By: optimaj2
2 days ago (Thursday, 1:42 pm) Yahoo! Profile:
optimaj2 Did this message offend you?
Sign in to report abuse |
Reply to this message |
Sorry to disappoint dvestate but the same company that serviced your RHG loan (Unisys Credit Services) will be the ones servicing your new Westpac/RAMS loan.
The same person processing your discharge will probably settle your new loan tomorrow. All you have done is generate a new commission for your broker/franchisee. |
|
By: dvestate
2 days ago (Thursday, 10:47 am) Yahoo! Profile:
dvestate Did this message offend you?
Sign in to report abuse |
Reply to this message |
I've finally seen the light and am off the RHG Pain Train, currently refinancing with the Westpac owned RAMS. I'm happy to put my name down for any Class Action that would take place.
I'm with everyone else and can't believe a company can just change Fees & Charges when they have a signed contract. If we decided to chop and change our obligations set out in the contract we would surely be headed to court or mortgage's forclosed.
Bye, bye RHG (Ripoff Homeloan Group) |
|
By: effyford
21/11/2009
4:16 pm Yahoo! Profile:
effyford Did this message offend you?
Sign in to report abuse |
Reply to this message |
| I'm grateful for reading your complaint about being ripped off by RHG, I too felt alone, we have several times where we have been unfairly dealt with and really needed to get it looked into, they have totally ripped us off and made major mistakes that has cost us dearly,do you know how we could get our situation looked into? |
|
By: dawnmontague
16/11/2009
3:00 pm Yahoo! Profile:
dawnmontague Did this message offend you?
Sign in to report abuse |
Reply to this message |
| I almost cried when i read the previous posts. I felt like i was totally alone in feeling ripped off by RHG. Still can't believe we were changed to RHG from RAMS, with no consultation, and just expected to accept their immediate substantial increase in exit fees, before they promptly starting hiking the interest rate at every turn! I just got off the phone to them again, and it seems they have covered themselves as required by law. Still feel though that if you are meant to accept being transferred to a new loan provider, new documents should be issued and agreed to for the transfer to take place. All the RAMS shareholders agreed to the sale to Westpac (no doubt getting rich) however we weren't consulted and have suffered finacially as a result. My main argument would be, had we remained with RAMS (who now have much lower interest rates than we are currently on and seem to be operating as if nothing happened) would we be better off - i think yes! I was advised that RHG do not take on any new customers, simply manage the clients left after the RAMS takeover - can't help but feel they are milking us until we all just pack up and pull out, despite the high exit fees. I just lodged my complaint with Slater and Gordon on the Contact form. I guess if enough of us do it we might get somewhere................ ... |
|
By: willyhistory71
13/11/2009
6:50 am Yahoo! Profile:
willyhistory71 Did this message offend you?
Sign in to report abuse |
Reply to this message |
From The Age today
RAMS founder eyes return to home loans market
COLIN KRUGER
November 13, 2009
TWO years have passed since RAMS Home Loans founder John Kinghorn was forced to sell the business to Westpac to stave of collapse. Yesterday he told investors in what remains of its listed entity, RHG Ltd, conditions were almost ripe to take the banks on again. RHG, which made a record $120 million profit last financial year from the mortgage loan book it retained after selling the business to Westpac, expects the loan book to wind down by 2011, at which time it will return funds to shareholders unless ''an exciting investment opportunity arises'', Mr Kinghorn has said.
Yesterday he indicated shareholders might be asked to back a bid to re-enter the home loans market.
Mr Kinghorn said RAMS first entered the home loan market ''at a very opportune time'' when the banks had very little competition and fat margin spreads between borrowing costs and what they charged for their mortgages. ''We are moving very rapidly to those market conditions again,'' he told investors.
Access to credit markets, which froze in 2007, is still the missing ingredient. ''It's quite possible by 2011 conditions will be there,'' he said.
Coincidentally, by January 2011, RHG will no longer be prevented from re-entering the home loan market by Westpac, which told businessday yesterday that the RAMS business was ''doing outstandingly well for us''. |
|
By: victoryaus
12/11/2009
3:36 pm Yahoo! Profile:
victoryaus Did this message offend you?
Sign in to report abuse |
Reply to this message |
Please get in touch with me about your court case ,I have has massive problems with them also
Regards |
|
By: victoryaus
12/11/2009
3:30 pm Yahoo! Profile:
victoryaus Did this message offend you?
Sign in to report abuse |
Reply to this message |
Please let me know how you are getting on with the Rams
fight,I have had massive problems with them going against there contract.
Regards |
|
By: victoryaus
12/11/2009
3:22 pm Yahoo! Profile:
victoryaus Did this message offend you?
Sign in to report abuse |
Reply to this message |
I am interested in this class action, please tell me how I can get in touch. I am a current customer of Rams
Regards |
|
By: yeahfongc
11/11/2009
10:35 am Yahoo! Profile:
yeahfongc Did this message offend you?
Sign in to report abuse |
Reply to this message |
Hi, RHG has just increased my variable rate from 6.17% to 6.51% (0.34%) when RBA only increases its cash rate by 0.25%.
Whenever they increases the rate is immediately effective BUT when it comes to decreasing the rate, they need to have a meeting and only pass on the rate cut not more than RBA and takes longer time to become effective. |
|
By: roger_refund
13/10/2009
12:44 pm Yahoo! Profile:
roger_refund Did this message offend you?
Sign in to report abuse |
Reply to this message |
Depending on your loan type there are ways to exit from RHG loans and minimise the 2 month repayments exit fee if you have had the loan for the minimum period.
In some cases it may also be worth considering paying the high exit fees and refinancing at a lower interest rate.
If anyone would like more information on exiting RHG loans please contact me for advice.
I can organize refinance anywhere in Australia.
rogerc@refundhomeloans.co m.au |
|
By: morrisonandrew75
7/10/2009
4:33 pm Yahoo! Profile:
morrisonandrew75 Did this message offend you?
Sign in to report abuse |
Reply to this message |
I am just come of the phone to Slater and Gordon New Client Services in Melbourne and they have no record a list of aggreived RHG customers being put together for a Class Action.
I too would like to know how register my contact details with them? |
|
By: sophiekocev
3/10/2009
11:04 pm Yahoo! Profile:
sophiekocev Did this message offend you?
Sign in to report abuse |
Reply to this message |
| Hello, it's good to know that people are pulling together. I, like many of you have experienced the same by rhg and would like to be part of the class action. Can someome tell me how to go about it? I live in Perth. Cheers SP |
|
By: sl2036
1/10/2009
1:23 pm Yahoo! Profile:
sl2036 Did this message offend you?
Sign in to report abuse |
Reply to this message |
I've also suffered and blamed RHG. At the end of the day though it's the global meltdown that screwed me, not any deliberate attempt by RHG to gouge me.
I have two loans with RHG and I've looked right into this:
Non bank lenders (like RAMS was) fund their loans through a process called securitisation. They take a pile of mortgages and use them as security on borrowings (bonds or commercial paper) to fund the loans, thus securitisation. They make a margin on the difference between what they charge us and the rate they pay on their own borrowings. These borrowings are re-priced every three months or so. The GFC caused a tightening on global markets which pushed up the interest rates RHG had to pay when their own borrowings were re-priced. Normally these ebbs and flows in rates woul deb absorbed by RHG but because they were so extreme most (not all)of those rises was passed on to us.
It's worth remembering though that before RAMS etc.. came along banks had no competition and eveyone got screwed. I got my first RAMS loan in 1994 and at the time they were 4% cheaper than the banks (9% vs 13%). It was the competitioon they introduced that led to the (comparatively) low interest rates we have today.
I've checked my loan documentation and they can put up rates whenever they choose. My loan contract is very clear on that and how my exit fee is calculated. At the end of the day I didn't foresee the GFC so I didn't pay too much attention to clauses I didn't think would make a difference to me. Now that things have changed and they do make a difference, as much as I'd like to blame RHG or Kinghorn or God, or Obama, at the end of the day I signed the contract with those clauses in it so it's my fault.
Good luck with the class action. If Slater and Gordon think you have a chance they'll do it on a 'no win no fee' basis. If they don't do that don't go ahead with it because it'll mean they don't think you'll win either and you'll then have their fees to add to your list of woe ... |
|
By: ydygone
25/09/2009
11:44 pm Yahoo! Profile:
ydygone Did this message offend you?
Sign in to report abuse |
Reply to this message |
I felt so alone until I found this information. I'm off to Slater & Gordon!!
I'd been feeling like they (RHG) want you to trip up so they can get more money....now I know I was right.
And what's with giving money to a third party (Kemp & Strang) and including it in your arrears balance?
They simply chose to ignore my application for the lifestyle option until i had arrears on the account which makes you ineligible apparently. Then they chose to close my hardship application: once after I cleared arrears, then again when I asked it be re-opened due to my circumstances. Apparently they left a message for me to call?!?!!!!
When I suggested it may be appropriate for them to actually acknowledge my application in writing; as per my request and on the basis that they had required an application in writing, their belligerence shone through with the comment "why don't you just pay it! We're under no obligation to grant it." I'm pretty sure they are obliged to consider it though. This comment clearly demonstrates they haven't even considered my hardship application as it states and verifies through evidence that my income reduced by approx. 50%. These sharks need to remember that the Dolphin is the Sharks greatest competition.
Bren-stel14 I'm so sorry to hear about your Mother. It's so much harder to deal with issues as the years go by and your Mother should now be relaxing and starting to enjoy life!
Let's hope we can achieve a great outcome for us everyday Aussies who are trying to build a better future - put your name in for the Class Action: there's power in numbers.
Just search Slater & Gordon Lawyers Australia then choose the Contact Form.
Wanna make a difference? Go on,.....Do It!!
Class Action - here we come!!!!!! |
|
By: bren_stel14
23/09/2009
10:40 pm Yahoo! Profile:
bren_stel14 Did this message offend you?
Sign in to report abuse |
Reply to this message |
Hi to everybody who has been ripped off by RHG
My mother a 65 year old pensioner who has been a victim of fraud through a broker that sold her a RHG loan. Her loan application that she has never seen has been done by a dodgy broker who did and wrote what ever he had to on her loan application to get the loan through and get the commision.all of her signatures have been cut and pasted,we know this because we did the test of tracing paper and all are identicle.Mum dosnt even earn the monies required to make the monthly repayments,RHG did no checking of the application forms that mum was meant to have signed,if they did they would have discovered that she did not earn the monies that were put down as her income and that she was not self employed as a real estate person.It is only now that we have discovered the fraud on mums loan that she has applied for hardship,they have turned around and said they will probably not give her hardship help due to the fact that after the three months is over she will not be able to make the payments.MAYBE THEY SHOULD HAVE CHECKED THIS FIRST.The broker is under investigation with the fraud squad,but that hasnt stopped RHG sending my darling mum registered mail telling her that will continue with court action.I made another call to RHG begging them to help, the answer i was given was and i quote."the broker works for the client not for the bank so you need to take up you claim against the broker not us."Dont you think that its strange that these banks are the ones who pay the broker to sell there product but wont admit that they work for them.So i ask all of you where is our protection from the banks and the brokers,there dosnt seem to be any. |
|
By: rbugbug
20/09/2009
8:09 am Yahoo! Profile:
rbugbug Did this message offend you?
Sign in to report abuse |
Reply to this message |
| i agree i think if aca got this story it would be the best think to happen to them. i have 3 home loans with these rip offs and they put the rates up when ever they feel like it i have had four rate rises on each loan for no reason they are a joke,why do we just get given to rhg from rams because rams stuffed up in the share market and now rams starts up advertising again like nothing ever went wrong what a joke,it will cost me $28000 to swith home loans with someone else.absolute rip offs |
|
By: coffeeandlotsofit
11/09/2009
8:51 pm Yahoo! Profile:
coffeeandlotsofit Did this message offend you?
Sign in to report abuse |
Reply to this message |
| This post is over a year old. What RHG have done is disgusting, however it appears to be legal which means you have no redress. How have the people who were threatening a class action on this board a year ago progressed with their "action"?. |
|
By: mickprice65
11/09/2009
2:42 am |
Message deleted. Reason: Breach of terms of service |
|
By: moore.roland@ymail.com
10/09/2009
7:08 pm Yahoo! Profile:
moore.roland@ymail.com Did this message offend you?
Sign in to report abuse |
Reply to this message |
| how have you been ripped off . We are also with rhg |
|
By: clintdhall
10/09/2009
6:51 pm Yahoo! Profile:
clintdhall Did this message offend you?
Sign in to report abuse |
Reply to this message |
| We have been ripped off and not even been aware of it until recently. We are with anyone fighting for our rights. |
|
By: thy.nemesis
1/09/2009
7:51 pm Yahoo! Profile:
thy.nemesis Did this message offend you?
Sign in to report abuse |
Reply to this message |
http://au.messages.yahoo.com/news/politics/283832/
>> By: manlyinternet
Today (6:19 pm)
Re:RAMS/RHG/Westpac % rise twice in 9 da ... (PREVIEW)
Please note that your pre 2008 agreements are with RAMS Mortgage Corporation Ltd and under the "Financial Information Table" it shows the interest rate will be the RAMS rate. This rate is much lower than RHGL's rate and therefore puts them in breach of their own agreements. On many fronts Rams agreement holders have a case however all agreement holders in the class action need to forward there contact details to Slater & Gordon Solicitors. Once the class size reaches 10% of the loan book the solicitors can force Rams/RHGL to hand over all names on their loan book. From this point action can start, so get even go to http://svc015.wic046p.server-web.com/contactus.asp x and file you details now. <<
Note: you may need to Google on "slater gordon" to get to the correct page |
|
By: lkistc
1/09/2009
6:50 pm Yahoo! Profile:
lkistc Did this message offend you?
Sign in to report abuse |
Reply to this message |
Hi,
RHG changed the name AND the name of the interest rate from RAMS Home Loan Agreement and RAMS interest rate to RHG. RHG is still the original mortgagee, RHG was a name change only. Just thought I let you know. The judge told me this so I could not rely on the fact that the current RAMS is advertising the same home loan product at a much cheaper rate. What we must find is a copy of the TV add where the promises were made. Any ideas? |
|
By: manlyinternet
1/09/2009
6:17 pm Yahoo! Profile:
manlyinternet Did this message offend you?
Sign in to report abuse |
Reply to this message |
| Please note that your pre 2008 agreements are with RAMS Mortgage Corporation Ltd and under the "Financial Information Table" it shows the interest rate will be the RAMS rate. This rate is much lower than RHGL's rate and therefore puts them in breach of their own agreements. On many fronts Rams agreement holders have a case however all agreement holders in the class action need to forward there contact details to Slater & Gordon Solicitors. Once the class size reaches 10% of the loan book the solicitors can force Rams/RHGL to hand over all names on their loan book. From this point action can start, so get even go to http://svc015.wic046p.server-web.com/contactus.asp x and file you details now. |
|
By: willyhistory71
1/09/2009
7:56 am Yahoo! Profile:
willyhistory71 Did this message offend you?
Sign in to report abuse |
Reply to this message |
From the Australian newspaper 1/9/09
RAMS Home Loans has warned it could default on its current funding commitments, if the group cannot renegotiate looming debt deadlines or sell more of its mortgage book.
The former non-bank lender, which sold the majority of its business to Westpac, booked a $120 million profit, down 4 per cent for the year, but warned revenue and profit would decline as the mortgage book matured in the next few years.
The board declared there would not be a dividend paid to shareholders for the past financial year.
Rams has a mortgage book worth $7.68 billion, of which the majority $5bn is funded through warehouse facilities, with the remaining $2.68bn through residential mortgage-backed securities.
"The group's mortgage book is closed and in run-off. The group will continue to manage and service its mortgage book," Rams said in a statement to the market.
"The group remains in discussion with its various warehouse providers in regards to future maturity dates. However, a high level of uncertainty still remains in the current market, which will likely result in the group selling further mortgages at par in repayment of warehouse facility balances.
"A default will likely arise if a warehouse cannot be renewed and the mortgages are not sold.
"The directors are satisfied that any sale of mortgages in repayment of warehouse facilities or an event of default ... will not affect the group's ability to continue as a going concern."
The fortunes of Rams, previously a major player in the non-bank lending market, have failed since the wholesale markets started to seize at the onset of the global financial crisis two years ago.
"During the year we were able to roll warehouse facilities at considerably higher margins payable by Rams and with more onerous conditions," the company said.
"These conditions have included the need to provide further subordinated debt and removal of some loan arrears.
"The market for RMBS remains a ... |
|
By: mickprice65
16/08/2009
3:35 pm Yahoo! Profile:
mickprice65 Did this message offend you?
Sign in to report abuse |
Reply to this message |
| Well to the policeman reading this, you should actually have a look at RHG and Kinghorn and their shonky operation, it would be the biggest feather in your cap, think of it, someone from the 200 rich list, done for Fraud and Obtaining financial advantage by Deception, Makes you think doesn't it you've got that many people here that pissed/Ripped off by these people we all cannot be wrong, where there is smoke there is fire. So what do we have to do to get the police to have a look at this slimey operation, Phsyically threaten to harm them, as the amount of people they are sticking it to, I fear that this may happen sooner or later. You've got my contact details Karen R. pass them onto the police, I'm Waiting, Oh that's right you've probably craweled back under your Rock, you HOOKER. |
|
