Excessive Lender Charges Refund Order

Published / Last Updated on 31/10/2009

Excessive Lender Charges Refund Order

Specialist and higher risk mortgage lender GMAC-RFC has been fined £2.8m by the Financial Services Authority for not treating fairly customers who have got into arrears or mortgage difficulty.

In short, the FSA found that GMAC-RFC had been making high charges for those in mortgage difficulty and even moving to early repossession proceedings before all avenues to help borrowers had been exhausted.

The FSA has also ordered that £7.7m, in what is believes are excessive charges, are to be returned to customers by GMAC-RFC to around 46,000 borrowers.

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