GMAC-RFC fine a "serious warning" to heavy-handed lenders
www.moneynews.co.uk > General finance > GMAC-RFC fine a "serious warning" to heavy-handed lenders
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GMAC-RFC fine a "serious warning" to heavy-handed lenders
Fri 30th Oct 2009
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A £2.8 million fine was handed to GMAC-RFC by the Financial Services Authority for treating customers in an iniquitous manner and it will have to pay out up to £7.7 million to secure redress for more than 46,000 mortgage customers.
The firm was fined for excessive customer charges and issuing repossession charges and orders that did not take into account clients' circumstances.
Mortgages channel manager at moneysupermarket.com Hannah-Mercedes Skenfield said that while GMAC-RFC was known for high fees, other lenders are not far behind - and these fines are a serious warning to them.
"Borrowers, for their part, should keep in frequent contact with their lender if they are struggling to make their mortgage payments," she advised.
GMAC-RFC charged for returned cheques or direct debits and arrears on monthly payments. Debt counselling, a service that is provided free by some charities, cost £100.
Of ten mortgage providers surveyed by moneysupermarket.com only HSBC does not charge for any of these services.
Click here for more general finance news
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