We bought a house in 2004 and got a tracker mortgage
With BOI. We fixed in 2005 for 5 years. When it came up for
Renewal in 2010, the options were LTV, 2, 3 and 5 year fixed.
There was a box warning of loss of tracker option if fixing. The offer list never stated tracker anywhere just LTV and the fixed rates. No mention of ECB rate + base point addition.
Is there a hope of arguing return to tracker?
Thanks
This was a post placed by my wife in 2012. Like so many, we were frustrated and angry an unsure how to proceed. There were a number of posts mentioning Padraic Kissane and we contacted him directly. Padraic is an independenet financial adviser with considerable experience in this area. We discussed the issues with him and he explained that he had successfully contested a number of similar cases, althought there could be no guarantees. He outlined where he felt the bank had failed in their responsibilities to us. We were hopeful but frankly, a little sceptical. Padraic was very 'up-front' about the approach he would take and any fees that might be incurred.
I am pleased to report, that with Padraic's help, some stronly worded communication and after a process of about four weeks, we have had our tracker restored and interest repayed from the time our fixed rate was restarted. For those of us with limited experience in this area,it really pays to seek expert advice. Of course, there are fees involved, but the initial engagement was relatively modest and any subsequent fees are based on a percentage of the repayment of the overcharged interest. My advice, if you are are struggling with the banks, engage an independent expert. Naturally, based on his track-record, I reccommend Padraic Kissane but you may have somebody else in mind. Seek that advice now... it made all the difference in our case.
We would like to thank you all for your help and advice and wish every success in seeking a resolution with the banks.
With BOI. We fixed in 2005 for 5 years. When it came up for
Renewal in 2010, the options were LTV, 2, 3 and 5 year fixed.
There was a box warning of loss of tracker option if fixing. The offer list never stated tracker anywhere just LTV and the fixed rates. No mention of ECB rate + base point addition.
Is there a hope of arguing return to tracker?
Thanks
This was a post placed by my wife in 2012. Like so many, we were frustrated and angry an unsure how to proceed. There were a number of posts mentioning Padraic Kissane and we contacted him directly. Padraic is an independenet financial adviser with considerable experience in this area. We discussed the issues with him and he explained that he had successfully contested a number of similar cases, althought there could be no guarantees. He outlined where he felt the bank had failed in their responsibilities to us. We were hopeful but frankly, a little sceptical. Padraic was very 'up-front' about the approach he would take and any fees that might be incurred.
I am pleased to report, that with Padraic's help, some stronly worded communication and after a process of about four weeks, we have had our tracker restored and interest repayed from the time our fixed rate was restarted. For those of us with limited experience in this area,it really pays to seek expert advice. Of course, there are fees involved, but the initial engagement was relatively modest and any subsequent fees are based on a percentage of the repayment of the overcharged interest. My advice, if you are are struggling with the banks, engage an independent expert. Naturally, based on his track-record, I reccommend Padraic Kissane but you may have somebody else in mind. Seek that advice now... it made all the difference in our case.
We would like to thank you all for your help and advice and wish every success in seeking a resolution with the banks.