Hi Banquo
This is a very complex area and some of the lenders got it wrong.
ptsb did it right.
AIB did it twice.
BoI had no idea how to do it (I think it was a systems issue) and did something else instead.
Which lender and what is your exact point?
Don't forget that the Central Bank and their auditors have all approved these calculations, so you are going to have a tough time convincing the Panel or the Ombudsman.
Brendan
I am referring to the TVM on the monthly overpayment.
In general, the right way to do it is to restate the account at the correct rate of interest with the actual repayments. By doing it like this, the TVM automatically uses the mortgage rate charged.
I never buy this argument that "the bank was making money on my money", it's rather crude and very much a tabloid type argument especially when the amount is miniscule and certainly for the last few years, banks can borrow at 0% and I think some bonds went negative.
I understand fully, I was on this site back in 2010 at the start of the fight and got my overpayment, tvm and compensation from KBC.I think you misunderstand what banks do and did here. The money they saved by not giving people tracker rates resulted in higher profits not cheap financing. They had no intention of repaying it. They didn't borrow the money from impacted customers they took ownership of it.
And I'm not suggesting it was a grand conspiracy to defraud me of my few €€€€ but clearly when you factor in they did this to many thousands of people. The money does add up. As did the profits as did the bonuses.
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