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Miscalculated Mortgages With GMAC-RFC Paratus

Miscalculated Mortgages With GMAC-RFC Paratus

If you took a mortgage through GMAC-RFC (now known as Paratus) then there is a substantial chance that your borrowing may have been miscalculated.

GMAC-RFC were one of the very first sub-prime (non-mainstream) lenders. Business boomed through the late 1990’s and early 2000’s, but quickly ground to a halt in 2007 when they were forced to close down their sub-prime subsidiary called High Street Loans and drastically restructure their main operation. Finally, in May 2008 they stopped lending. By that time, they had provided more than 310,000 mortgages and still retained in excess of 50,000 mortgages on their books and they had grown to be the tenth biggest mortgage lender in the UK.

In the same year, a tranche of buy to let loans sold to Bradford and Bingley were of so poor quality that they had to be renegotiated. To cap it all, in October 2009, they were hit with an FCA fine of £2.8 million for mistreating mortgage customers, plus a compensation bill of £7.7 million. Serious failings from the end of 2004, all the way through to August 2009 had seen grossly unfair charges being levied on mortgage holders who had fallen into arrears with their payments or had been hit with repossession orders. The 114,000 borrowers affected were to be automatically compensated.

Despite this expensive slap over the wrist, they are known to have continued their dubious practices. Customers in arrears are dealt with unsympathetically and continual charges are levied. In 2010, the then FSA warned mortgage lenders of the danger of capitalising mortgage arrears, applying unfair charges and general arrears handling. These issues were then revisited by the FCA in 2016. We understand that Paratus were one of the 66% of mortgage providers that the FCA identified as still incorrectly applying their rules and guidelines.

If you currently have a mortgage with GMAC-RFC (now known as Paratus) and originally borrowed in excess of £75,000, Beat the Banks are currently offering a free audit. We can also extend this check to mortgages taken with GMAC-RFC after 2000, providing the borrowing was held for a minimum of 7 years and again, subject to a minimum starting balance of £75,000. The audit applies to residential, buy to let mortgages and all interest-only borrowing.

For more information on how to receive our entirely free mortgage audit, please contact Beat the Banks on 01382 200474 or for free on 0800 193 1234. Or if you live locally, why not simply pop into our office with any of your mortgage paperwork and we can start the audit process immediately. Our hours are 8am-8pm weekdays, except for Fridays when we close at 6pm. On Saturdays it 10am-2pm.

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  • Mrs C, Glasgow

    “From beginning to end, Beat the Banks have been very efficient. I am very pleased with the service from Jenna and the team. I am highly delighted and I have been recommending all of my friends.”

  • Shona, Dundee

    “Huge thank you to the team. After attempting to claim PPI myself and getting absolutely nowhere, I got Beat the Banks involved and ended up getting  £12,000. What a result. Beat the Banks made it so easy and were committed right to the end.”

  • Mr A McQuillian

    “From previous experience of PPI claim companies, I was a bit dubious if anyone could help me but I thought I would try Beat The Banks. To say I am pleased with the service and conclusion to my claim is an understatement. Beat the banks and my claim handler in particular handled all aspects of the claim from Clydesdale Bank with professionalism, courtesy, and efficiency to secure a positive result on my behalf. I would certainly recommend the services of Beat the Banks to anyone who thinks they have PPI claim, especially with the Clydesdale Bank.”

  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

  • T & A, Dundee

    “Down entirely to Mike’s hard work, we previously had a successful claim with Clydesdale Bank. Mike was convinced we had more loans with PPI and he was relentless in efforts to recover our paperwork from the bank. Finally, after many attempts, enough records were recovered to submit several claims. We have now received much more compensation, covering loans going back many, many years. If it had not been for Mike and the team at Beat the Banks this would never, ever have happened. Literally, all we did was sign our name and bank the cheque.”

  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

  • Mr & Mrs M, Shetland

    “We really appreciate the doggedness and professionalism of Jenna and the team at Beat the Banks. This is something we’d never have gotten round to doing and we’re so glad we went through the process with professionals as we’ve now had great results. Only positives have come from the experience.”

  • Mrs S, Falkirk

    “Excellent service so helpful, I received a substantial sum back that I had no idea I was due, thank you again to Beat The Banks especially to Gary who was so helpful and efficient in every way.”

  • Dave & Linda , Dundee

    “We had no paperwork but £52,500 reasons to say thank you, we are now living our Spanish dream! Exceptional service.”

  • Mr S, Dingwall

    “Have just found out I have won all my cases with the bank, going back many years and been awarded compensation of just over £15,000!”

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