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Mis-sold GMAC mortgage, where do i start?


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example of one fee that i am aware of while awaiting for the SAR info is my mortgage company intsructed a solicitor (eversheds) to attend court and my possession order was suspended but they invoiced for £608, is this fair? i have never had any dealing with them, only my mortgage company....

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They are reclaimable in full....just like credit card reclaims

 

ims

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Each Charge In FULL

 

ims

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

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Read Here

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Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

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  • 2 weeks later...

Update-I have recieved a breakdown of the £608 legal fee applied by my mortgage company that i paid on redemption, it consists of:

 

£240-to issue court proceedings

£45-"pro-active" calling

£102-To attend hearing

£120-checking order of court and reporting back to agent

Plus VAT

 

Are these deemed as fair? If not, is there a template to use to challenge it?

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Update-I have recieved a breakdown of the £608 legal fee applied by my mortgage company that i paid on redemption, it consists of:

 

£240-to issue court proceedings

£45-"pro-active" calling

£102-To attend hearing

£120-checking order of court and reporting back to agent

Plus VAT

 

Are these deemed as fair? If not, is there a template to use to challenge it?

 

Doesn't look particularly unreasonable - an average fee for such a hearing would normally be in the 5-600 pound ballpark.

 

The fee to attend the hearing looks to have been charged as an agent fee, as if they'd sent a solicitor it would be nearer 300 or thereabouts.

 

Not so sure about the 45 pound 'pro-active calling' fee, but if they made a couple of phone calls that might account for that.

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  • 4 weeks later...

What might constitute a mis-sold mortgage arranged for you?

The following are just examples: -

The broker placed the mortgage with a lender that paid him the best commission (this is called a procuration fee) when a more suitable product was available elsewhere and probably at a cheaper rate

Borrowers who are advised to self-certify their incomes, possibly to ‘fast track’ their mortgage application when they qualify for a (cheaper) full status product

The broker failed to give over an Initial Disclosure Document at the start of the mortgage interview. This details the sort of mortgage advice they can give and whether they can recommend products from all lenders or from just a limited ‘panel’

The broker failed to supply a copy of the Key Facts Illustration that must include the financial details of the recommended mortgage so the borrower can make an ‘informed choice’. This will include the initial and future (anticipated) interest rates, the current and future (anticipated) repayments, fees charged, early repayment penalties (if any) etc

No available records are available of the sale/advice process

The broker has failed to take due care in assessing the borrower’s future ability to pay the mortgage after the initial rate expires. This is referred to as ‘payment shock’

Self-employed applicants who were advised to take a mortgage term beyond retirement with no ‘real’ means to repay

Inclusion of State Benefits currently received that might not be guaranteed in the long-term

Omitting some debts when assessing the borrower’s ability to pay the mortgage. These are usually unsecured debts i.e. loans, credit cards etc

Lack of clear advice on having a repayment plan in place to repay the mortgage at the end of the term. An interest only mortgage will not, by definition, repay the original capital debt, so what is the repayment method?

Coercion into buying a mortgage product that was inappropriate for the borrower’s needs

Inappropriately combining other financial products with mortgages in a way that makes them seem compulsory e.g. buildings & contents insurance, Accident Sickness and Unemployment cover or Mortgage Payment Protection Insurance

Not offering products from other lenders when a borrower’s true credit rating is established. This is called ‘cascading’ and should include product offerings from several lenders and not a more expensive one from the original one

Offering mortgage products where the initial rating period (i.e. fixed, discount etc) does not suit the borrower’s individual circumstances

Failure to offer borrowers a selection of mortgage products and not assisting in the decision process

The broker charging excessive fees. The guidelines suggest that the broker should be remunerated in proportion to the amount of work needed to finally place the mortgage

Failure to fully explain early repayment penalties (if applicable) when borrowers leave their current lender

The broker recommending a full remortgage with a new lender when a further advance from the borrower’s current lender would have been more appropriate (and probably cheaper)

Any suggestion on the part of the broker to omit details that might seem irrelevant but are important to the lender e.g. omitting to disclose other occupants over the age of 17 living in the property which is to be mortgaged

There are many more breaches that constitute a mis-sold mortgage. The fundamental question that you need to ask yourself is “was I treated fairly by my mortgage adviser”?

Remember that TCF does not mean the same as brokers being ‘nice’ to customers or creating satisfied customers, it is a breach where there is failure by ‘a firm (to) pay due regard to the interests of its customers and treat them fairly’.

 

NOW consider the outcome...It will probably result in rescission and its very hard to prove.It won't solve the repo problem.

I would suggest looking at other area's like fee's & charges etc NOT on the original contract T & C's.Plus have mortgage express got the correct paperwork/authority

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thank you it was with Halifax fell into arrears with mortgage and loans went with gmac at the time i did not know i could go into a debt plan was never told this by broker just sweet talked into paying all debts back wih extra money gmac was a very high interest rate then i fell behind as was charged 15 pounds none dd then fifty pounds arrears added to loan i finally left gmac 2008 to go to ge as the rate of 10.5 % was crippling me Paul.

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Right,I finaly have the SAR back on one of my past mortgages. have noted a list of fee's and charges that i would like to claim back....

 

1.where can i find a template letter to re-claim these?

2. can i claim for statutory interest rate? if so, where can i fond a calculator in a table format to add up the costs over a period of time (e.g. with my credit cards i found a "table somewhere on the web where i printed it off and sent it to the creditor once i had input the amount,date charged and then it done each calculation)...

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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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  • 2 weeks later...

As per my SAR request, i have asked one of my mortgage companies for the following fee's back:

 

Arrangement fee-£599.00

Valuation fee-£465.00

Legal fee for conveyance-£295.00

Tele transfer to start the loan-£49.00

1 x assessment fee for £1349.00

15 x assessment fee’s @ £35 each=£525.00

1 x assessment fee for £11.76

1 x assessment fee for £125.00

Legal fee-£608.00

They have replied, stating that they are not refunding any as per their "terms and condition" of the mortgage. What can i respond?

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The first four fees are not unfair fees, they are fees that are allowed to be charged. I think you have probably been over optimistic about what you can claim back.

 

Write to them again removing the first four fees and give them a 14 day deadline to respond, at the end of that write another letter giving them 7 days and at the end of that take them to a small claims court.

 

I really think though that you are wasting your time on this one, mortgages before 2001 were not necessarily regulated.

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  • dx100uk changed the title to mortgage express Repossession due and shortfall of £50k
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