Mis-sold GMAC Mortgages

GMAC, one of the UK’s larger mortgage lenders has been fined by the FSA for its ‘unfair’ treatment of its customers when dishing out excessive charges for anyone in arrears. GMAC had been in the top 10 largest lenders list until recently and were fined a whopping £2.8 million, on top of this the lender must repay up to £7.7 million plus interest to up to 45,000 borrowers. This is another example of Mortgage Mis-selling as borrowers would likely have gone elsewhere if they were made aware of this strategy.

After punishing GMAC for their failings the FSA released a statement saying that this case “sets a precedent” giving the clearest indication to date that customers who have been unfairly treated in similar ways by other organisations are entitled to compensation.

The FSA pinpointed the four main key concerns with GMAC:

Repossessing at the first possible chance
Poorly-designed repayment plans
Inadequate training of mortgage staff
Excessive and unfair charges

The FSA have already warned other lenders that similar action will be taken against those lenders that treat struggling borrowers unfairly. Five lenders have been identified as having broken the rules and will be dealt with by the regulatory body with similar action in due course.

So, what did GMAC themselves have to say about Mis-sold Mortgages?

In a statement they said, “We apologise to customers affected. We have established a customer redress programme. Whilst our arrears charges were in line with the market, in hindsight, we fully accept liability for certain fees. Our estimates of the costs were not proportionate to the additional administration required. We will be writing to customers who incurred these charges and will re-credit the charges plus interest.”

Been Mis-sold a Mortgage by GMAC?

Please contact us straight away and we will talk you through the different options for claiming compensation against this or any other lender. Please complete our simple online claim form below…

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Cloud 9 Claims was setup with one intention – to provide a claims service to clients who do not wish to pay upfront fees for someone to handle their claim and instead would prefer a No Win No Fee alternative. This is where we come in. All of our services – mis-sold mortgages, PPI reclaim and care home claims clients are sent a contingency fee agreement. This basically means we only take a percentage of what we claim back for you, but not before you have the money in your bank.

Our claims service is constantly improving and one of the things we work hard on is speeding up the claiming process so you get your money even quicker, particularly for mis-sold mortgages as this is a relatively new concept. One thing that we would find difficult to improve on is our customer service which is second to none and something which we take great pride in. Our ongoing commitment to keeping clients updated at every stage of the process has remained unchanged since day one and from testimonials we receive this seems to be something that clients look for and is an important factor in making Cloud 9 Claims their first choice for mis-sold mortgage claims, reclaiming PPI premiums and reclaiming care home fees.

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