BOI - Refund of Voluntary Over-payments?

LadyHB

Registered User
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I lost my tracker in July 2009 which has just been restored by BOI.

Since that date, in an effort to try and clear my mortgage account as quickly as possible, as it was costing me so much:
  • I voluntarily made a couple of significant lump sum payments to the mortgage account
  • I chose to make additional on-going monthly over-payments for a period of time to my mortgage account
  • I also reduced the term of my mortgage by a number of years.
I only realised mid 2016 that I may be entitled to a tracker. If I had known that earlier I may not have chosen to manage my mortgage as above.

I'm curious about how this will be treated under redress and compensation. The Central Bank say that - "The redress payment is to return the impacted customer to the position that he/she would have been in had the relevant issue not arisen."

BOI can't assume that I would have made those voluntary over-payments had I been on the correct tracker rate. Nor can they assume that I would have reduced the term of my mortgage had I been on the correct tracker rate.

My question is, should I expect to get my lump-sums and voluntary over-payments refunded (with compensation); the original term restored, as well as the standard redress and compensation for being over-charged?
 
Have you got your letter of redress from BoI yet?

It's probably best to wait until you get it.

You can certainly argue that they should put you in the position you would have been had you been on a tracker.

Brendan
 
No letter of redress yet. But to try and avoid any time-wasting and further delays, I want to set out my expectations for redress to include refund of voluntary over-payments and restoration of the original term. If I don't, I expect them to ignore it and then it's another little battle that I could happily live without!
 
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