Jameson999
Registered User
- Messages
- 8
he Central Back Tracker "Appeal Panel"
Quick question about appealing to the ombudsman about compensation offered through Secretariat. Has anyone went down this line? We appealed after being granted €7000 compensation but feel that this is inadequate given property has gone up in value by circa €50k since we were forced to sell in 2014. Rental income above the correct mortgage amount for the time since we sold would have been circa €30k being conservative. This 2 bed property was previously our family home but we held on to it between 2009 and 2014 after we moved due to family needs. Anyway we have just began mediation process and have been asked to come up with what we think would be a fair settlement amount? The crux of the whole matter is that we were forced to sell when being charged the incorrect amount, rental income did not cover the mortgage and rental expenses. Mortgage was 912 when we sold and should have bee less than 600, rental income was 950. Any thoughts?
yes already received €7000 comp from them , just feel it is way short of what it should be,
This 2 bed property was previously our family home but we held on to it between 2009 and 2014 after we moved due to family needs.
Mortgage was 912 when we sold and should have bee less than 600, rental income was 950. Any thoughts?
The rental income exceeded the mortgage cost. So I can't see how you can argue that you were forced to sell.
If I had a rental property where the interest was €2,000 a month and the rent was €1,500, I would probably sell it.
If I had a rental property where the interest was €1,000 a month and the rent was €1,500, I would probably keep it.
So you could argue that had they charged you the right rate, it would have been a profitable rental property and you would have kept it.
Quick question about appealing to the ombudsman about compensation offered through Secretariat. Has anyone went down this line? We appealed after being granted €7000 compensation but feel that this is inadequate given property has gone up in value by circa €50k since we were forced to sell in 2014. Rental income above the correct mortgage amount for the time since we sold would have been circa €30k being conservative. This 2 bed property was previously our family home but we held on to it between 2009 and 2014 after we moved due to family needs. Anyway we have just began mediation process and have been asked to come up with what we think would be a fair settlement amount? The crux of the whole matter is that we were forced to sell when being charged the incorrect amount, rental income did not cover the mortgage and rental expenses. Mortgage was 912 when we sold and should have bee less than 600, rental income was 950. Any thoughts?
In an attempt to keep the property we were on an interest only mortgage in the year before sale, when the interest only period was up we had to immediately sell.
Quick question about appealing to the ombudsman about compensation offered through Secretariat. Has anyone went down this line? We appealed after being granted €7000 compensation but feel that this is inadequate given property has gone up in value by circa €50k since we were forced to sell in 2014. Rental income above the correct mortgage amount for the time since we sold would have been circa €30k being conservative. This 2 bed property was previously our family home but we held on to it between 2009 and 2014 after we moved due to family needs. Anyway we have just began mediation process and have been asked to come up with what we think would be a fair settlement amount? The crux of the whole matter is that we were forced to sell when being charged the incorrect amount, rental income did not cover the mortgage and rental expenses. Mortgage was 912 when we sold and should have bee less than 600, rental income was 950. Any thoughts?
Where loss of ownership has occurred as a result of tracker failings, lenders have included within the terms of their schemes minimum payments to customers who lost properties of €25,000 for BTL properties and €50,000 for PDHs.
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