The home loan in question is now closed and a new home loan account opened in 2012 which is costing us substantially more in interest payments.
We were approved a new home loan as we decided to move as we thought we had nothing to lose because we were repeatedly told by the bank we had no tracker.
I would even advise against going to a solicitor. There is a significant risk that the solicitor might share your outrage and start a legal process which would cost you a lot of money.
How can they uphold the complaint but not rectify the financial loss?
Brendan,
How can a solicitor start a legal process, and create a liability for their client, without the client's specific authorisation to do so?
We suffered a huge loss. I.e the savings in interest payable over the term of the loan V's the new loan they gave us. The point here is that if they told us we had a tracker loan while it was active (we asked repeatedly) rather than after they had closed it (convenient ly) we would never have moved home. We had no necessity and moved within the locale to another 3bed. In fact to a property needing a complete overhaul V's our old home.
Sorry but no one would move home and risk losing their tracker surely? There is no way we would have if we had ours in place.
We did ask And complain about the rate while the account was open.... just it took the Bank years to admit it and that happened after the account closed.
The Bank is obviously allowed to delay telling the truth until it is too late so as to benefit their customers.
Thanks for all heads up.
Bank of Ireland can afford to fight you in court, can you risk your future on a very thin case?
As he will be appealing the Ombudsman's decision, his case will be against the Ombudsman and not Bank of Ireland. And the Ombudsman does seek costs and does pursue them.
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