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  • FIRST POST
    • Man-0
    • By Man-0 8th Aug 18, 5:14 PM
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    Man-0
    GMAC RFC Interest Only Mortgage Claim?
    • #1
    • 8th Aug 18, 5:14 PM
    GMAC RFC Interest Only Mortgage Claim? 8th Aug 18 at 5:14 PM
    Hi,
    I’m new to this forum, but have always been a big fan of Moneysavingexpert, naturally.
    I had an interest only mortgage with GMAC RFC which began on 1/4/2004, and ended around two years later.
    I just recently saw that it is possible to make a claim if one felt one was missold a mortgage, or there was some information not made clear by the broker. But just as I was composing my letter via the ‘Which’ template, I discovered that GMAC RFC are no more!
    Do I have any hope in making my claim? And where must I turn for help?
    I wonder!
    Thanks for any help.
Page 1
    • zx81
    • By zx81 8th Aug 18, 5:18 PM
    • 19,618 Posts
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    zx81
    • #2
    • 8th Aug 18, 5:18 PM
    • #2
    • 8th Aug 18, 5:18 PM
    Why do you feel you were mis sold the mortgage?
    • davidmcn
    • By davidmcn 8th Aug 18, 5:27 PM
    • 9,286 Posts
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    davidmcn
    • #3
    • 8th Aug 18, 5:27 PM
    • #3
    • 8th Aug 18, 5:27 PM
    And who do you think did the mis-selling?
    • Man-0
    • By Man-0 8th Aug 18, 5:30 PM
    • 4 Posts
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    Man-0
    • #4
    • 8th Aug 18, 5:30 PM
    • #4
    • 8th Aug 18, 5:30 PM
    Well, there are several points that seemed pertinent, when reading through the Which template.

    No fact finding was completed during the sales process and therefore the adviser did not have full knowledge of my/our financial situation.

    Other options for repaying the mortgage, such as a repayment mortgage, were not discussed with me.

    When applying for my mortgage I was not asked to prove my income (known as Self Certification). Your adviser encouraged me to take out what a Self Cert. or Fast Track mortgage where I did not need to prove my income.

    I was sold a sub-prime mortgage when in fact there was nothing wrong with my credit history and I had never been refused credit before.
    Last edited by Man-0; 08-08-2018 at 5:35 PM. Reason: Typos
    • Man-0
    • By Man-0 8th Aug 18, 5:31 PM
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    Man-0
    • #5
    • 8th Aug 18, 5:31 PM
    • #5
    • 8th Aug 18, 5:31 PM
    I felt that the broker was not being 100% clear about my options. What responsibility GMAC RFC have or had is something I would need to learn more about.
    Last edited by Man-0; 08-08-2018 at 5:34 PM.
    • dunstonh
    • By dunstonh 8th Aug 18, 5:32 PM
    • 96,058 Posts
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    dunstonh
    • #6
    • 8th Aug 18, 5:32 PM
    • #6
    • 8th Aug 18, 5:32 PM
    I had an interest only mortgage with GMAC RFC which began on 1/4/2004, and ended around two years later.
    Two immediate things.

    1 - This is 6 months prior to mortgage regulation (October 2004)
    2 - what makes you think that interest only mortgages were an issue in 2004?

    I just recently saw that it is possible to make a claim if one felt one was missold a mortgage, or there was some information not made clear by the broker. But just as I was composing my letter via the !!!8216;Which!!!8217; template, I discovered that GMAC RFC are no more!
    You wouldnt send your complaint to the lender as they didnt provide advice.
    The broker wont accept your complaint as it is pre-regulation. You dont have access to the FOS or FSCS (both of whom are likely to reject you complaint even if you did).

    There is also the issue of timebars You have to complain within 6 years of purchase or within 3 years of being reasonably aware of an issue. 6 years from 2004 is 2010 and 3 years from 2006 (when you repaid) is 2009. So, even if you bought after regulation, they could timebar your complaint.


    Do I have any hope in making my claim? And where must I turn for help?
    No.

    On the plus side, most interest only mortgage complaints fail. Many of those that get upheld still result in no payout as they are usually benchmarked against renting. So, you have the amount of rent you would have paid vs the mortgage interest you paid plus gain in equity.


    edit added due to crossposting:

    Well, there are several points that seemed pertinent, when reading through the Which template.

    No fact finding was completed during the sales process and therefore the adviser did not have full knowledge of my/our financial situation.

    Other options for repaying the mortgage, such as a repayment mortgage, were not discussed with me.

    When applying for my mortgage I was not asked to prove my income (known as Self Certification). Your adviser encouraged me to take out what a !!!8216;Self Cert!!!8217; or !!!8216;Fast Track!!!8217; mortgage where I did not need to prove my income.

    I was sold a sub-prime mortgage when in fact there was nothing wrong with my credit history and I had never been refused credit before.
    It was a pre-regulation sale. So no factfind required. Plus, would you even know a factfind would be done? A mortgage one virtually mirrors a mortgage application. Most brokers can do a factfind without you even knowing.

    Discussion of alternatives doesnt matter as its pre-regulation.
    sub-prime where prime was available is a valid complaint reason but was yours really sub prime? but its pre-regulation. So, it doesnt matter.
    Self cert (or liar loans as they are known) means you certified that you agreed the information was correct. Are you suggesting mortgage fraud took place? If so, you do realise that can come back and bite you on the bum as you certified the information was correct

    second edit to cover second crossposting:

    What responsibility GMAC RFC have
    none
    Last edited by dunstonh; 08-08-2018 at 5:36 PM.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Man-0
    • By Man-0 8th Aug 18, 5:37 PM
    • 4 Posts
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    Man-0
    • #7
    • 8th Aug 18, 5:37 PM
    • #7
    • 8th Aug 18, 5:37 PM
    Ah, well that makes things clear. No hope in this case. Thanks for the info!
    • doricionic
    • By doricionic 26th Oct 18, 12:22 PM
    • 2 Posts
    • 0 Thanks
    doricionic
    • #8
    • 26th Oct 18, 12:22 PM
    • #8
    • 26th Oct 18, 12:22 PM
    Hi,

    As above I had a GMAC mortgage from April 2001 until I moved house and mortgage in July 2007. I was in arrears at the time but cleared it all off when house was sold. I was getting hit with £50 charges each month and paying off £10 in arrears totalling £60 each month plus mortgage.

    I have heard that GMAC were supposed to give back money to customers that would of gone straight to them at that address. But as I moved I've received nothing.

    Any ideas as to if I've any sort of claim?
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