Bank of Ireland BOI customers any update??

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Wardy7

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There was a principal reduction on ours as well as the refund, combo & financial advice, but that’s PTSB.
 

Lucian N

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Hi all
As I said earlier,I'll give you details of my letter received from BoI
So... there's few pages explaining interest charged vs interest that I was supposed to pay
Then I have an overpaid total (A). At this was added 5% as interest BoI will pay to me to reflect time value of money(B).. Added A & B then apply 10% as compensation for the bank failure(C).. Plus €250 towards costs for independent advice,if I wish to get it
There's 3 options for refunding... into mortgage acc. into current acc .. or into a different acc.. Have up to 6 mths to decide,or money go into mortgage account
I took mortgage with ICS on Ian 2005... fixed rate Apr 2006 to Apr 2009... I was supposed to get the tracker rate from Apr 2009.. never been offered

There's two forms to sign and send back... one re payment method and one Mortgage Form of Authorisation (MTA)
MTA... sign and return this form to acknowledge and accept the rate change we have already applied to your mortgage

Hope this helps someone
 

Stillwaiting

Registered User
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Hi all
As I said earlier,I'll give you details of my letter received from BoI
So... there's few pages explaining interest charged vs interest that I was supposed to pay
Then I have an overpaid total (A). At this was added 5% as interest BoI will pay to me to reflect time value of money(B).. Added A & B then apply 10% as compensation for the bank failure(C).. Plus €250 towards costs for independent advice,if I wish to get it
There's 3 options for refunding... into mortgage acc. into current acc .. or into a different acc.. Have up to 6 mths to decide,or money go into mortgage account
I took mortgage with ICS on Ian 2005... fixed rate Apr 2006 to Apr 2009... I was supposed to get the tracker rate from Apr 2009.. never been offered

There's two forms to sign and send back... one re payment method and one Mortgage Form of Authorisation (MTA)
MTA... sign and return this form to acknowledge and accept the rate change we have already applied to your mortgage

Hope this helps someone
Can anyone give actual figures? For instance the mortgage was X amount, the monthly repayments have been reduced by X amount and the redress is X amount? I dont see anyone giving figures and at the end of the day this is all we really want to know.

I wonder why some people are only being offered €250 for legal advice and some people are being offered €1000?
 

maunie

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107
If anyone wants to private message me I'm willing to give my redress info privately
I had a €100k mortgage
 

WackoJacko

Registered User
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€180k mortgage drawn down in 2005 for 35 year term. Tracker rate +1.25%

Redress for interest I overpaid Apr 2010 to Nov 2017:
How much I paid: €42,930.80
What it should have been: €18,858.77
Total Interest overpaid: €24,073.03
Time Value Money (5%): €1,203.60
Total: €25,275.63
Compensation (10%): €2,527.56
Fee for Legal Advice: €250

Total Redress & Compensation : €28,053.19

My monthly repayments have reduced from €748.09 to €544.29 as it stands monthly.
 

Mickon

Registered User
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It doesn’t say what principal amount is and if you pay into it does it reduce the term or monthly repayments you would think this information should be also relevant.
I don’t want to seem ungrateful but I’m overly cautious with them , wonder why!! There’s also misprint in mine in both options they have the same account no. In form for payment which is the loan account!
 

carrieD

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Yes wonder why some got € 250 towards legal fees and others got € 1000 ? Also, my letter is at home but do not remember seeing anything on it about BOI paying 5% interest to reflect time value of money ?? It was literally overpaid interest + compensation at 10% + € 250 towards legal costs !!!!
 

Poc-ar-buille

Registered User
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Is there compensation for loss of foreign rental property ?
Is there a standard approach or does it have to be appealed case by case?
 

LadyHB

Frequent Poster
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I got my redress pack too. Thrilled!

I’ll certainly be appealing though. Nothing to lose. In my opinion, 10% is insufficient compensation for denying me over 40k over 8 years. And €250 for advice is an absolute joke.

I didn’t get my voluntary overpayments returned either and no mention of having the original term restored. I’ll be looking for both back.
 

Threadser

Frequent Poster
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220
Just curious. Those who got their letter recently...was your TRS deducted from your compensation amount?
 

Threadser

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Interesting so a couple of weeks after the initial redress letters were sent out TRS is no longer deducted and legal advice amount has increased from €250 to €1000. I will eagerly await another letter from BOI with a refund of TRS and an increased offer for legal advice. Seems strange that the central bank hadn't clarified all this with BOI prior to them sending out the first offers of redress.
 

LadyHB

Frequent Poster
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59
Are they just trying to estimate appeals and adjusting what they offer as we react?

If that’s the case, sit tight; all manner of complications and challenges are going to emerge. Ten percent is pathetic.
 

Threadser

Frequent Poster
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The central bank should have set out it's expectations for compensation for customers affected by this. It should have instructed the banks not to deduct TRS once this was agreed. A set percentage of the over charge should also have been agreed as compensation. The wide variance in amounts towards independent advice should have been standardised depending on the amount of overcharge. This would have made the process more transparent and would have cut down on the amount of potential appeals.
 

mcshane

Registered User
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Received a redress letter today , this is the first correspondence i have had with the bank around this , I did not even know I was due redress , 250 for financial consultation , and 10% compensation.
What are peoples thoughts on the compensation ??
In the letter they refer to a third party signing off on all the numbers, anyone know who the third party is ?

I am being compensated from 2010 - 2016, when i sold the house , took out mortgage around 2005 with ICS
 

Stillwaiting

Registered User
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So I received my redress letter today. €40k overcharge on a €270k mortgage. TVM €2k and compensation €4,200 so a 10% compensation element. €250 euro for independent advice. So I will be appealing on 2 counts, 10% compensation inadequate and €250 for legal advice wouldnt even get you 1 hour with a financial advisor/solicitor. The overcharge itself I wont be appealing.
 
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