Hi, eventually received an extra €3,500 by appealing. Still looking to get back onto the tracker rate with BOI. We sold our Dublin house in 2015 and moved to Waterford where we bought again and took out a variable rate mortgage with PTSB. We've sent in the relevant documentation they asked for but I'm not too optimistic about getting back the tracker for new house. It would involve interbank processes between PTSB and BOI.
Hi again, just some info on the appeal we submitted. I left the photocopy of my appeal form and letter at home but it was primarily based on us having to sell up our house in Dublin as a result of the excessive interest rates. We relocated to Waterford in 2015 and rented for 18 months before buying again in 2016. We also put down that it caused up a lot of stress etc as my wife needed to take redundancy due to one of our children having special needs. So we put emphasis on the financial strain. Another factor was that we had put in a complaint to BOI back in 2013 about the tracker based on our mortgage letters etc and were turned down outright. They essentially said then that "in their opinion" we had no right to move back to a tracker in 2009. They soon changed their tune on that come 2017 eh!! We mentioned our 2013 effort in the appeal so that may have helped on the amount we got, small as it was!!
I didn't get any legal help with the appeal. Maybe that was a mistake but it seems to me that BOI have put aside a certain amount for appeals and it's all pretty rigid. Their Appeal reply under the section Key Factors In Determining Decision was as follows:
- The Panel is not satisfied that on balance of probabilities the sale of (our property in Dublin) was effectively caused by the Bank's failure.
- However having carefully considered the Customer's appeal and all the information provided by the Customers in it's entirety and the information provided by the Bank, the Panel decided that having regard to the level of overpayment, it would be appropriate to provide additional compensation of €3,500.
Anyhow, we're not going to look for any more appeal compensation as we're happy with the lump sum we received earlier in the compensation pack and the €3500 is a little bonus on top. It paid for the removal costs I guess! I'm still chasing them about the move back to a tracker on our new house. We're currently on a variable rate mortgage with PTSB. My wife an myself are both from Waterford so glad to be out of Dublin in all honesty! Let me know if you need anything else.
Deise thx a million for that info...were basing our appeal on the fact that i too chased the bank since 2008 asking for our tracker to be reinstated as we felt it was in our contract.all we got was a brick wall NO..also we had the choice of a 3 month mortgage break built into our contract and when we tried to take a break during the tough times after my wife gave up work to care for my daughter the bank again put up a brick wall NO...cancelled healthcare and then 2 kids in hospital(murphys law),we had to set up a payment schedule with the hospital over 2 years,all this on top of interest payment to the credit union for a little loan every xmas to see a family home happy means that the 10% compensation was basically handed over to others for 9 years im interest payments...if we had been on our proper tracker rate we wouldn't of had to worry about that...
just an update on our BOI appeal,glad to say our appeal was upheld and we received an extra 5000 euro in compensation,the appeal was upheld on the basis of the overpayment,time the account was impacted and the information we included like financial strain and loans credit card bill etc ,we also included we had to cancel health care and forced to set up a payment plan with the hospital to pay over 2 years after kids were in hospital,all this info was gained from the hospital accounts department,the credit union loan book,and credit card bill payments,all in all were delighted with the appeal being upheld as our original compensation total was 2500
no johnmc the compensation and redress paid to you is yours and any appeal will not affect that money,if you feel you need to appeal then i would,it cant hurt,just add as much info in the appeal pack as you possibly can,then send it off and forget it,you can get your appeals pack by ringing the tracker phone number with BOI