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Miscalculated Mortgages With GMAC-RFC Paratus

Miscalculated Mortgages With GMAC-RFC Paratus

Mortgage products were sold with a great deal of enthusiasm throughout the 1990s and well into the 2000s, both by traditional lenders such as banks and building societies and by non-mainstream (known as sub-prime) companies such as GMAC-RFC. There was a great deal of money to be made in this sector before the economic crash brought things to a halt in 20018.

GMAC-RFC mortgages were popular with borrowers, and the company went from strength to strength. By the time their activities stopped, they had borrowed money to well over 300,000 people. If you were one of them, there’s a good chance that at some point the repayments on your mortgage were miscalculated. To find out more, a call to 0800 193 1234 is all you need to get started.

Here at Beat the Banks, we offer a free mortgage audit for those who borrowed more than £75,000 from GMAC-RFC, now known as Paratus. Whether you were borrowing to buy your own home or to purchase a buy to let property, we may be in a position to bring you some well-deserved justice. We all rely on our financial institutions to treat us fairly and charge us the right amounts, but when this doesn’t happen something should be done about it.

Fast profits, unfair treatment

Having been there right at the beginning of the UK’s sub-prime lending boom back in the 1990s, GMAC-RFC garnered huge profits in a short space of time. Unfortunately for many of its customers, it was found to have treated borrowers badly and in 2009 it was fined £2.8m by the Financial Services Authority (FSA). Among the accusations aimed by the FSA were the use of excessive and unfair charges, setting unaffordable repayment plans and implementing overly eager repossessions.

Those who were at the receiving end of such treatment found the whole process extremely traumatic and highly upsetting. Compensation payments were made to those affected, but of course there could be many more. Sad to say that despite the fine many other customers still complained of being treated unfairly.

If you feel you may be the victim of a mortgage miscalculation at the hands of GMAC-RFC, we’d like to hear from you. Our specialists will look at your individual circumstances and if appropriate will help you to mount a tenacious claim for the compensation you deserve. Call now on 0800 193 1234 or use the contact form.

We hope to hear from you soon.

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  • 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.”

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