That's what everyone is saying but it hasn't been reduced yet..I was wronged for 5 yearsHi
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
Hi Cloe 17Good 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.
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..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
to be honest, it's all confusing me.. maths are not my forte but other banks seem to be reducing the loan amount..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?
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?
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