Discussion in 'Issues with tracker mortgages' started by ryflava, Nov 4, 2017.
No. No info provided on redress or compensation amount. Just the change in rate.
I’ve received 2 letters from BoI...
One saying that I was wrongly charged and I’ll be put on tracker rate (1,30%)... down from 3,60% fixed rate. They mention that they will send me info re redress/compensation in few weeks time
Second letter with my new rate,starting 31/12/2017.... €170 less than what I paid in the last 2 yrs
Hope this info will help someone
Nice one Lucian
Hope to hear soon.. I'm calculating I'll drop about €130 a month and I'm owed about 12k
Update... just called BoI ... they told me they have to look back,as my first fixed rate ended on Apr 2009... so I was supposed to be on a tracker rate since
Looking forward for next letter
Looks promising for u
Mine ended in 2007 so I've 10 year overcharge to be refunded
Got my letter too. Back on tracker at +1.25%. Originally drew down mortgage in 05 on variable, switched to tracker in Feb 06 (unbeknownst to me, I didn't sign MFA and my original Loan offer doesn't state anything about tracker), fixed in 07 for 3 years until 2010. Fixed again for 2 years until 2012. Currently paying 4.35% and going down 1.25%. I assume will get redress back to 2010. Plus full amountwent out of mortgage account this morn so thought I wasn't impacted but low and
But low and behold letter arrived in post today.
anyone get their redress letter yet?
hi I got a later last Friday stating we had been on wrong rate and were being changed to tracker ! Monday received rate change letter we are down to 1.3 from 4.35 first letter said next letter we receive will be about redress etc ! We have mortgage since 2002 fixed at some early stage for 2 years then but in wrong rate !! Can anyone tell me what the MPV letter they had to sign is about we didn’t get one of those !! I wonder will be waiting months for redress can’t sleep thinking about it
Seems lots of those letters issued last week as mine came Friday and Monday also..
very unsure how long we will b waiting for refund..
Wacko if u weren't offered a tracker in 07 or did u chose to come off tracker to fixed and then u go tracker in 2010 I would think they would refund from 2010. Lucky you I think. Nice refund due me thinks
Any redress letters got this week by anyone? With 2 working weeks left by year end it's unlikely everyone will b sorted
Our original drawdown in ‘06 said we were entitled to a tracker... long story short we fixed twice up to 2010, when the offer letter came in 2010 there was no option of choosing a tracker on it, only fixed so we chose to fix for 3 years at that point.. (and zero mention of any sort of tracker in the letter)
Then in 2013 I got a letter from the bank saying to keep in line with central bank etc etc they had to revert us back to a tracker of 1.25% (they got caught basically).
I’ve been on to the bank and they can’t even tell me if I’m due a letter, one person said I would be and another said possibly not... I Know I was lucky (entitled) to get automatically put back on the tracker but surely I’m due some kind of refund for those 3 years when it wasn’t offered to me.. it was actually a struggle keeping up with the higher payments at the time.
Anyone else have the same or similar problem with them ?
Duffer I'm only guessing but yes I'd say you are due a refund for those 3 years.
My story is slightly similar in the fixing etc but I got no call/letter in 13 to say we were wronged. I'm owed money since 07
I have rec'd my letters putting me back on the tracker. Rang this morning about redress letter and advised some are issuing this week. However, they will not all be done before Christmas and there will be more going out in January.
When did u go back on tracker? Just gauging time frame as I got my letter two weeks ago
We all get different answers, it depends on who you get on the help line... I dont think any one would have an issue with it taking X amount of time as the calculations do seem complex but this attitude of it will come when it comes i think people are finding the most frustrating... running to the postbox every morning like a child is getting a bit demoralizing at this stage !!
Rang BOI this morn. More redress letters going out again this week so hopefully mine is in that lot
A lot of confusion re the redress packages, I was told this morn they will continue into early in the new year
We originally drew down our mortgage in 2005 and fixed for 2 yrs in Oct 2006. We were never offered the tracker rate again and continued to go for fixed rates (as they were cheaper than the variable) . We subsequently sold and moved house at end of 2015,and took out new mortgage again with BOI. We were able to locate original loan offer and it says tHe rate shall be no more than 1.1% over ECB for term of the mortgage. I phoned the tracker helpline at start of Nov, whereby they advised they would respond within 20 working days and received another letter yesterday to say it will be another 20 working days. Very frustrating!! Anyone else in a similar position???
I called the line BOI yesterday and was told that more redress letters are going out today but they could not confirm if I was on that list as wait for it..its a separate body are reviewing and issuing the redress letters.. this is the first time Ive heard of this..anyone else?
Separate names with a comma.