sapphire v GMAC

[TUTTSI]

Re: sapphire v GMAC

Hiya Sapphy

Did you ever follow this through.

On my Melbourne thread, Elizabeth has told me that after the pre-lim and the LBA she sent it all to the FOS and she received a full pay out.

I am now going to work on this principle and deal with mine the same way hun.... why not re-visit this and try and get your money back - they have had it long enough. Besides their is a lot more interest. You can also go back 12 years on mortgages.

Thanks for the letter..... I will have a read through.

xx

[Sapphire]

Re: sapphire v GMAC

Hiya Tutts, I'll have a think about going that route myself, tbh I really wasn't keen of going the court route at the time, but going the FOS route sounds a lot more sensible.

[TUTTSI]

Re: sapphire v GMAC

Hiya Tutts, I'll have a think about going that route myself, tbh I really wasn't keen of going the court route at the time, but going the FOS route sounds a lot more sensible.

http://www.thisismoney.co.uk/mortgag...page_id=8&ct=5

have a read of this article which post posted on the Mortgage thread by Mistie many months ago.

Guy Anker is the reporter that I was interveiwed for from the Daily Mail. - He is a good chap.

[jax007]

Re: sapphire v GMAC

Hi Tutts

You mention there is more interest now but if you go down the FOS route don't you need to forfeit the interest element of the claim?

I have a GMAC claim but like Sapphire have been reluctant to pursue it in case I got 'clobbered' by their small print.

jax

[TUTTSI]

Re: sapphire v GMAC

Hi Jax

Have a read of my Melbourne thread, where Elizabeth states that she also gor back all her interest. I presume she means interest charged as on all the ones I have looked at today the charges are non bearing for interest. So if push came to shove and I did not get back the interest - I would still be very delighted to get back the charges. http://legalbeagles.info/forums/showthread.php?t=12946

xx

[jax007]

Re: sapphire v GMAC

Yes Tuts makes very interesting reading.

Of course in the case of mortgage claims then 9 times out of 10 the 8%SP will be higher than the mortgage interest rate ... so win, win on this front.

I am just wondering how we approach FOS and what form the letter should take.

Is it just a question of ................

Dear Sirs ......... have been trying to reclaim fees, etc. Please see copies of correspondence enclosed.

You will note that the horrible mortgage peeps don't want to refund me anything at all and therefore I have decided to pass the matter over to you for your attention.

You will see from my spreadsheet that I am also claiming 8% interest (how do we justify this and what actual wording should be used???) making a total claim of £xxxxx.

Please get em to cough up.

Yours faithfully

?????

Would this be about right?? If so, just need a bit of help with the wording on the interest front.

jax

[TUTTSI]

Re: sapphire v GMAC

Hi Jax

I spoke with Amethyst yesterday and she was keen to get this side going and she is going to ask Tools to look at posting up in theTemplated leter section letters we should be using. I have used the Pre-lim letter for now and will suppose will adapt a LBA in two weeks time if we di not have the standard letters. Then hopefully Tools would have had a chance to give us a standard letter.

I just altered Sapphys letter slightly towards the end - instead of Court Action I said the relevant action.

XX

[jax007]

Re: sapphire v GMAC

I'm quite keen to resurrect my GMAC claim which I backed off from following a lot of warnings from various peeps.

From memory I would be at LBA stage - do you think it's worth pushing them to court stage or go down the FOS route?

jax

[TUTTSI]

Re: sapphire v GMAC

I'm quite keen to resurrect my GMAC claim which I backed off from following a lot of warnings from various peeps.

From memory I would be at LBA stage - do you think it's worth pushing them to court stage or go down the FOS route?

jax

I cannot see that it would do any harm. I would just use the same pre-lim letter that I used and re-name it LBA and give them 14 days. That letter has all the guts in it.

See if anyone else has any suggestions!

Good Luck

xx

[jax007]

Re: sapphire v GMAC

I presume you're suggesting the court route here Tuts?

If so, as you say will adapt your prelim letter and add in any extra charges (for SiL) and do same for mine.

Is there any problem do you know if I just hit them with an LBA after so long - we're talking about 8 months here??

[TUTTSI]

Re: sapphire v GMAC

I presume you're suggesting the court route here Tuts?

If so, as you say will adapt your prelim letter and add in any extra charges (for SiL) and do same for mine.

Is there any problem do you know if I just hit them with an LBA after so long - we're talking about 8 months here??

No J, I am suggesting the FOS route, not the court route.

xx

[Turboman]

Re: sapphire v GMAC

No J, I am suggesting the FOS route, not the court route.

xx

I'm thinking of resuuerecting a claim I had ready 7 never submitted--any devlopments to update from this thread?

[Sapphire]

Re: sapphire v GMAC

Nothing to report, I put it on hold till its safe to proceed, I havn't heard anything to the contrary so its sitting gathering dust (and interest too lol).

[paulb2905]

Re: sapphire v GMAC

Check this out re GMAC and unfair charges..... http://www.fsa.gov.uk/pubs/final/gmac_rfc.pdf and GMAC fined £2.8m for 'mistreating' mortgage customers | Money | guardian.co.uk

1.
THE PENALTY
1.1.
The FSA gave GMAC-RFC Limited (“GMAC”/“the firm”) a Decision Notice on 26 October 2009 which notified the firm that pursuant to section 206 of the Financial Services and Markets Act 2000 (“the Act”), the FSA had decided to impose a financial penalty of £2.8 million on the firm. This penalty is imposed for breaches of Principle 3 (Management and control) and Principle 6 (Customers’ interests) of the Principles for Businesses (“the Principles”) and Rules 12.4.1 R and 13.3.1 R in the Mortgages and Home Finance: Conduct of Business sourcebook (“MCOB”) in the period between 31 October 2004 and 30 November 2008 (“the Relevant Period”).
1.2.
GMAC agreed to settle at an early stage of the FSA’s investigation. It therefore qualified for a 30% (stage 1) reduction in penalty, pursuant to the FSA’s executive settlement procedures. Were it not for this discount, the FSA would have sought to impose a financial penalty of £4 million on GMAC.
1.3.
GMAC will also carry out a customer redress programme with a view to providing redress to those customers who were charged specific excessive and unfair charges (i.e. charges that were not a reasonable estimate of the costs of the additional administration required as a result of the customer being in arrears) in respect of their mortgage account. The estimated cost of redress for the period 1 November 2004 to 31 August 2009 is up to £7.7 million, plus interest, for both regulated mortgage contracts and buy-to-let contracts.