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MAS No.5 - Unethical Mortgage Interest Hike?


paulagraham
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  • 3 months later...
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  • 5 months later...

I have had a letter from MAS saying that they will no longer continue the Permission to Let my property, even though they have done this for the last 3 years. I have never missed a mortgage payment. They have given me no reason for withdrawing the permission, but tell me they are going to increase my interest rate by another 1% as this will now be an unauthorised let!!. This follows on from an increase by 1.75% in the last 18 mths. So I am now paying 6.75%! - blatant profiteering. I cannot believe that this is ethical. I will be making an official complaint, which they will have to deal with under FCA rules. If anyone else is in this situation please get in touch as I am willing to form a protest group to take this issue to court if necessary.

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I have repeatedly challenged MAS over the past three to four years and I always come up against a brick wall. When I took my original loan out with GMAC I was under the impression the interest rate would be fixed at 1.99% over base. According to MAS it was not fixed. I would NEVER have knowingly signed otherwise. I too am currently paying 5.75% when I believe I should be paying 2.49%. I would love to see this company reprimanded and made to pay back all the money I have had to pay them since they took over this mortgage from GMAC.

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  • 2 weeks later...
  • 8 months later...

I plan to making life VERY hard for MAS No.5 join my campaign to take them to the cleaners and give them a taste of their own medicine AND lots more....

 

PM me is you want in and pass the word round. join EVERY forum you can, post on facebook, twitter, whatEVER social network you can find. I will provide the information, when we have enough members I will organise a meeting somewhere and we will discuss what we will do to them.

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If you wish to start a campaign, then please use our Campaign forum

 

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I vaguely remember someone on this site had a county court (and therefore not a precedent) judgement about a sub prime lender. The judge ruled that the ability to hike the interest was an unfair term (it may have been first plus) and they had to recalculate his mortgage interest at the initial rate.

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HTH (Hope This Helps) RDM2006

 

THE FORCE (OF CAG) IS WITH YOU

;)

 

We've Helped You To Claim - Now Help Us Remain

A live Site - Make a Donation

 

All advice and opinions given by people on this site are personal, and are not endorsed by Consumer Action Group or Bank Action Group. Your decisions and actions are your own, and should you be in any doubt, please seek qualified professional legal Help.

 

However, if you have found any advice you have been given helpful.

Why not show your gratitude And

Click the * on the post you found helpful.

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I plan to making life VERY hard for MAS No.5 join my campaign to take them to the cleaners and give them a taste of their own medicine AND lots more....

 

PM me is you want in and pass the word round. join EVERY forum you can, post on facebook, twitter, whatEVER social network you can find. I will provide the information, when we have enough members I will organise a meeting somewhere and we will discuss what we will do to them.

 

 

I seem to remember you started something back in 2009 but nothing came of it.

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  • 4 months later...

Right after some digging around, specially since I don't seem to get anyone to reply to my queries - a bit like Mulder & Scully, here's an interesting entry from 2013:

 

Right folks, I'm back and with a vengeance this time.

 

I've got MAS No.5 on number of points and THEY ARE WORRIED. How do I know this? Because I've offered them to "take what they've had and walk away, or I'll take them to the cleaners in court" and I know EXACTLY how to do this!!

 

I am in the middle of writing up a document which email to anyone who wants to join me on this one. ALL of you who want to take action, PM me with "I'm in" as the subject and your contact email address which I PROMISE NOT TO GIVE TO ANYONE ELSE. In return I will give you FOURTEEN letter templates which must be sent out IN ORDER, and we will coordinate the times they are sent to overload MAS' administration dept.

 

If any ONE of these letters is not responded to within the time frame contained therein then MAS will create a situation of "Dishonour in law".

 

Basically, the WON'T reply, because they CAN'T reply. I have found a loophole which GMAC created. GMAC IMPROPERLY executed most of their mortgages by not complying with statute, thus the mortgages they sold to MAS No.5 are INVALID AB INITIO!!

 

MAS No.5 bought a load of "pups" . SO here's what the letters do; They request documents which LEGALLY must be completed (in a very precise manner) at the time the mortgage was taken out. MAS No.5 will be 99% unable or VERY unwilling to provide proof of these documents. This creates an UNENFORCEABLE mortgage.

 

What the above means for you dear people is that MAS No.5 have NO remedy in law, OTHER than what they lost in the initial purchase of your contract. IF you can get a court order to force them to divulge what they paid for your individual mortgage then, according to contract law, all they can claim is what they lost, NOT the property which would be of a higher value and if THAT doesn't work, I have around 20 other ways we can keep these morons so busy in court we can drive them to the wall.

 

I would like to arrange a get together is that is possible so that was can discuss "Battle Plans".

 

Now, WHO'S UP FOR A REAL FIGHT?? It's going to get very dirty, and might be

 

=============================================================

 

 

Source: http://forums.moneysavingexpert.com/showthread.php?t=1676787&page=4

 

 

 

Is this all this emailing about?

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Munirs,

Do you have any idea what it will help you with? PPI? my GMAC mortgage was sold to MA5 within 6 months of me having it so i dont quite know, before GMAC i was with Kensington...

 

-------------------------------

 

 

After talking to the FSA, it seems they can do nothing for those like me, have PPI incepted before Jan 2005. My only recourse is to go to the underwriters who are still trading, but before that I need to dig deeper and do more research. Any help is appreciated.

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good work Mulder!! (or scully) i'll join you on this one.

 

Thanks, I was determined to find out more. This all seems very much like X-files! :lol:

 

I am not doing anything yet so nothing to join yet.

 

PS: Mulder :razz:

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its a con

if it worked [had] then we would not be seeing numerous touting posts here now

that was 2 yrs ago.

 

 

proceed with caution

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Just got a letter from MAS, and guess what? Yes, they are increasing interest rate as a result of quaterly LIBOR review! so now with immediate effect the rate will increase to 3.17%!!!

 

Anyone else got his letter?

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its a con

if it worked [had] then we would not be seeing numerous touting posts here now

that was 2 yrs ago.

==============

 

 

That is what worries me...If it had worked, that person would be rich by now!

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  • 2 weeks later...

 

MAS No.5 bought a load of "pups" . SO here's what the letters do; They request documents which LEGALLY must be completed (in a very precise manner) at the time the mortgage was taken out. MAS No.5 will be 99% unable or VERY unwilling to provide proof of these documents. This creates an UNENFORCEABLE mortgage.

 

Totally wrong as far as I know! I am not a legal expert, but I know what you say is wrong based upon my experience.

 

Around 10 years ago, I just finished my study and decided to take a re-mortgage for refurbishments and to consolidate credit card debts, student debts etc.

 

The conveyancer / solicitor messed up with my re-mortgage (long story) and they had no choice other than to pay off my re-mortgage themselves and then in turn I would have to repay the conveyancing solicitor instead of making payments to the mortgage company.

 

The problem in that was my conveyancing solicitor added nearly £10,000.00 to my mortgage to cover their costs for their legal advice!

 

I then went to a different solicitor who advised me to not make any payments to the conveyancing solicitor since the conveyancing solicitor had no rights to expect I should repay them money! I do have morals and didn't expect to get away with a free house, mortgage free, so I continued to repay my contractual payments whilst complaining about the extra £10,000 they added.

First solicitor was useless and charged me nearly £3,000 for stupid advice which I ignored anyway.

Second solicitor charged me just over £5,000 and this included a barristers advice. The advice of the barrister is that I should proceed with a claim of professional negligence against the conveyancing solicitor. The barrister also advised that I should proceed with a claim of professional negligence against the first solicitor for incorrectly advising me (by letter) NOT to make any payments to the conveyancing solicitor since they had no rights... (I did make payments minus payment for their legal fees and ignored advice of first solicitor as felt it was morally wrong, since the solicitor paid my mortgage out of their own personal funds).

 

Basically, the advice from the barrister was something like: first solicitor who paid my mortgage due to an error made on their part had rights / security in the form of my house. It did not matter that the solicitor had no paperwork showing a mortgage agreement. The owner of the debt (whether it be a solicitor or your mortgage company) has rights of security to your property even if there is some absurd technical loophole or mistake in the original paperwork.

 

Luckily for me, I decided to ignore incorrect advice of first solicitor and repay the mortgage (minus their 10k fees).

 

So, as the barrister advised, the mortgage company (or solicitor) does not necessarily need their paperwork in order. You as the borrower have given your lender security in your home (this comes from a law that is nearly 100 years old)

 

It seems posts in this thread are advising people to play silly buggers with their mortgage company.

 

Have you had any luck in this process???? If so, post exactly how you have had luck! Until that time, please do not advise others to follow your actions and overload this mortgage company with useless (imo) documents and letters.

 

These are peoples homes you are talking about. Peoples homes in which you seem to encourage other people to send in documents to "overload their department and keep them busy in court"

 

Unless you know this works and you can provide the proof that you have done so yourself successfully, then posting such information as this is only likely to cause other people problems. Not consumer problems as faulty dvd, or broken kettle, much bigger problems in that of peoples homes.

 

I am sorry for my negative post in this thread. But its reason is that I do not wish to see people get into trouble by someones misinformation (albeit with good intent).

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As with anything especially as important as your home, you are advised to seek professional legal advice. As pointed out by p3t3r, professionals have standards they must adopt and there can be recourse if they act negligently.

 

By all means use "discussions" and raise the suggestions with your legal consul, but in this instance, following advice without doing your own research may be unwise.

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The SabreSheep, All information is offered on good faith and based on mine and others experiences. I am not a qualified legal professional and you should always seek legal advice if you are unsure of your position.

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