Bank increased monthly repayment without notification

poppy1

Registered User
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144
My mortgage repayment has increased by nearly €200 and we were never notified. I contacted the bank who said the tracker rate hasn't changed and we still have trs. I gave them 8 days to investigate it and when I rang again they said the new amount is correct?????? Is there anything I can do?
 
The exact same thing happened relatives of mine. Similar also happened me in the recent past. It took a long time to get to the root cause but finally got informed that any mortgage payment that was paid a few days late the TRS could not be applied because their computer system was not up to the task!
 
Have you any other policies included in the direct debit that covers your mortgage repayment such as home insurance, life, mortgage protection? Could the premium for them have jumped?

The bank has to be able to give some explanation of why it has changed so much from 2015 to 2016, even if the new figure is 'correct'.
 
Did you draw down your loan in 2009 by any chance? If so, it could simply be a step down in mortgage interest relief.
 
OP states that TRS payment hasn't changed so this is unlikely. lets look at the figures I.e. Amount outstanding - current rate - date of loan maturity and we can then calculate the correct monthly payment?
 
Nope no other products with this bank just mortgage
Rate of 1.10 on 130272 14 yrs 7 mths left
Trs approximately €28
 
My mortgage repayment has increased by nearly €200 and we were never notified. I contacted the bank who said the tracker rate hasn't changed and we still have trs. I gave them 8 days to investigate it and when I rang again they said the new amount is correct?????? Is there anything I can do?

They offered no explanation other than to say the new amount is correct ?

Write in and ask for an explanation as to why your repayment has increased by €200 and take it from there.
 
Twofor1 I have requested a full investigation via call centre but also have a meeting in branch next wk. they can't just change it for no reason but de guy on de phone the other day offered no other solutions think he was a bit clueless to b honest
 
Don't know why you are wasting your time and effort on a meeting. There is obviously a reason for increase. Ask for statement and letter of explanation Then you can review and progress to complaint, if required!
 
Don't know why you are wasting your time and effort on a meeting. There is obviously a reason for increase. Ask for statement and letter of explanation Then you can review and progress to complaint, if required!
I'd be opposite.

Waste of time calling a call centre as they'll know nothing, but at least if you are talking to a bank official inside the bank, they can access records on the spot and make calls to right person to get to the bottom before the op leaves.
 
Apologies for confusion. It's in your favour if call centre agent is incompetent- call will be recorded. You can refer to it in future complaint. Upstairs for thinking
 
Poppy1,

When it comes to Banks .
1. Only make one initial phone call to see if it is something obvious.
2. Record time of your call etc.
3. Word a clear note to your bank and request an explanation , keep copy ,send registered.
4. Wait 14 days , if no response ,copy original note and resend.
5. If no response after 14 more days, then get (crankey) and chase hard .
By that stage you are in a good position to expect proper response.

In short , copy/record and have patience !
 
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