tom bonass
Registered User
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Hello , could anyone advise if they have lodged an appeal yet in relation to the margin issue . I mean someone who has gone on the ECB plus 3.25 for example ?
Hi pp
There is no mention of trackers in the Consumer Credit Act.
View attachment 817
These notes simply refer to Housing Loans as defined by the Consumer Credit Act. And maybe they contain the information which is required to be disclosed by the Consumer Credit Act.
View attachment 818
But this note is interesting. "The amount of the percentage over the ECB rate...will not be exceeded during the term of the loan". I wonder if that note is on the back of the mortgages which do not have a rate specified.
Rodger,A good point was made in another thread recently
Aib and PTSB claimed these were the "prevailing" rates.
Now if trackers were discontinued at this time then I believe we need to go back to the previous offered tracker. In 2007.
A genuine tracker offer and acceptance thereof could make it "prevailing".
Personally I believe when banks used the expression "prevailing" they meant the ecb rate. And the margin would remain fixed.
You are right Wardy,I wasn,t clear on your point.Gerry I think you are missing the point here.
I speak for myself only. I am one of the people on the 3.3% rate. I didn't sign any agreement for it. Nor am I on a variable mortgage. What I signed for, was that after my fixed rate period, I would automatically revert to a tracker rate but that rate was not specified on the contract. So while majority of people on tracker mortgages pay a rate of 1+%, those of us who are part of the redress scheme who didn't have a rate specified on contract, are basically being shafted with this extortionate tracker rate. That is the issue.