Bank of Ireland BOI customers any update??

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Frequent Poster
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.
Agree with you, 10% is insufficient compensation but I wonder how affective appeals will be? It's going to b hard to prove how a person was affected to prove compensation
My overpayment was€12k so offered 1200 compensation but got €1k legal fees
This part is v odd to me. It's like they are admitting I have a further case to take


Registered User
I am being requested to sign a MFA and return it. On the form it states "By signing this form you amend the terms of your Mortgage Loan Offer Letter" then 2.3 states "If we certify that the repo rate is unavailable at any time or times we will charge you our prevailing variable rate"

Just a few questions on this:

Why would the repo rate not be available?
Why do i need to sign another MFA if there telling me my original loan offer states I'm already entitled and have agreed to a tracker.

I'm sceptical signing the MFA and in the back of my mind I'm thinking are they trying to dupe me again. "If we certify" what's their basis that they certify it's available or not??


Registered User
Hi only very new to this. Just wondering if anyone has sought legal advice on the letter they have rec’d from BOI? We were offered €250 to get advice and would like to do so but not sure who to go to and indeed if there is any point. Are there companies that specialize in redress/ forensic analysis.
Has anyone sought advice and been told they should get more from BOI than they’ve been offered? TIA


Registered User
Folks. Just an update. I got independent advice on my redress pack and the Bank have not reduced the principle sum, all they have done is thrown back the interest over payment. So as you can guess I will be appealing my case to the Independent authority asking them to enforce the Central Bank recommendation towards impacted customers. My principle figure should've been reduced by €14,000

Appendix B - Supplementary Guidance for Redress and Compensation for Tracker Mortgage-related issues
1. Redress and Compensation

1.1 Redress
1.1.1 “Adjusted Amount” refers to the difference between the monthly amounts that customers were charged in respect of their impacted accounts and the monthly amounts that they should have been charged had the relevant issue identified not occurred.
1.1.2 Loan balances are to be adjusted (the principal balances on impacted customer accounts to be adjusted to the correct level as if the issue giving rise to redress had not occurred and appropriate Tracker Interest Rates had been applied to the accounts from the appropriate time).


Registered User
Can you appeal after accepting the offer?, as I didn't get my balance reduced either. I need the money now so couldn't hold off accepting, but certainly not happy with 10% for all the anguish, kids missing out on holidays etc as well as balance not being reduced
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