Remember the FSA ruled it was unfair to add the fees to the balance of the mortgage and then charge interest on those charges. The refunds GMAC are sending out relate to the additional interest charged on the fees, if you think the fee itself was unfair you will have to complain. GMAC sold their mortgages all over the place. If you were charged fees whilst your account was GMAC you should contact them for your money. If your mortgage was sold on then contact the current lender referencing the FSA's findings against GMAC.

You are unlikely to get your ERC back you agreed to it. Unless you can prove it was unfair, though I believe the FSA may be looking at the fairness of charging an ERC on repossession cases. The ERC is part of an agreement of what happens if you terminate in a particular time period. Ignore the actual money amount and concentrate on the % fee (I'm assuming it was a % of x for the ERC) with regards to whether that was fair also bearing in mind the FSA comments regards fees look at what arrears fees have been added to your balance and therefore have had interest charged on them and also been included in the ERC calculation. Otherwise if Kensington are one of the 5 just sit back and wait looking at the statement on the FSA website GMAC are having to be proactive in finding everyone they owe money to (I would hope the FSA are auditing this).

You are mistaken Far from a Kensington employee, my comments were in no way directed in favour of Kensington. Regardless of who you have a mortgage with you will have a far better ride if you communicate with your lender regards your situation and don't go in all guns blazing. Likewise if your mortgage was taken out after 2004 you will have been aware of the ERC at application and offer, if before 2004 it will be on your offer. The ironic thing is if you play the game and work with your lender in the current climate and with exposure on lenders actions being watched by the FSA and the media very few lenders will go for eviction at the moment and even if they do if you have been in contact and have some form of proposal very few courts will grant an immediate repossession.

I know this is old but really, you have never spoken to them but you are already being negative and defensive! They will never repo after 1 month and it is unlikely at 4 unless you refuse to talk to them. They may make you jump through hoops and it might be frustrating but if you can prove there is a 99.9% chance you can sell the property within a reasonable time frame you would have no problems, assuming the sale price is market level and sufficient to cover the loan. Regards ERC it shouldn't be a surprise! It's in the KFI its in the offer and as Kensington lent through brokers it must have been explained to you.

How does this work? If you look at the BBC website and using your example. The fee itself is not unfair (unless as stated it is way over the cost of the action). GMAC have not been told to refund all the fees. They have been told they can not charge the monthly fee when the borrower has made an arrangement to pay off the arrears. They are to refund any interest charged on the fees and any interest charged on the fees as part of an early repayment charge.

Don't worry neither GMAC or Kensington are part of Skipton. Both GMAC and Kensington outsource their administration to a company owned by the Skipton. The Government wont do anything about this because they have caused it. The compensation scheme that pays out when banks go belly up is funded by all the institutions, the fee to be part of this based on the amount savings the institute holds. In essence the more savings you hold (capital) the more you pay towards the fund. This is ridiculous because the more capital you hold the stronger you are! It was the banks with no capital that crashed. Also Building Socs lend money from their savings pot/ pay interest on their savings accounts from the profits on their mortgages. If the banks are bailed out and then offered money at 0.5% how can there be fair competition! The one financial business model that was sustainable and ethically maintained has been wrecked by this government. I don't work for any of the companies named but have worked in the industry. The government have made a mess of this and the press are happy to fan the flames of the stories rather than give a balanced view of the big picture because that is boring.