Welcome to the GMAC-RFC website

Processing Update with regards to mortgage arrears charges – 22 January 2010

Following the FSA announcement on 29th October 2009, GMAC RFC implemented a programme to contact a significant number of customers. Due to the unprecedented success of this contact programme we currently have a high volume of customers awaiting a refund.

If you have contacted us to confirm your contact details or to provide new details, please be assured that we are working through these requests as quickly as we possibly can in date order of receipt. We expect to produce all cheques where customers have contacted us in either November or December 2009 by Monday 9th February 2010 and contacts made in January 2010 will be actioned by the end of February 2010.

If you have not received your cheque by these dates, please contact us on 0800 030 4662. Thank you for your patience.

GMAC-RFC statement regarding settlement with the FSA on Mortgage Arrears charges

29th October 2009 - GMAC-RFC today confirms that it has agreed a settlement with the Financial Services Authority regarding the company’s servicing of mortgage accounts in arrears and certain associated charges levied between 31 October 2004 and 30 November 2008. Read the full release >>

For details on what you need to do, please download the pdf >>

For FAQs relating to this release, please download the pdf >>

Our regulator the Financial Services Authority (FSA) have identified that certain mortgage arrears fees and charges paid by current and previous mortgage account holders should be refunded because the fee or charge exceeded the actual cost to us.

Certain mortgage arrears fees and charges will be refunded in full and others in part.  Refunds will also include 8% interest.

The fees and charges impacted are:-

• Charges for non-payment of the monthly mortgage payment by direct debit when the account was in arrears and no monthly mortgage payment was being made.
• A portion of the solicitor’s instruction fee (£39) that exceeded the actual cost.
• Early Repayment Charges applied to, arrears fees and charges.
• A flat rate of interest of 8% will be added to the amounts due to customers.
• No other fees or charges that may have been applied to your account are affected by this and no further refunds are due.