Hi - I have been checking the info that GMAC gave me for an interest only mortgage, on reading through their tariff booklet and Mortgage Guide 2000, for Interest Rates it says the following: "The interest rate charged will be based on "LIBOR" plus an additional amount (a "margin") e.g.3% over the Libor rate. This means that if LIBOR were at 7%, the interest rate would be 10%. The margin applied will depend on the type of scheme you are taking and your personal and financial circumstances and this will be set out in your Mortgage Offer." OK - I notice that little bit about your circumstances, which sounds like "we will hit you with an enhanced rate if you have any adverse credit" - lol, then says: "To help you understand how a change in the interest rate might affect your monthly payments, a typical example is given below assuming a 3 month LIBOR rate of 7.56% on a mortgage loan attracting interest of 3%, giving a total charging rate of 10.56%. EXAMPLE: Based on a residential, interest only mortgage loan of £50,295 (Initial mortgage loan of £50,000 with a £295 arrangement fee added on a property valued at £75,000 repayable at the end of a 25 year term. Included in the calculation of the total amount payable and APR are: Arrangement fee £295, T.T. fee£30, Non block Insurance fee of £40.00, Valuation fee £220, Legal fees £350, Redemption Admin fee £155 payable at the end of the 25 year mortgage loan term. 300 gross monthly payments of £442.60. Total amount payable £183,905.00. The APR is 11.3% assuming that the 3 month LIBOR remains at 7.56% throughout the 25 year term. For each 1% change in the charging rate, the gross monthly payment would change by £41.91p." Hope this is helpful.

I understand from someone that Paratus have issued letters informing of an interest rate rise ? I wasn't aware of any rise in interest rates. Anyone had one of these letters ?

As we've looked at previous PPI claim possibilities we have also looked at earlier loans that were paid off using newer loans, something we should never have done, but this was all pre CAG My wife bought a car at Carcraft Sheffield in March 2002. She was pressured into buying by the salesmen who messed her about for ages saying they were having problems getting finance for her. Familiar story now I've read a few threads on here about them. Eventually she was offered a deal where they would reduce the cost of the car to help her get the finance needed (big of them !) and she signed an agreement with On Line Finance, which is now under GMAC. The insisted that she had to have the PPI and Warranty deals of the finance would not go through. This finance was paid off in November 2003 with a consolidation loan, which is how we rediscovered the details of the account. Several years later, now knowing about PPI and in possession of the returned SAR on GMAC, we see there was PPI and a warranty, so a FOS questionnaire is being filled in to send to them along with a spreadsheet of what we estimate they owe us. If anyone has any warnings about potential problems in reclaiming I'd appreciate them chipping in here. I have a feeling it will not be as straightforward as we first hoped.

After getting my other half to go through a bunch of documentation, it turns out that she had a GMAC mortgage which was paid up in around 2008, and prior to this she was hammered with all kinds of charges for some time. After some searching around on the net, it seems that GMAC should have sent her a letter regarding the redress scheme in the wake of the FSA 2009 ruling on their unfair practices, but she doesn't recall ever getting any mail from them regarding this issue. I knew about the GMAC thing a long time ago, but myself and partner haven't been together long, and she had no idea until I asked her if she had any dealings with any of the companies that had been fined in the past. I gather that GMAC went pear shaped, and are now under another organisation (Paratus I believe), so is there any sense in starting the ball rolling through these people right now in 2015 ? I already battered Welcome finance on her behalf, which was a pretty quick and simple affair really, but I expect these Paratus people to be a more difficult process. The original redress telephone number has been discontinued ( 0800 030 4662 ), so I guess firstly it may be a matter of just contacting Paratus maybe Any thoughts anyone ?

IF you are an ex-GMAC RFC customer who had your "mortgage" sold and you REALLY want to get your own back on the Cooperative Bank and MAS No.5, here's a way how! Check your GMAC "terms and Conditions", specifically Clause 5 which states; Oh, who give a !!!! what it says, it's NOT LEGALLY ENFORCEABLE! Goto http://www.bailii.org/ew/cases/EWHC/Ch/2014/2117.html then go to section 86. Section 1 of the Power of Attorney act affirms that in order for PoA to be enforceable it MUST be executed as a separate Deed. GMAC didn't care whether their paperwork was in order or not. They SUPPOSED that as long as they got the charge on your property, then they would win. That was THEN, this is NOW and we know now about how they misled people. Now, you need to write to the Land Registry at; Land Registry, Rosebrae Court, Woodside Ferry Approach, Birkenhead, Merseyside CH41 6DU Use form K9 and DEMAND a "RECTIFICATION" of the register to remove the illegal charge from YOUR property or you WILL hold them liable for them having allowed the (ILLEGAL) application of the charge and state that you intend to seek a damages claim against the LR for ALL losses incurred as a result thereof (the LR already know and admit that they have done a lot of this in the past, but they NEED people to write in and have the records put right as they don't know which are genuine charges, very few I'll wager, and which are bogus. Bear in mind you must provide proof such as the claim of purported PoA in your mortgage "Terms and Conditions". Remember, a "lender" can ONLY bring a claim against you for "dispossession" (theft of your property) if the charge is still on the property BUT it is YOUR responsibility, as the property OWNER, to have the incorrect charge removed. Why incorrect? Because GMAC NEVER had LEGAL PoA therefore they NEVER had the legal right to put a charge on your property, this failure oflegal PoA means YOU should have done this, regardless as to whether they had a claim or otherwise. Again the BOS v. Waugh affirms this. Thus when they "sold" your now DEFECTIVE mortgage it went through at least one other company (which was never disclosed or declared its "ownership" of your mortgage) thus GMAC also LIED to you when they told you it was sold to MAS No.5 or whoever. They would have sent you a "Notice of Assignment" this SHOULD, in reality, have come from the intermediary but most likely came from GMAC (who assumed you would never find out the TRUTH) thus the transfer of equitable rights was NEVER perfected, NOR was it legally executed correctly thus MAS No.5 or whoever, NEVER had the rights to demand any funds from you. This means that the "assets" which MAS are claiming, in their submitted accounts, are worth far less than it's liabilities (which are based a load of mortgages with NO ENFORCEABLE SECURITY behind them) but ONLY if YOU act and have the charge rectified (removed). What else does this mean? It means that MAS No.5 are trading in bankruptcy (which is illegal) as they should now be in receivership (Let's see how THEY like it). Why should YOU be held liable for THEIR activities? They should have checked the documentation PRIOR to purchasing these mortgages. It's NOT your fault, but they thought they could make a fast buck and no one would EVER find out and thus they could hold you to a VOID contract!! You CAN argue that you will continue to pay but ONLY if what you have paid them to date is taken off the capital amount (Don't forget the 8% statutory Interest) OR you could just tell them to go paddle a canoe over Niagara Falls and see what happens. If you have already had your house taken by MAS No.5 then you need to seek out a good solicitor and show them this, as you NOW have a claim for damages based on the above (A solicitor should be able to make a case from the above and WILL win if he's any good) this may enable you to get your house back and at the same time, push MAS (Group) and it's parent the Cooperative into a much need collapse. Apparently, according to Law Debenture, who handled the sales of these "mortgages", out of the seven blocks in the tranche Britannia bought, FIVE are now insolvent this means that the insurance has paid out due to less than 80% of the mortgages remaining active (NOT in DEFAULT). Now you can also bet your life that despite having been PAID IN FULL for the remaining active percentage, that the holder of these "paid off mortgages" is STILL demanding payments from the "borrowers". In case your solicitor tells you that the Waugh case is non definitive, tell him that the PUBLISHED version is NOT a true account of the results and that, allegedly, Behrens tried to cover his tracks for making previous void judgements so he suppressed the true outcome to try to hide his mistakes. You should seek out the parties involved (make a donation) to get a truer view of the results. Show these people no mercy. Report ALL such cases to Action Fraud AND file charges against those involved with your local Police for THEFT and demanding money with menaces (threats to steal your house) and MAKE SURE YOU CHASE IT REGULARLY FOR PROGRESS. Above all remember this; FRAUD VITIATES ANY CONTRACT AB INITIO (from the start)!!! GOOD RIDDANCE I say!

I recently opened a claim against GMAC for a very high early repayment charge I padi back in 2007. The reason for the early payment was due to having 2 properties both (through GMAC I couldn't afford) and the crunch happened and I couldn't get a tennant. I was a couple of months overdue with payments but GMAC bullied me into putting both houses up for sale. They were vicious and bullying. The actual ERC was higher than the last 10 mortgage payments. I paid around £12k for paying 10 months early in a 2 year contract. I'm wondering what other cases there are similar to mine in order to properly write up a proper complaint. I reckon the £12k is winnable, I wasted £12k selling my house (cheap) from fear of repossesion. I eventually had a tennant lined up despite being in arrears.. I feel like I was forced into a corner. I could really use some previous case references and/or letter templates. I have sent GMAC my initial complaint and they are distancing themselves from it saying to complain to my broker if i felt I was sold the mortgages ireesponsibly?

I'm not sure if this is the correct place to post but I'm looking for some advice. I had a mortgage 2001/2002 with GMAC - I defaulted and resulted in the property being repossessed. My parents received a call today from Paratus about a mortgage debt (obviously they were looking for me but I haven't lived at home for 7+ years). I called them back and they advised I have an amount outstanding. They said they have been sending letters (I'm not sure where). Naturally at the time the mortgage was taken out I didn't have a particularly great credit history (classified as sub prime) but they still gave me a mortgage and charged a premium This maybe a stupid question but can they still chase for a debt that has been outstanding for that long?? I (perhaps somewhat naively) believed the matter to be resolved when the property was repossessed. Any help would be appreciated

hi - i have had 2 mortgages with GMAC - one 2005-2007 and the other prior to that. i haven't got any of the documents or the account numbers. Can I see claim anything back and how would I do this. thanks

was over 6 years 50 arrears charges 15 pounds no dd and taken to court by them was up two thousands pounds in arrears also i left them last year as the rate was 10.4 % i am sure these were added to the mortgage help thanks paul.

Does anyone have an address for GMAC? We only seem to have an old one and I believe they are now known as something else. Also, has anyone ever claimed and won in getting old fees for missed payment interest and DD fees? And lastly, is there a template I can find on here? This is very daunting!! Thanks, Owena

Hi I have just become aware of GMAC being fined for unfair charges on their mortgages, Mine was taken out between 2002 and paid in full 2006. I gave them a quick call today and they said there was 76 pounds refund due to me, I have moved form the property so they could not find me. My question is should I ask for a SAR and see if this refund is right or just take the money and run. I am worried because the claim is over 6 yrs old.

hi, not sure if ive put this on correct thread, have been thinking about claiming for mis sold mortgage ,just wondered if there is anyone with any advice at all on what to do or hold out and see what happens about the libor fixing, long story but will try to shorten it! in 2006 we sold our house of 23 years and moved, we went to a broker in our local town, and was advised the best option for us was to self certify, (i was on disabled benefits, have serious illness) hubbie was working at that time, 2 children, got a mortgage through GMAC, fixed for 2 years, from 2006-2008 interest rates went UP, when we came off fixed in march of 2008 we couldnt manage new payments, ( in this time though gmac sold our mortgage to mortgage express which is owned by bradford and bingley) tried to get help from ME but were useless, by 2010 we were in real trouble with mortgage etc, it took over a year but eventually we qualified for a government mortgage rescue scheme, whereby a social housing bought our house and we now still live in our house but pay them rent, we did have a shortfall, we were in negative equity, but that seems to have disappeared! thank fully, we also had a secured loan on our house, but with help from the rescue team they were given a small sum of money to let them release the charge on house for it to be sold, we still owed them over £20k but on our credit reports it says we have paid it off, it says cleared!! we lost the ownershop of our home, had huge charges added on over the years but yesterday received a cheque from them for £20 as they had overcharged us for the exit fee!! this is from august 2010!! anyone have any ideas where to start, what to do if anything?? many thanks

Hello, this is my first thread, so apologies in advance for any mistakes made. I am currently in a re-mortgage quandary with my property. it is my first home and I took out the mortgage, through a broker, with G MAC. I had not repaid small debt on time as a teenager and had no credit since and as such had a poor credit score. the property I purchased was worth £107,500. on the fifth Oct 2007. I did not need a deposit as I offered the seller £98,000 the equity was to be my deposit, I think this was referred to as a ''vendor deposit'' or ''gifted deposit''? I was repaying around £595 per month interest only, a figure I was not made aware of until after I had moved in, I was led to believe that it would be around £400 per month. I did not provide any proof of income. my partner left me within the first month and I was unable to honour all my commitments, I also took things with difficulty personally and lost my job. I fell in to nine missed mortgage payments in areas and got a charge for £4000 from welcome finance. I did however turn things around, I made payment plans and got a suspended warrant of execution for repossession in June 08. I have been up to date ever since. G MAC then offered for me to consolidate my areas in to a new mortgage balance of £118,000, I was being charged £50 per month areas fee, and it seemed like a good idea at the time. so I consolidated. Soon after my mortgage was passed to a new company called Paratus AMC. I have now come to the end of my fixed term and my mortgage follows the Libor rate. It seems to increase by about £10 every few months. Paratus have offered substantial discounts on my mortgage balance for me to transfer elsewhere but due to a less than perfect credit score and the fact that a similar property is now selling for £62,500 I am in a massive negative equity trap. I have now met someone new and we have a beautiful daughter together. the problem is that I cannot afford anything other than a interest only mortgage with Paratus' interest rates on a repayment of £118,000,( I am not sure if its fair that I owe this entire amount) I cannot sell the property and I cannot remortgage with another company. I cannot build, save or invest for the future, I don't want to go bankrupt but I don't know what else I can do, i've seen that bankrupts wipe the slate clean and end up with good mortgage deals again?!?!?! that's not right! I just want to owe and repay a fair amount on the property that I have. is there anything I can do?

I understand that GMac mortgages have never sold PPI on their mortgages.iis that true? I had placed a similar posting just recently, but can not find it for updates

Hi everone, Your help in this matter would be greatly appreciated so, thankyou in advance. Here goes.... I have had a mortgage with Gmac since Dec 2005, and since last year it has being operated by Paratus. I re-mortgaged with them from the Halifax because my options were limited. I have incurred heaps of £50 arrears charges, One Councellor visit, another one due shortly hence me posting this thread, and god knows what other charges, and now my balance on an interest only is £ 4000 more than when I took it out. My arrears are £ 714 and my credit file says 2 payments late. I have read somewhere on these threads that you can claim these charges back. Are there any other charges / fees eligible to be reclaimed when I re-mortgaged from Halifax? If so, what might they be and who do I approach for them? I was told by Halifax I had a shortfall on my mortgage just prior to me paying them off. Also had a big loan with ppi which was supposed to run with the life of the mortgage, but paid that off early too. Any ideas as to finding out if they charged me unfairly? I have sent a SAR to Halifax and they have cashed the cheque. Still waiting on that although its only been just shy of two weeks. Do I send one to Gmac and / or Paratus while still being in arrears? Or do I clear the arrears and then SAR them?? I don't want to be in the position where Gmac/Paratus pulls the plug and repossess. Can they do that? Your advice is really appreciated. Vazunna

Can anyone advise? I wrote the standard PPI letter to GMAC (my previous mortgage company) and received a letter back from Paratus AMC stating that GMAC was a former company of theirs and that Paratus has not and does not nor provide advise on PPI therefore unable to to assist. They suggest I try the financial advisor who introduced us to the mortgage (as Paratus are washing their hands of this claim). The financial advisor has now ceased to trade so I could not go there if I wanted to. I am 90% certain I took out PPI with GMAC as I am unable to locate the paperwork for my mortgage.

Hi Some advice please would be helpful. Not been on the forums for a while after the success (massive) I had a few years back with bank charges with Halifax and Natwest.... However I now have a problem with GMAC RFC who have just sold my mortgage to Webb Resolutions. Upon getting the letter telling me Webb had taken over I noticed charges to the tune of £1075 + £256 interest on those charges (at 7.7% - can't work out how it works out!) Most of them are £50 fees for Arrears Fees. I have written and spoken to Gmac who offered me £0 back then today after speaking to them £300 (50% of some of the fees) I am not likely to accept as there is still ongoing interest ont he rest of those fees whilst they are added to my mortgage and I really want to clear those all off. They are saying this is their final offer. I assume as normal I complete the court forms using the bundle at http://www.consumeractiongroup.co.uk/resources/templates-library/48-bank-templates/113-4-particulars-of-claim-n1-updated-version-now-available I assume my argument is under the UTTCR still for these arrears fees? I will also be claiming for the failed DD fees of £30 each (plus the 7.7% interest...) Any advice as ever would be much appreciated. Final question, this should have no implications on me continuing my mortgage with webb if i am taking Gmac to court over these fees should it? Thanks