Bank of Ireland BOI Original Tracker Cases from 2011

Sniper

Registered User
Messages
14
Hi all, I was returned to a tracker with BOI In 2012 one of the 2096. However I still have got no compensation or redress. I feel I'm due compensation and redress between 2009-2012. I first fixed sept 2006-2009 to revert to tracker. Is anyone in the same boat?
 
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Rachel091

Registered User
Messages
3
Hi Sniper - I am in the same position.
I was on incorrect rate for 5 years and was returned to a tracker in 2014 and got overcharged amount refunded. However I did not receive any compensation.
In my opinion it should not matter if you were on wrong rate for one or ten years, you should still be entitled to a certain level of compensation (proportionate to the overcharged amount).
Why should we be treated any different?

Also in my case it cost me €3500 as I paid a financial advisor to work on my behalf.
Even with their help it still took a year and a half to get the tracker back.
So yes I will be pursuing this with the bank in the near future.
 

Sniper

Registered User
Messages
14
Hi Rachel, I got no overcharge refund just my tracker back. I feel I'm due overcharge refund plus redress and compensation.It's with BOI complaints dept but keep getting 60 day letters? Any advice? Thanks
 

Brendan Burgess

Founder
Messages
37,956
Hi Sniper

This has come up a few times.

You have a legal right to a refund of any overcharge. Not sure why you did not get it.

You have no right to compensation. The Central Bank persuaded the lenders to give it since 2015.

If you got your tracker back in 2012, the amount of overcharge would have been very small as the gap between trackers and SVRs was not as high and not as long. So, few people would have been impacted significantly.

Brendan
 

Sniper

Registered User
Messages
14
Thanks Brendan. The most frustrating thing is that BOI won't tell me this and answer the simple question. Thanks for clearing up.
 

Karenb17

Registered User
Messages
6
Hi Sniper,

We got our tracker back in 2011, we never got a refund, we were told at the time the over payment would be put against the mortgage. Never in arrears, always paid full mortgage. We contacted BOI about this in Dec last year. BOI confirmed back in 2011 the central bank confirmed this is the way the over payment should be processed. Also as too much time has passed, they are unable to help now. Several people have told me this is incorrect as they were refunded. We have put a complaint in to the FPO office. We are not looking for compensation etc, just our over payment back. We should have received this back in 2011.
 

Sniper

Registered User
Messages
14
Thanks Karenb17. I will also lodge a complaint. Let me know if you have any success. I agree we should get over payment back. Probably not much as rates were similar however rather in my pocket than BOI's..
 

peemac

Frequent Poster
Messages
641
Hi Sniper,

We got our tracker back in 2011, we never got a refund, we were told at the time the over payment would be put against the mortgage. Never in arrears, always paid full mortgage. We contacted BOI about this in Dec last year. BOI confirmed back in 2011 the central bank confirmed this is the way the over payment should be processed. Also as too much time has passed, they are unable to help now. Several people have told me this is incorrect as they were refunded. We have put a complaint in to the FPO office. We are not looking for compensation etc, just our over payment back. We should have received this back in 2011.
Check your annual mortgage statements - usually they detail all transactions.
 

Karenb17

Registered User
Messages
6
Thanks Sniper will do, let me know how you get on too.

Hi Peemac, I can see the credit adjustment on our mortgage in 2011. My point is we never get the option for this amount to be paid into our current account. We should have been given this option .Hope that makes sense. Thanks.
 

Brendan Burgess

Founder
Messages
37,956
You have no right to compensation.
Jim Stafford has pointed out in another thread that if you can show detriment, a court will award you compensation.

However, as the overcharge was very small in most of these cases, it's unlikely that people could show detriment.

Brendan
 

Brendan Burgess

Founder
Messages
37,956
We got our tracker back in 2011, we never got a refund, we were told at the time the over payment would be put against the mortgage. Never in arrears, always paid full mortgage.
Hi Karen

That is very odd. They are doing the exact opposite now. They are giving everyone a cheque for the full overcharge, although they should be reducing the balance with some of the overcharge and giving a cheque for the rest.

Did you get a letter at the time explaining what they were doing.

It could be correct if you were in arrears, but you say you were not in arrears. Had you rescheduled your mortgage e.g. a payment holiday or an extended term?

Brendan
 

Karenb17

Registered User
Messages
6
Hi Brendan, got a letter at the time to confirm the tracker rate & the credit adjustment amount on our mortgage account .

We have never been arrears, full account always paid. BOI confirmed in recent letter, that the agreement with the central bank was for the over payment to be put against the mortgage not refunded. They said too much time has passed now for the monies to be refunded to our current account . If we are not happy with this final decision to contact FSO.

I think we should have pushed them back then for the refund, we asked & we're told this wasn't an option, we didn't pursue it as we were just relieved to get a tracker back.

We've sent a complaint form into FSO. So we'll see what they come back with. Don't expect much to be honest .I know it's nothing compared to what people are going through now but we should have been given that option.
 

Foxy007

Registered User
Messages
21
We pushed for the refund but they were extremely reluctant to hand over even a portion as cash. I pushed very hard and we got a % but should really have gotten the full amount as an option as we were cash strapped in a big way at the time. I'm waiting for the final letter from them still because an over payment is an overpayment and all consumers have the right to restitution in full for any other transaction where they have over paid. I think we still have a case for compensation at least. I just felt uttlerly powerless and almost like a beggar for asking for money as cash that was rightfully ours in the first place.
 
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