Morgage Agency Service Number Six Ltd

malcolmfowler

Hello,

Bit of a strange one and any advice appreciated. My sister-in-law and her hubby have not been great financially. After being in trouble with arrears they took out a mortgage through the Money Agency Service(MAS) /GMAC. In 2003 they changed over to JP Morgan. They came round to see me last week to show me a letter from MAS offering them £16,000 for an early repayment charge on their old mortgage. I was staggered at this but assumed they got a better interest rate and lower payments when they moved (who knows).
Anyway, they asked me to look at it and see what I thought. They had phoned MAS and hadn't been able to answer all the security questions to get on to discuss the refund. They are now searching over the house for old mortgage statements and payment details etc. and want to know what to do next.
So, has anyone heard about these refunds and why a company which doesn't seem to get much good press would suddenly offer up this money? I want to check this is all above board for them.


Thanks

amnblog

Are you saying the holder of the mortgage has offered them a £16,000 discount to settle?

This was more common a few years ago but is legitimate. There are occasionally when these business would prefer the cash than the mortgage asset.

The question is, can they get the lending they need with another provider to settle. Or are they prepared to sell to settle?

malcolmfowler

Hi amnblog,

Sorry if I wasn't clear.

The original mortgage owner from 2003 (MAS) has said they are refunding the exit fee that they charged when my sister-in-law moved to JP Morgan.

I cannot understand why they would suddenly offer this up and thought it might be some sort of scam.

dimbo61

Do they want your sisters bank details to put the £16,000,000 million into her account ??????
Not bank of Africa by any chance ?
Be very careful of ever giving any details.
Please send the cheque in the post and we will pay it into our bank account

malcolmfowler

Well, a cheque arrived in the post last Friday for £16,800 with an explanation that they had "looked at their processes and had decided to refund the money".

Rgds

student100

Related to this? http://www.moneysavingexpert.com/news/mortgages/2009/10/mass-refunds-due-for-thousands-of-gmac-mortgage-customers