TRS issue

blurch

Registered User
Messages
13
I got a letter from my bank in relation to my mortgage and TRS

The letter states that an error was identified with the application of the TRS on the mortgage and impacts me two ways


Impact 1- TRS paid by the bank in march was €300 more than the usual entitlement of €10 resulting in the mortgage been underpaid. To correct this they wish to add €48 a month till Dec.

Impact 2- they Also regret that since I was provided with too much TRS I have exceeded my yearly TRS entitlement and I now have to repay them a further €240.00 either directly in full or it can be added over the life of the mortgage.

Can someone explain in plain english for me. I can see back in my bank account that the amount taken for the mortgage was lower than normal in march so that is fine. However I cant see the need for the extra €240.
Why would I have to pay back €530.00 as opposed to the underpayment?
 
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