GMAC Customers read this

[on*the*case]

£30.64 ..... generous:rolleyes:

 

To fair to the FSA auditing 46,000 accounts would be pretty time consuming, the original investigation was probably only of a random sample, say every 300th account looked at in detail. A statistical analysis would then have calculated the probable total result, followed by a database run to calculate refunds.

So the next step is calculate all the charges, collect your evidence, complain to GMAC (ha) and present it all to the FOS, who will then look at your account in detail.

[on*the*case]

I telephoned GMAC the other day and emailed them reminding them of their obligation to me, I also mentioned that I will be contacting the FSA IMMEDIATELY on the 1st December should their promised communication not be received at my new address.

 

I have had dealings with their HL Legal dept which sent a joke of a 'statement', a typed page including a £4000+ Asset Management Fee... (I assume it is a thinly disguised early repayment charge). I've asked for precise details, ie when was person appointed, their name, who authorised it, what work was done, copies of ALL paperwork, relevant or not AND the clauses and conditions in the original contract with GMAC which 'authorise' them to charge this to me...

 

If they want a paper trail they have one!

 

This is how grumpy we are about GMAC, think of the hornets nest that the Capstone investigation will stir up :grin:

[wishboneash]

hi is any one going through a claims company

i am

[sillygirl1]

Going through a claims company is a waste of time and money - they don't do anything you can't do yourself, and they take a 'cut' somewhere along the line, either in up front fees or a % of the 'win'.

 

This money is legally yours and you should not have to use the services of another shark to sting the original sharks.

[stressed2009]

So what is the first step if you are not happy with the amount offered? Writing a letter requesting a statement of account?

 

Would solicitors fees for a repossession hearing be in the region of £500 for 10 mins in court?!

[on*the*case]

So what is the first step if you are not happy with the amount offered? Writing a letter requesting a statement of account?

 

Would solicitors fees for a repossession hearing be in the region of £500 for 10 mins in court?!

 

Yes, ask for a full statement of account from the start of the mortgage. If your mortgage has ended also ask for a full redemption statement. Then check every item. See the FSA website for the text of their finding against GMAC.

Regarding third party invoices (solicitors etc) ask to see the original invoices.

[mcintosh44]

Hi All,

I've been reading through all of the posts. I know we are all ****ed off with the past and GMAC's thoroughly abismal and unfair treatment to all of us that are, and have been in arrears, but we have to be positive here and look further than what has been decided with the charges fee fine situation. (please read the fine information on the FSA website for the fee they have fined GMAC with). It is only one of the many unfair and excessive fees GMAC has implemented over the last few years.

We have to be patient and go through the motions firstly with the SAR, and then the following letters to force GMAC to take note and pay our unfair fees.

As i have intimated in previous posts GMAC have been forced to stop charging the £50.00 monthly fee as of 31/10/2009, and i am sure all other fees that run in line with the Unfair Bank Charges scenario will follow suit.

I have asked for my Subject Access Request and will take it from there.

Next i think will be the ERC - Early Repayment Charge, again with GMAC picking on the vulnerable in the 'Sub Prime' market that GMAC alledgedly specialised in. ( they have been caught remember!!!)

The mortgage market is now being scrutinised, so here we go, but we have to be patient.

I will keep you posted.

Cheers Mcintosh44

[jdene]

we cleared this mortgage back in 2007 but looking through the mortgage offer details I was given I notice on page 4 it states brokers fee payable £2,495.00 but then turn to page 5 and at the bottom of the page it states we will paykey mortgage services no more than £760.00 but when we accepted the mortgage they charged the £2,495.00 so have i paid two lots of brokers fees one for myself and one for GMAC and then been charged interest on both because it shows it as part of the total loan amount. this by the way is without £599 legal costs £58 chaps transfer fees £600 arrears fees the early redemption fee of £3781.03 arrangement fee of £495 sealing fee of £115 and the lenders conveyancing fee of £400 so just a few fees but what also confuses me is if the solicitor has been paid for doing the conveyancing why have GMAC charged me as well, I must have been totaly out of my mind to have signed this off, thank God I am away from them now.

jdene

[wishboneash]

i calculated 1350 in charges based on £50 each month from 31 12 04

and 405 from the same dates to 31 3 07 for non dd

havent touched on 2003 and 2008

 

what has happened today with this court ruling?

i am gutted

[wishboneash]

how will this ruling now go ?

[jayjayhants]

Going through a claims company is a waste of time and money - they don't do anything you can't do yourself, and they take a 'cut' somewhere along the line, either in up front fees or a % of the 'win'.

 

This money is legally yours and you should not have to use the services of another shark to sting the original sharks.

going through a reputable claims company is not a waste of time or money......the firm im using takes 10% and that includes vat...the more they get me,the more they get...simple as that....they have a barrister i dont.gmac can bombard me with legal jargon and lies and i let profesionals deal with it who no exactley what to say and do next....if they get me 4000 and take 400 thats fine with me!!!

[on*the*case]

Received my letter today £163.30 about the average I guess.

Now the fun starts:evil:

[wishboneash]

BBC News - Overdraft fees - what next?

[wishboneash]

Your news.bb Directory

At stake in the case is an estimated £2.6bn of annual income for the banks. Campaigners say they're disappointed with the decision.

listen to this

 

Good news from our from scotish friends

Mike Dailly, principal solicitor at Govan Law Centre. Give this man all your support and make donations on this site i will next week when paid

 

ps heard the deadly silence from labour mp;s maggots

goord article in the times news paper as well

keep fighting

[iconoclash]

Hi - my GMAC mortgage was sold to Oakwood to follow same terms etc - does this therefore mean that the ruling applies to my current lender or not?

[on*the*case]

Hi - my GMAC mortgage was sold to Oakwood to follow same terms etc - does this therefore mean that the ruling applies to my current lender or not?

 

Ring GMAC and ask 0800 030 4662. You should have had a letter by now from GMAC.

[bobbyh99]

I believe they are only refunding these charges if they were applied between 31/10/04 and 30/11/08.

 

Tell me if I am wrong here but doesn't this strengthen our argument for the return of these fees if they were applied prior to 31/10/04.

 

After all they are saying on their FAQ:

 

Why should they be refunded?

The fee or charge exceeded the actual cost to us of undertaking the administration involved.

 

After all they are saying that the charge they applied wasn't the true cost, which is one of our main arguments for refunds.

 

..and in the spirit of "Treating Customers Fairly" they should apply to these charges prior to 31/10/04!

 

Bobbyh

[iconoclash]

Ring GMAC and ask 0800 030 4662. You should have had a letter by now from GMAC.

 

 

Hi - rang them - they say we are due nothing as there were no charges applied - I thought the solicitors costs but they say only with regard to solicitors instructed to chase arrears - and no answer re whether this will apply to Oakwood - looks like I'll have to get the FSA involved in my problem.

 

thanks.

ps. "Why should they be refunded?

The fee or charge exceeded the actual cost to us of undertaking the administration involved".

I agree - this surely applied to all of the contract! Including the bogus Higher Lending Fees sometimes called MIGs - they cannot indemnify their losses in this way :

Unfair Contract Terms Act s. 4:

It is unacceptable to place a commercial risk on to consumers. Huge institutions are more than capable of absorbing commercial risk. It is common for businesses to take commercial risks in trying to attract customers. You do not go in to Tescos and see Buy one Get one free Offers subject to terms that you might be required to pay a fee later if you never buy their products in the future in order to cover their commercial risks.

“A business cannot impose a term that requires a consumer to indemnify their loss”.

This is subject to the requirements of reasonableness in section. 11.

Edited November 30, 2009 by iconoclash
additional copy

[on*the*case]

Hi - rang them - they say we are due nothing as there were no charges applied - I thought the solicitors costs but they say only with regard to solicitors instructed to chase arrears - and no answer re whether this will apply to Oakwood - looks like I'll have to get the FSA involved in my problem. thanks.

What other reason would they instruct solicitors for, the weasels.

OK

 

1. Request a full statement of account. You can ask for sight of all third party invoices (and there should be nothing extra added by the lender).
   
2. Then SAR.
   
3. Work out the overcharge and complain to your lender.
   
4. When they send the 'go away' letter take your claim to the FOS.
   

Good Luck Have Fun:-)

[mich7k]

hiya has anyone had there cheque yet?

[nowayjose]

Yes received today £113.00.

NWJ x

[judi3]

mine 2day further to our recent correspondance where we advised you that our regulator fsa has identified that cartain morgage arrears fees and charges paid by you should be refunded because the fee or charge exceeded the actual cost to us.

please find cheque for £119.88 in respect of this which should be banked within 3 months

if you would like any further information please fist gmarfc.co.uk or call 0800030 4662 lines open 9-6 mon - fri

yours sincerley

gmac

 

 

my reply 23nov

Dear Sir/Madam

Thank you for your letter dated 18th nov 2009

I am requesting a total breakdown how you have come to the figure of £119.88 for my refund on the FSA ruling .

It does not correspond to the figures I have in possession .

I DO NOT ACCEPT THIS PAYMENT AS I HAVE REQUESTED A DIFFERENT TOTAL IN MY LETTER DATED 1 NOV 2009.

 

 

LETTER BEFORE ACTION .

 

 

I GIVE YOU 14 DAYS TO RESPOND TO MY REQUEST OR IT WILL GIVE MY NO OPTION BUT TO FILE LEGAL ACTION FOR THE AMOUNT REQUESTED AND COMPENSATION .

 

 

 

I trust this can be sorted out quite amicably and I look forward to your earliest response

Thank-you for your help and co-operation in this matter

[sillygirl1]

I only got a shirty letter from HL Legal (which is going to the FSA along with their previous letter and joke of a statement) stating that they have not yet received

 

1. Proof of earnings and benefits

2. Proof of any other debts

3. Your proposals for settlement of the above balance outstanding.

 

Tough, you have not given any rebate for your joke of charges,£4000+ 'asset manager fee' needs carifying including clause and condition which invoked this appointment...

 

As being repossessed is supposed to 'decrease your indebtedness' to the mortgage company they seem to have done the opposite!

 

Action will now be sought via the FSA especially as HL Legal seem to be able to write to my new address but GMAC write to my OLD address, from the same .postcode!

 

Will keep people informed of developments, expecting some grovelling from GMAC soon....

[mich7k]

ok ill be looking out for mine then!

[iconoclash]

Hi - re GMAC and its mortgage contract - is the FSA looking at those contracts that have been sold on by GAMC? e.g. if a car is found to have a fault from production at say Ford, do Ford then say Oh - it only applies to cars we still have in our posession! - No, it applies to all of them. So, my contract set up by GMAC with all its terms and fees set by them and being with another and not by choice should still come under any FSA ruling on that product surely? any thoughts?