Mortgage sold off

malaxim

Last November I remortgaged a property I rent to GMAC. Without notice or warning my mortgage was transferred to another company in March.
All I received was a demand for arrears which I promptly paid, from the new company when my direct debit did not go through because of faulty details.
The new company agreed to return their 35ukp fee and have now some weeks later sent copies of all the letters that were supposedly sent prior to the change.
All my information, details, transfer of DD, telephone numbers etc ahve been transferred including our joint password.
Is this possible under the current regulations?
If I need to enquire about my own account I have to go through 10 minutes of checks how come some company can just transfer all my details without approval?

CLAPTON

its usual (in fact i'ld say virtually always) for your loan contract to allow the reassignment or sale or transfer of the contact to other companies. So you almost certainly gave your approval when you signed the contract.
It does seem a little curt not to have informed you in good time.

malaxim

I can understand their ability to sell of my ortgage as aprt of their portfolio, but shouldn't a request have been made to enable them to abuse my rights of privacy especially under the Freedom of Information Act.

dunstonh

They are fully entitled to sell off bits of their business to others without your consent.

CLAPTON

malaxim wrote: »

I can understand their ability to sell of my ortgage as aprt of their portfolio, but shouldn't a request have been made to enable them to abuse my rights of privacy especially under the Freedom of Information Act.

what i'm saying is that you signed a contract agreeing to them doing this sort of thing.

if you don't want this to happen again with other financial products, in practice it means that you wont be able to have anything... no bank a/c, no CC, no insurance etc etc.

jamesd

GMAC can be expected to do this for all mortgages. It's the US way of working and that's where the company is from. Also ensure that the mortgage contract gives you all of the options and tolerance you want, because the firm that buys it will have no interest at all in doing anything except sticking rigidly to the conditions of the contract and collecting your home as soon as practical if you have trouble.

Pick a different company if you want the people who sell you the mortgage to be the people who service it throughout its life.