the way that they have!

Siliquaesid

Right folks, I'm back and with a vengeance this time.

I've got MAS No.5 on number of points and THEY ARE WORRIED. How do I know this? Because I've offered them to "take what they've had and walk away, or I'll take them to the cleaners in court" and I know EXACTLY how to do this!! :j

I am in the middle of writing up a document which email to anyone who wants to join me on this one. ALL of you who want to take action, PM me with "I'm in" as the subject and your contact email address which I PROMISE NOT TO GIVE TO ANYONE ELSE. In return I will give you FOURTEEN letter templates which must be sent out IN ORDER, and we will coordinate the times they are sent to overload MAS' administration dept.

If any ONE of these letters is not responded to within the time frame contained therein then MAS will create a situation of "Dishonour in law".

Basically, the WON'T reply, because they CAN'T reply. I have found a loophole which GMAC created. GMAC IMPROPERLY executed most of their mortgages by not complying with statute, thus the mortgages they sold to MAS No.5 are INVALID AB INITIO!!

MAS No.5 bought a load of "pups" :rotfl::T. SO here's what the letters do; They request documents which LEGALLY must be completed (in a very precise manner) at the time the mortgage was taken out. MAS No.5 will be 99% unable or VERY unwilling to provide proof of these documents. This creates an UNENFORCEABLE mortgage.

What the above means for you dear people is that MAS No.5 have NO remedy in law, OTHER than what they lost in the initial purchase of your contract. IF you can get a court order to force them to divulge what they paid for your individual mortgage then, according to contract law, all they can claim is what they lost, NOT the property which would be of a higher value and if THAT doesn't work, I have around 20 other ways we can keep these morons so busy in court we can drive them to the wall.

I would like to arrange a get together is that is possible so that was can discuss "Battle Plans".

Now, WHO'S UP FOR A REAL FIGHT?? It's going to get very dirty, and might be expensive, but I KNOW we can beat them if we ALL join forces. SPREAD THE WORD!!

macroman

Hi, have just PM'd you.
Let's do this and hopefully others will to.

g3no70

Newbie here
I am with MA5 and experinced hikes during the supposed low % and stand at 4.75% ish. having difficulty moving because of costs and they offer no new products. Is there any recourse?