Hi Brendan,
I didn’t have a figure in mind, but had heard 10% mentioned, so BOI are clearly offering nowhere near that.
Whilst our overcharge seems like peanuts in comparison to the overpayments others have had to endure, this money was taken from us at a time when my husband was out of work and we were seriously struggling.
The overcharge wasn’t the cause of our hardship, and we would have struggled regardless BUT that extra few euros would have certainly been welcome. It might have bought a bag of coal or put some diesel in the car.
In terms of the impact on us, the result of the overcharge was minor and I don’t consider myself deserving of any big payout, unlike some other people are.
On the other hand, the bank overcharged us for 9 Years! The compensation just doesn’t seem proportionate to that fact. The only reason that they are getting away with offering such low amounts is because of the sheer number of people that are impacted.
They haven’t specified what rate they have used to calculate the interest or compensation, but what i would like to know is if they have calculated them before or after deducting the TRS. Surely, they can’t get away with the latter?