Bank of Ireland no letter yet

J

jamboambo1

Registered User
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I believe I am affected by the tracker scandal. I have not received anything yet from Bank of Ireland. I contacted them with details and just got a general mail to say they have not completed examination , do not know when it will be completed and will only contact people who are affected. Mine is a closed mortgage account but on their website it says closed accounts are covered also. Should i have received a letter by now. They haven't given me an answer either way so I don't know whether I need to just wait or is there somewhere else to contact.
Is there anyone else with BOI that hasn't received correspondence yet.
 
Hopefully you are impacted, however you don't provide any basis for your belief that you are impacted in your post. In order to be impacted, you would either have been wrongly moved off a tracker mortgage when making a change to your mortgage/repayments such as moving to a fixed rate or interest only. Or you would have had a contractual obligation to a tracker mortgage and have wrongly been placed on a standard variable or other less advantageous product. Some KBC customers were impacted by a flyer issued to brokers however this does not apply to BOI.

If you'd like to be more specific, there are lots of experienced posters here who will be able to advise. If you believe you have a strong case and the bank is contesting that, you may wish to avail of the professional services of Pádraic Kissane who continues to represent and advocate for the interests of many customers and who has the ear of the Oireachtas finance committee.
 
Thank you for your reply.
I started in 2003 on a special rate new mortgage customer rate of 2.95 and then in 2004 was moved onto a tracker in 2004. I was moved onto various variable rates then over the years and by 07 was paying variable of 5.34%. I do have correpsondance from the bank saying that as i paid by direct debit there was no need to do anythign and it was just a notification of a rate change
 
Well all any of us can do is wish you well. I'm afraid it's impossible to assess your position from the information you've provided.

In general, those impacted are people who were moved off tracker mortgages from approximately 2008 onwards. As the recession hit, the ECB reduced interest rates with the effect that tracker mortgages became most unprofitable for the banks who withdrew them in 2008 in the case of most lenders. In 2007, ECB interest rates were significantly higher, with the result that many people who took out mortgages between 2006 and 2008 initially opted for fixed rate mortgages which were supposed to roll on to trackers but didn't. If you came off your tracker in 2006 or 2007, you may have done so in order to avail of a more attractive product at that time. Of course, over time, you have lost out very significantly.

This all revolves around your contractual rights and obligations, the standard of the bank's communication with you and the extent to which you freely abandoned your tracker. It may be that your circumstances are quite different from most people impacted. Or you may feel they are very similar. I feel it might be no harm to speak to Pádraic Kissane or another qualified adviser, preferably someone with a lot of experience dealing with this issue.
 
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