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  • FIRST POST
    • MSE Guy
    • By MSE Guy 29th Oct 09, 9:56 AM
    • 1,628Posts
    • 1,255Thanks
    MSE Guy
    MSE News: Mass refunds for thousands of GMAC mortgage customers
    • #1
    • 29th Oct 09, 9:56 AM
    MSE News: Mass refunds for thousands of GMAC mortgage customers 29th Oct 09 at 9:56 AM
    This is the discussion thread for the following MSE News Story:

    "Tens of thousands of mortgage customers will be entitled to compensation after the city watchdog fined a lender for poor treatment of those in arrears ..."


Page 1
    • wizk1
    • By wizk1 29th Oct 09, 10:40 AM
    • 901 Posts
    • 609 Thanks
    wizk1
    • #2
    • 29th Oct 09, 10:40 AM
    • #2
    • 29th Oct 09, 10:40 AM
    This is the discussion thread for the following MSE News Story:

    "Whilst our arrears charges were in line with the market, in hindsight, we fully accept that for certain fees our estimates of the costs were not proportionate to the additional administration actually required."
    Originally posted by MSE Guy
    Now let's hear the banks say the same thing regarding overdraft charges
    Last edited by wizk1; 29-10-2009 at 10:45 AM.
  • batley1
    • #3
    • 29th Oct 09, 7:18 PM
    Important Information to go with this:
    • #3
    • 29th Oct 09, 7:18 PM
    I used to be with GMAC, but they sold my mortgage to someone else(without my knowledge) and after the speaking to them today Ive found out a few things I thought I would share:

    1. Anyone who has or had a mortgage account with GMAC will receive a letter informing them of their entitlement to a refund at the latest by the 30th November.

    2. If you are entitled to a refund you will then receive a cheque within 30 days of receiving your letter.

    3. If you have moved address since having your mortgage with GMAC, you need to ring them and update the details, or everything will be sent to the address on their details.

    In theory, the money could be here before christmas, so could be a nice bonus. As someone who went through some hard times with my mortgage, when the interest rates were at the highest, this is very welcome and I will try to keep you updated.
  • marks77
    • #4
    • 29th Oct 09, 11:01 PM
    • #4
    • 29th Oct 09, 11:01 PM
    We have been in arrears with GMAC. We were hit with a £50 charge for being in arrears EVERY month as well as the £15 charge for not paying by direct debit. Does this FSA ruling cover that £50 charge aswell?

    Thanks.
    Last edited by marks77; 29-10-2009 at 11:11 PM.
  • meladie
    • #5
    • 30th Oct 09, 6:38 AM
    • #5
    • 30th Oct 09, 6:38 AM
    We have been in arrears with GMAC. We were hit with a £50 charge for being in arrears EVERY month as well as the £15 charge for not paying by direct debit. Does this FSA ruling cover that £50 charge aswell?

    Thanks.
    Originally posted by marks77
    i had exactly the same to pay each month please someone tell us we are gonna get it all back.
  • newreclaimer
    • #6
    • 30th Oct 09, 7:14 AM
    • #6
    • 30th Oct 09, 7:14 AM
    I think we will get these arrears charges back but it will be deducted from your outstanding mortgage balance if you still have a mortgage with them.

    I'm going to write to them before they write to me because they also have to pay redress for all the problems these charges have caused. For example I'm going to point out to them that their charges kept me in arrears meaning I was unable to get credit for anything else or be able to re-mortgage to move away from them. All these things need to be compensated for aswell.
  • batley1
    • #7
    • 30th Oct 09, 10:19 AM
    • #7
    • 30th Oct 09, 10:19 AM
    The only things they are refunding are:

    1.Charges for non-payment of the monthly mortgage payment by direct debit when the account was in arrears and no monthly mortgage payment was being made.

    2.A portion of the solicitorís instruction fee (£39) that exceeded the actual cost.

    3.Early Repayment Charges applied to, arrears fees and charges.

    4.A flat rate of interest of 8% will be added to the amounts due to customers.

    The £50 arrears fees will not be refunded from what i gather, and from what i was told on the phone.

    Just to remind you, you will hear by the 30th November, no later, about the refund, and then within 30 days of receive your letter, you will recieve the refund itself.

    I'm going to keep everyone updated on how it goes for me, as I no longer have my mortgage with them, so I should recieve the money.

    I would imagine, that unless you are still currently in arrears or have outstanding charges, they will refund it to you.
    • overross
    • By overross 30th Oct 09, 10:36 AM
    • 1 Posts
    • 0 Thanks
    overross
    • #8
    • 30th Oct 09, 10:36 AM
    • #8
    • 30th Oct 09, 10:36 AM
    HI
    does any one know if this ruling appliesto GE Money Home lending ?

    or

    who the other 5 lenders are who are being investigated. ?

    cheers
    • Gorgeous George
    • By Gorgeous George 30th Oct 09, 11:39 AM
    • 7,797 Posts
    • 8,484 Thanks
    Gorgeous George
    • #9
    • 30th Oct 09, 11:39 AM
    • #9
    • 30th Oct 09, 11:39 AM
    The FSA says GMAC treated customers behind on payments "unfairly" and must now repay up to £7.7 million, plus interest, to well over 46,000 borrowers
    That's about £167.39 each. Obviously, some will get more and others will get less but I don't think anyone is going to be able to retire on the compo.

    Do the victims not share some of the responsibility?

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • batley1
    Yes they do, but the things GMAC are been made to refund are things they have overcharged for (solicitors fees) or for charging for not paying by direct debit, when no payment was made at all...bearing in mind, that they charge £50 a month if you are in arrears.

    In a perfect world I would love not to have got behind with my mortgage, but GMAc made it almost impossible to get out of arrears once in (they were charging me £65 month basic fee's when I wasnt' making payments). I'm not, and will never say they should not charge for the costs incurred, but they should not charge to make a profit out of the costs.
    A Gmac refund client : Letter of Confirmation received, now awaiting £311.04 cheque - Please feel free to PM me with any questions about the GMAC situation!

    All kids christmas presents bought by 29th October!
    I survived the Sainsburys Toy sale Scrum!
  • Punjabi_Princess
    gmac terror
    HI there,
    I was charged £1995 for taking out a gmac mortgage along £750 solicitors fees just for the purchase.

    A year ago I wanted to move but take mortgage with us, I was charged another £1500 to transport mortgage but this all fell through.

    Will I get any compensation?
    P
  • webbym
    now let's hear the banks say the same thing regarding overdraft charges :d
    Originally posted by wizk1
    i had a gmac mortgage and had to pay an early settlement fee of around £8000 what chance have i of getting any money back
  • webbym
    Can anyone tell me will i get any money back. I paid about £8000 in early settlement
  • francescicluna
    I still have a GMAC mortgage with a standard variable interest rate, but it was sold on to Mortgage Express, and the interest rate I am now paying is higher than the variable rate that Mortgage Express charges to it's customers. I went to the FSA but they said there was nothing they could do about it as they were in their right to charge what they wanted to. What a carry-on!!
  • Mssunny35
    Gmac
    Hi

    Did GMAC move your mortgage to Mortgage express, as i had mine with GMAC and they sold it Mortgage express, if yes does this not include us for the refunds

    Mssunny35

    I used to be with GMAC, but they sold my mortgage to someone else(without my knowledge) and after the speaking to them today Ive found out a few things I thought I would share:

    1. Anyone who has or had a mortgage account with GMAC will receive a letter informing them of their entitlement to a refund at the latest by the 30th November.

    2. If you are entitled to a refund you will then receive a cheque within 30 days of receiving your letter.

    3. If you have moved address since having your mortgage with GMAC, you need to ring them and update the details, or everything will be sent to the address on their details.

    In theory, the money could be here before christmas, so could be a nice bonus. As someone who went through some hard times with my mortgage, when the interest rates were at the highest, this is very welcome and I will try to keep you updated.
    Originally posted by batley1
  • batley1
    No they sold it to Wave Lending....so I wont be recieving a refund on the redemption, as i never redeemed it, but i was charged for payments not made by direct debit, and for solictors fees.
    A Gmac refund client : Letter of Confirmation received, now awaiting £311.04 cheque - Please feel free to PM me with any questions about the GMAC situation!

    All kids christmas presents bought by 29th October!
    I survived the Sainsburys Toy sale Scrum!
  • gpaul49
    gmac rfc
    i had arrears was on a rate of 10% i coud'nt afford it any more and moved it away last year was charged £15 for no direct debit didnt have a bank account only a passbook building society £50 arrears of £ 2000charges taken to court i had to defend myself was with them from 2001 to 2008
    they have made an offer of a paltry 450 they even called up
    Last edited by gpaul49; 06-11-2009 at 3:10 PM. Reason: spelling
  • batley1
    Interesting point for me though.....

    The people GMAC sold my mortgage to have exactly the same fees...so when this comes through I shall be writing a letter to them.....
    A Gmac refund client : Letter of Confirmation received, now awaiting £311.04 cheque - Please feel free to PM me with any questions about the GMAC situation!

    All kids christmas presents bought by 29th October!
    I survived the Sainsburys Toy sale Scrum!
    • gilligansyle
    • By gilligansyle 18th Nov 09, 10:47 AM
    • 4,105 Posts
    • 22,135 Thanks
    gilligansyle
    Have had my letter!
    GMAC sold my mortgage to Kensington, but they still had a controlling interest of some sort in it. I am no longer with them but have had a letter today saying I am due £108.54

    This is for non DD charge when in arrears

    repayment charges applied to arrears fees

    part of the solicitors fee

    Have rung and confirmed my identity, just waiting for the cheque.
    Debts at LBM - Mortgages £128497 - non mortgage £27497 Debt now £114150109032 64300 (mortgage) Credit cards left 0



    "The days pass so fast, let's try to make each one better than the last"
  • batley1
    thought I would update also! I have recieved my letter, and am now awaiting my cheque also.

    If anyone wants a full transcript of the letter, I'll stick it up, but they have found that i need to be refunded £311.04

    However please note, I've had to ring up and confirm where I live and confirm my identity(basic checks).

    Just a quick note though, if the mortgage was in joint names, and you do not have a joint bank account(they send you a cheque in joint names), then you need to write to them to advise who the cheque should be made out to, and both parties sign the letter. Thought I would add this in as some people may have problems with this part.

    The refund will arrive within 30 days of the date of the letter, so 19th December, lets wait and see....
    A Gmac refund client : Letter of Confirmation received, now awaiting £311.04 cheque - Please feel free to PM me with any questions about the GMAC situation!

    All kids christmas presents bought by 29th October!
    I survived the Sainsburys Toy sale Scrum!
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