Hi all,
Having myself (with much help from AAM) been offered a return of a tracker I helped my friend in similar circumstances to look for his back. Following the usual toing and froing he got a letter offering "on an exceptional basis and as a gesture of good will" (even though the bank did nothing wrong!), his tracker back and have it backdated to 2009. They go on to say they will calculate the difference between the payments they should have collected if the repayments had been based on the tracker and the actual payments collected which he may avail of as a refund.
However, the next paragraph states "please note however that if you avail of a refund of the overpaid amount, you will in effect be removing the overpayment from your account and as such, the balance of your account will increase accordingly. Alternatively you are free to leave the overpaid amount on the account meaning the outstanding balance will not change."
Reading other threads would suggest that he should be taking the money out and enjoying a tracker rate of 1.30% for as long as possible.
Is this an effort by the bank to have him leave the refund in his account and thereby reduce the term of the loss making tracker for them or have we missed something. I would appreciate any help. Thanks
Having myself (with much help from AAM) been offered a return of a tracker I helped my friend in similar circumstances to look for his back. Following the usual toing and froing he got a letter offering "on an exceptional basis and as a gesture of good will" (even though the bank did nothing wrong!), his tracker back and have it backdated to 2009. They go on to say they will calculate the difference between the payments they should have collected if the repayments had been based on the tracker and the actual payments collected which he may avail of as a refund.
However, the next paragraph states "please note however that if you avail of a refund of the overpaid amount, you will in effect be removing the overpayment from your account and as such, the balance of your account will increase accordingly. Alternatively you are free to leave the overpaid amount on the account meaning the outstanding balance will not change."
Reading other threads would suggest that he should be taking the money out and enjoying a tracker rate of 1.30% for as long as possible.
Is this an effort by the bank to have him leave the refund in his account and thereby reduce the term of the loss making tracker for them or have we missed something. I would appreciate any help. Thanks