ScrambledEgg
Registered User
- Messages
- 2
Hi,
In the past two weeks I've discovered that I have been overcharged c. €29 k interest by ICS on my mortgage. Brief history:
-mortgage drew down early 2006
-accepted 3 year fixed rate of 3.8% in mid 2006
-put on SVR of 4.7% in 2009 when fixed rate matured
-SVR reduced to 4.55 % when I queried it but no lower
-Offered fixed rates in late 2009 and decided to accept 3.6% for 3 years ( saving of 0.9%
-On maturity of fixed rate put back on SVR of 4.55%
I called ICS and requested a copy of offer letter. When it arrived I noticed (to my surprise) that special condition 11 vi stated that variable rate should never exceed 1.1% of repo rate (ECB rate) " for the term of the Loan". I called ICS to query. First two customer service reps were of little help ( one told me to write a complaint if I wished, second told me to go to BOI branch then hung up). I called back a 3rd time and lady was very helpful. She explained everything and confirmed I should have been offered a tracker rate in 2009 on maturity of 1st fixed rate. She requested that I send in a written request for a " full investigation".
I have letter ready to send to ICS to request interest rate adjustment from 2009. Has anyone had a recent experience with a similar case? Two questions:
1. Who is the best person to deal with in ICS?
2. Has anyone secured a full refund plus compensatory interest for the period ICS retained their money?
Thanks in advance,
A scrambled Egg
In the past two weeks I've discovered that I have been overcharged c. €29 k interest by ICS on my mortgage. Brief history:
-mortgage drew down early 2006
-accepted 3 year fixed rate of 3.8% in mid 2006
-put on SVR of 4.7% in 2009 when fixed rate matured
-SVR reduced to 4.55 % when I queried it but no lower
-Offered fixed rates in late 2009 and decided to accept 3.6% for 3 years ( saving of 0.9%
-On maturity of fixed rate put back on SVR of 4.55%
I called ICS and requested a copy of offer letter. When it arrived I noticed (to my surprise) that special condition 11 vi stated that variable rate should never exceed 1.1% of repo rate (ECB rate) " for the term of the Loan". I called ICS to query. First two customer service reps were of little help ( one told me to write a complaint if I wished, second told me to go to BOI branch then hung up). I called back a 3rd time and lady was very helpful. She explained everything and confirmed I should have been offered a tracker rate in 2009 on maturity of 1st fixed rate. She requested that I send in a written request for a " full investigation".
I have letter ready to send to ICS to request interest rate adjustment from 2009. Has anyone had a recent experience with a similar case? Two questions:
1. Who is the best person to deal with in ICS?
2. Has anyone secured a full refund plus compensatory interest for the period ICS retained their money?
Thanks in advance,
A scrambled Egg