Repossession is a painful and sometimes embarrassing situation. At Credit-Assist we understand that the problems leading to repossession are often the result of a low point in our clients’ lives; an element of bad luck or a time when circumstances conspire to mean that good and honest people simply fall behind in their mortgage repayments.
ACT NOW !! - Reclaim all your losses even if evicted !
Apply NOW - for FREE legal consultation in getting YOUR Money back ! RECLAIM REPOSSESSION
OFFICIAL NEWS ......
Click here to goto FSA site for FULL story and proof we are not making this up !
The Financial Services Authority (FSA) has today announced it has fined GMAC-RFC Limited (GMAC-RFC) £2.8million for failing to treat customers fairly and secured redress of up to £7.7million (plus interest) for over 46,000 mortgage customers.
Between 31 October 2004 and 30 November 2008, a number of serious failings by GMAC-RFC were identified in relation to its dealings with customers experiencing arrears and repossessions. These include:
1. excessive and unfair charges for customers that did not reflect administration costs;
2. proposing repayment plans that did not always consider a customers individual circumstances;
3. inadequate training of mortgage servicing staff in handling of arrears and repossessions; and
4. issuing repossession proceedings before fully considering all the alternatives.
The case sets a precedent, with the FSA concluding this investigation in a matter of weeks, and the firm working with the FSA to agree a process to enable customers to receive redress as quickly as possible.
As a result of early settlement, the firm qualified for a 30% discount under the FSA's settlement discount scheme. Without the discount the fine would have been £4million.
Margaret Cole, director of Enforcement and Financial Crime, said:
This case shows credible deterrence in action. It is an excellent example of what the FSA's more intrusive approach can achieve for consumers, and it reflects what we said in our Mortgage Market Review last week about unfair mortgage arrears charges. Mortgage lenders and third party administrators should read this final notice and the Mortgage Market Review and take action in the interests of their customers.
The FSA said the company levied unfair charges on borrowers who fell behind with their repayments and was too eager to repossess them.
GMAC-RFC apologised and admitted some its charges had been excessive.
"In hindsight, we fully accept that for certain fees our estimates of the costs were not proportionate to the additional administration actually required," said a spokesman for the lender.
"We will be writing to customers who incurred these specific charges when in arrears and will recredit the charges plus interest," he added.
Did you lose your house because it was repossessed by GMAC ?
Even if you were evicted you can not only reclaim all your unfair charges - but we can also review wether there is sufficient evidence to SUE GMAC for the repossession and return you to the status you were in before they levied the charges - in other words if their repossession charges were the primamry cause of the eviction - we may be able to sue them for thousands and possibly Tens of thousands - Rememebr they have already agreed with an FSA ruling that there handling was unfair - the courts will not need much evidence to find in your favour.
GMAC hope people will fail to claim and so will not lose out a great deal other than the £2.4M fine - don't let them win act now !!
ACT NOW
Apply NOW - for FREE legal consultaion in getting your Money back ! RECLAIM REPOSSESSION
Reclaim your Repossession !
The only upfront fee you are asked to ay is a £35 admin/ booking fee, so that we ensure the legal people will be dealing with genuine cases, as we simply don't have the time.
If you have been previously subjected to a repossession we may be able to assist you in a claim for compensation.
The repossession unwind is a two stage process. The first stage is to pursue a claim for contract irregularities relating to the mortgage involved.
If this results in a successful claim we would then progress to the second stage and look to claim against what may have been, in effect, a wrongful repossession.
The representative will ask you for basic details of the mortgage or other loan that led to the repossesion and introduce you to other services that may be relevant to you. Each potential claim will be entered onto our bespoke IT system by your representative. No payment is required at this stage and you are under no obligation.
Our internal underwriting (vetting) department will assess each of the submitted applications. Where underwriting (vetting) believe there is a reasonable chance of a successful claim against the mortgage or loan provider a ‘yes’ decision will be made. Where underwriting (vetting) believe that a successful claim is unlikely a ‘no’ decision will be made. On occasion a ‘possible’ decision may be returned. This often means that there is not enough information about the contract to be able to make a firm assessment at this stage and sight of the information held by the lender is required before a final assessment can be made.
The cost of each stage of a repossession unwind Client Review is £395, which is refundable should your case be unsuccessful (subject to Terms and Conditions).
In accordance with the provisions of the Data Protection Act, our processing team will now contact the lender to obtain your ‘client file ’, including the contract / agreement relating to the loan. Where the lender does not comply, an offence is committed and our solicitors will use the full power of the law to obtain this file.
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If you require a Commercial mortgage, overseas mortgage or SIPP investment, IVA MORTGAGE, previous IVA MORTGAGE or IVA REMORTGAGE we would refer you to Affordable Mortgages, who are now dealing with iva mortgage enquiries.