Bank of Ireland Any BOI customers appealing their redress?

maunie

Frequent Poster
Messages
107
I have received my redress into my account this morning but I'm planning on appealing it as I feel the compensation of 10% is shocking. In my case it was €1200
Just a thought for anyone not sure, if you miss a payment Boi charge u €12.50 unpaid fee so a year that's €150 so in my case for 5 years it's €750 and I got double that for my compensation
I Have missed one payment in my 10 year mortgage but using this as an example of what we have lost out on and the bank think 10% is ok
 
Last edited:

Cloe17

Registered User
Messages
5
Good point. We are going to appeal also as only got 10% and it’s not good enough for the huge stress this caused us over so many years.
 

Stretchgoal

Registered User
Messages
6
Hi
I think you probably got (interest overpayment + time value of money) and 10% compensation of that

According to central bank your loan principle balance is also expected to be reduced to the level it should have been at if you had been charged the right rate.

That loan principle adjustment should be >10% depending on the number of years you were wronged
 

maunie

Frequent Poster
Messages
107
Hi
I think you probably got (interest overpayment + time value of money) and 10% compensation of that

According to central bank your loan principle balance is also expected to be reduced to the level it should have been at if you had been charged the right rate.

That loan principle adjustment should be >10% depending on the number of years you were wronged
That's what everyone is saying but it hasn't been reduced yet..I was wronged for 5 years
 

Tracks123

Registered User
Messages
18
Good point. We are going to appeal also as only got 10% and it’s not good enough for the huge stress this caused us over so many years.
Hi Cloe 17
i spoke to a solicitor on this if you can prove that you had to carry debt eg overdraft or term loan |@8% for a number years due to overcharge then you should be able to get additional redress/compensation.If there are other non monetary factors eg lack of funds for kids,mental anguish or opportunities missed financially then these need to be outlined.Everybody should appeal as the 10% is an insult.The banks will deal in appeal in my opinion as they will do everything to avoid litigation where a successful appeal could set a precedent and then the flood gates open.In my opinion an advertisement should be taken in a Sunday newspaper to bring all affected "trackerites" together and we should each contribute a 1000 euros each to take one test case thru the courts via a reputable legal firm.
It seems reading todays papers that criminal charges are now a strong possibility so this story is set to run and run (and it should because the state have finally woken up to the fact that the banks behaviour on this and on debt collection has been nothing short of scandalous)
As of yet I have not been identified on my own account but I am definitely impacted and they owe me in excess of 100k.
your case seems identical to mine ,,,,would you mind documenting the outline of it to me here
 

maunie

Frequent Poster
Messages
107
Hi Cloe 17
i spoke to a solicitor on this if you can prove that you had to carry debt eg overdraft or term loan |@8% for a number years due to overcharge then you should be able to get additional redress/compensation.If there are other non monetary factors eg lack of funds for kids,mental anguish or opportunities missed financially then these need to be outlined.Everybody should appeal as the 10% is an insult.The banks will deal in appeal in my opinion as they will do everything to avoid litigation where a successful appeal could set a precedent and then the flood gates open.In my opinion an advertisement should be taken in a Sunday newspaper to bring all affected "trackerites" together and we should each contribute a 1000 euros each to take one test case thru the courts via a reputable legal firm.
It seems reading todays papers that criminal charges are now a strong possibility so this story is set to run and run (and it should because the state have finally woken up to the fact that the banks behaviour on this and on debt collection has been nothing short of scandalous)
As of yet I have not been identified on my own account but I am definitely impacted and they owe me in excess of 100k.
your case seems identical to mine ,,,,would you mind documenting the outline of it to me here
While my redress refund was €12k plus compensation I feel 10% is an insult. I Scrope by every month to meet payments and am insulted that they feel €1200 will keep me quiet..
 

maunie

Frequent Poster
Messages
107
My appeals pack came today.. lots to fill up but I guess they are trying to put us off appealing..
 

moneymakeover

Frequent Poster
Messages
489
If there a full list anywhere of grounds for appeal?
I can think of
  • Emotional distress
  • Credit rating
  • Bank charges due to missed direct debits
  • Medical costs
  • Children missed opportunities
  • Forced to sell properties at loss to pay down loans
  • Financial advice

How to calculate the loss due to selling investment properties?

Having said all that, is hiring a solicitor and bringing legal case the most efficient approach?

Why should customers have to bow and scrape to some panel?
 

Stretchgoal

Registered User
Messages
6
Hi

as far as I can tell, banks are obliged to deliver on 2 key points in relation to compensation/redress.
1. give back the over payment in interest, and offer compensation on that (the notional 10-15%)
2. adjust loan balances to where they should have been if you had been on a tracker for the period

I've done some Excel modelling that roughly matches the banks interest over payment totals that already communicated from Nov 08 to Nov 17. This model was extended to consider two separate scenarios in terms of the loan principle adjustment.

I considered two payment scenarios
(A) €1000+/month which is about the average I was paying for the ~9 years when NOT on a tracker
(B) ~€800/month what the bank would have charged me for the tracker rate to match the mortgage term (ie work balance to zero),

I found that for (A) the principle should have been reduced by over €33K; for (B) I found that the loan principle should have been reduced by over €13K

I am in the process of appealing to get at a minimum (B), but would also strive to get that my loan balance reduced by a lot more (considering (A))

Neither (A) or (B) relate to your list of grounds for appeal; they simply relate to what the Central Bank describes in its definition of redress.
 

maunie

Frequent Poster
Messages
107
BOI Loan balance
They don't seem to be doing this so does anyone know if they are supposed to do this?
 

MAX01

Registered User
Messages
39
Just got my redress letters and have been offered only one hundred euro for legal advice for each of my loans! The vast majority of customers are been offered one thousand euro. It simply does nt make sense thar we are been offered different amounts.
 

Sadhbs

Registered User
Messages
15
Would adjusting the loan balance to where it would have been had you been on a tracker and getting the overpayment of interest back as well not mean that you are getting the money back twice?
 

maunie

Frequent Poster
Messages
107
T
Would adjusting the loan balance to where it would have been had you been on a tracker and getting the overpayment of interest back as well not mean that you are getting the money back twice?
to be honest, it's all confusing me.. maths are not my forte but other banks seem to be reducing the loan amount..
 

Jynxx1

Registered User
Messages
3
I got offered 250. When you say the vast majority has been offered 1000 Max01, is that going on reading posts here or has BOI given a breakdown somewhere? Just wondering what the logic is, if any, behind their decision. I wonder is it based on the complexity of individual situations?
 

Deckchair

Registered User
Messages
16
I got offered 250. When you say the vast majority has been offered 1000 Max01, is that going on reading posts here or has BOI given a breakdown somewhere? Just wondering what the logic is, if any, behind their decision. I wonder is it based on the complexity of individual situations?
I think I read somewhere that ICS mortgage account holders were offered 1000 euro. BOI account holders 250.
 

maunie

Frequent Poster
Messages
107
I was ICS and I got €1000 so maybe that's right. Dunno why though? Also I read on
Another post that BOI are to issue cheques to others who only got 250..
250 is peanuts.. would hardly get u a meeting with a solicitor
 

Threadser

Frequent Poster
Messages
229
The Irish Times have reported that the minimum amount for legal/financial advice is to be €750. Additional contribution will be made in January to anyone who got less than this. I find it hard to believe that the central bank supposedly supervised all these redress letters and yet allowed BOI to offer this paltry amount initially to affected customers.
 

maunie

Frequent Poster
Messages
107
Having read over my appeals pack again it seems they are giving us options to under which we are appealing
Has anyone submitted their appeal pack yet?
 
Top