Mortgage Penalty Charges Claims

[Budgie]

Re: Mortgage Penalty Charges Claims

Great post Tools !

Explains a lot PMSL

[jax007]

Re: Mortgage Penalty Charges Claims

As many have said on here Jax, continue your claim for late charges, but take the FOS route and not court whilever the mortgage is held with GMAC and the indemnity clause is in effect.

Thanx Tools

Actually the GMAC claim running here is for daughter but as for myself, like Budgie, I have a redeemed GMAC mortgage. So we therefore have 2 routes to market ..........

jax

[Turboman]

Re: Mortgage Penalty Charges Claims

I have only recently found out (funnily enough by two of the same `blokes` one who has mysteriously become a woman called Amethyst) that if the contract has terminated that the indemnity clause is no longer applicable(Feel free to correct me if I have understood this incorrectly)

As many have said on here Jax, continue your claim for late charges, but take the FOS route and not court whilever the mortgage is held with GMAC and the indemnity clause is in effect.

Tools

If Indemnity Clauses are not applicable on closed Mortgages--then presumably no risk of costs against - so why do you still reccommend the FOS route--or am I missing something?

[Amethyst]

Re: Mortgage Penalty Charges Claims

They are applicable as matters arising from the contract.

Sometimes you will see a clause 'The indemnities in this clause shall survive termination of any agreement under these Terms'

[Turboman]

Re: Mortgage Penalty Charges Claims

They are applicable as matters arising from the contract.

Sometimes you will see a clause 'The indemnities in this clause shall survive termination of any agreement under these Terms'

I'm getting a bit confused on this Ame ( as usual for me )--in above post by Tools--did you( or Tools) not say effectively that on termination of the mortgage contract-that the indemnity clause was null & void?

[Amethyst]

Re: Mortgage Penalty Charges Claims

Umm Tools did but he did say correct him if he was wrong. Not that he necessarily is, but he may be and contracts need to be looked at very very carefully before embarking on any claim of this type.

[jax007]

Re: Mortgage Penalty Charges Claims

We have received a copy of the mortgage offer which includes some of the related financial T&Cs. For the rest of them, the letter received said refer to the booklet received at time of taking out mortgage ... so that didn't really help much.

Although I can say there is no mention of an Indemnity Clause ... probably in the other stuff!

Budgie ... what date did you take out your GMAC mortgage coz if it's the same time and they are standard terms, they might be the same??

jax

[borgbaiter]

Re: Mortgage Penalty Charges Claims

hi

i had a gmac mortgage and i think i still have the T&C's what year are you looking for?


Borgbaiter

ps checked my gmac file and i dont have T&C's either just the mortgage offer refering to a booklet. doubt i ever had one :-(. i used to be sooooo trusting.

[jax007]

Re: Mortgage Penalty Charges Claims

Thanks for looking Borg.

I have found a photocopied booklet from GMAC which came with the threat of possession letter and those terms are dated 2004 (I have a feeling the mortgage was taken out in 2005).

However, at first glance, I cannot find any reference to an Indemnity Clause.

Cheers
jax

[jax007]

Re: Mortgage Penalty Charges Claims

Budgie I have taken an extract from the GMAC Mortgage Conditions 2004 which were sent prior to the repossession hearing. They are just a photocopy of a brochure…….

There is another section which relates to how expenses should be paid but don’t think it’s really relevant. I can't see anywhere else that it refers to the debtor being liable for fees.

Hope to get this scanned in full on Thursday when I can get access!

Definitions and Interpretation

‘expenses’ means all reasonable costs and expenses which we have to pay in connection with the mortgage. These include costs and expenses which we pay:

(a) recovering all or part of the amount owed;
(b) bringing or defending legal proceedings relating to the amount owed, the property or any other security for the amount owed;
(c) complying with a remediation notice in respect of the property served on you or us under the Environmental Protection Act 1990 unless we knowingly caused or allowed the property to become contaminated when in possession as mortgagee;
(d) protecting, preserving or enforcing any security for the amount owed; remedying any breach by you of any of your obligations under the mortgage including your obligation to repair the property;
(e) exercising any or our rights under these conditions;

Our expenses include costs and expenses which we have to pay to third parties and our administration fees in respect of our internal costs as set out in our tariff.

Hope this helps. Don’t forget this one is current!

Need to dig out my own … what date does yours date from?

Cheers
jax