EBS EBS giving 500 people back their trackers!

Jean84

Registered User
Messages
44
That is interesting thanks Pearl. I wonder if this will come up with SC. Everyone’s draw down date will differ so could end up being different arguments depending on drawdown date!?! Mine was July 2008
 

Brendan Burgess

Founder
Messages
37,966
I have updated the second post on this thread as follows:

Update 19th June

I understand that EBS has deemed 500 people as impacted, who fit into the following categories:

1) They started off on a tracker mortgage.
2) As well as completing the ordinary mortgage application form, they completed a tracker application form with the following wording:

3) They later fixed.

The following are still deemed not impacted:
  • People who started on an SVR and moved to tracker and later fixed
  • The Variable Base Rate cohort
 

B26354

Frequent Poster
Messages
254
I have updated the second post on this thread as follows:

Update 19th June

I understand that EBS has deemed 500 people as impacted, who fit into the following categories:

1) They started off on a tracker mortgage.
2) As well as completing the ordinary mortgage application form, they completed a tracker application form with the following wording:

3) They later fixed.

The following are still deemed not impacted:
  • People who started on an SVR and moved to tracker and later fixed
  • The Variable Base Rate cohort
The poster YerGrand has confirmed that he has been deemed impacted. That poster had a split mortgage of tracker & fixed to variable base and both parts were moved to SVR. Both parts of the mortgage have now been returned to tracker although he/she was awaiting written confirmation from EBS. I am not aware of any other fixed to variable base customers who have been deemed impacted yet.

I have been told I am still in the review and should get an answer before end of June...but also told by EBS that the review maybe extended beyond that date.
 

Truffade

Registered User
Messages
45
I have updated the second post on this thread as follows:

Update 19th June

I understand that EBS has deemed 500 people as impacted, who fit into the following categories:

1) They started off on a tracker mortgage.
2) As well as completing the ordinary mortgage application form, they completed a tracker application form with the following wording:

3) They later fixed.

The following are still deemed not impacted:
  • People who started on an SVR and moved to tracker and later fixed
  • The Variable Base Rate cohort
That's me! (highlighted above)

Wording on the tracker form was the same. So it's hard to see how EBS could deem us not impacted.
 

YerGrand

Registered User
Messages
27
The poster YerGrand has confirmed that he has been deemed impacted. That poster had a split mortgage of tracker & fixed to variable base and both parts were moved to SVR. Both parts of the mortgage have now been returned to tracker although he/she was awaiting written confirmation from EBS. I am not aware of any other fixed to variable base customers who have been deemed impacted yet.

I have been told I am still in the review and should get an answer before end of June...but also told by EBS that the review maybe extended beyond that date.
Just to be clear on the above. I had a split mortgage recently deemed impacted......but.....now after pressing them the Variable Base Rate may or may not be included, now they have to check......and they can't find the file. Yes, really. I am still waiting on written documentation from EBS to understand precisely what is going on though verbally they have said to think about redress and compensation. I'm getting nervous now that what seemed so clear may no longer be.

Additionally, this tracker disaster forced us to sell our home at a loss. So my tracker has not been restored as I don't have either a home or a mortgage any longer.
 

Frecklesa

Registered User
Messages
17
Hi all , phoned the helpline again today . Still on 3.7% svr but told our account has been impacted and to expect a letter by the end of the week . Question for the people whose interest rate has been reduced - when you signed the fixed rate conversion form did it state you would return to “the applicable variable rate then prevailing “. Am afraid they will now make up an interest rate as a prevailing rate instead of returning us to the tracker rate in the original loan offer .
 

RajR

Frequent Poster
Messages
56
Hi Frecklesa,

If your loan offer clearly stated it’s a tracker mortgage and the interest rate basis as ECB + margin, then it would revert to this rate. With the ECB Rate being zero, it would be the margin per your loan offer. This is what it returned to in our case and I believe for others too who have gotten their trackers back so far.
 

Frecklesa

Registered User
Messages
17
Thanks so much for your reply RajR . Original loan offer said variable ECB base + 1.05% and we signed the tracker rate application form confirmimg this rate . Beyond delighted and cannot believe there is an end to this saga in sight. This will make a huge difference to our lives .
 

Truffade

Registered User
Messages
45
Great news Frecklesa. I too was on exactly the same ECB + 1.05% tracker and then fixed. Will keep a watchful eye on the postbox!
 

bilbow

Registered User
Messages
4
Great to have found this and even though i may not be affected its great to see other people getting returned to trackers.
I checked my "manage accounts" and my monthly repayment is lowered by a couple of hundred although i haven't been contacted by anybody is this how other people found out?
I also noticed that although my monthly repayment amount is significantly reduced the term has gone up and my rate is still at the same, any advice is much appreciated.
 

B26354

Frequent Poster
Messages
254
Great to have found this and even though i may not be affected its great to see other people getting returned to trackers.
I checked my "manage accounts" and my monthly repayment is lowered by a couple of hundred although i haven't been contacted by anybody is this how other people found out?
I also noticed that although my monthly repayment amount is significantly reduced the term has gone up and my rate is still at the same, any advice is much appreciated.
You will have to give more info about your loan agreement & offer or other additional documentation you received. Did you have a tracker then move to fixed term or did you start your loan on a fixed term then move to variable base rate?
 

fixxation

Registered User
Messages
7
Hi bilbow - that's the same that I saw online. Monthly amount lower, but the rate and term are wrong - this could just be because of manual intervention of the account and other figures aren't updated correctly, perhaps... I'd call the helpline or your branch, they'll be able to confirm it for you. Sounds very likely that you're back on the tracker rate.
 

Aidan.obrien

Registered User
Messages
12
Hi all
Ive been told over the phone by the tracker helpline i am one of the affected cohort but still have received no letter and rate is still still at 3.7!! Anyone else in the same boat?
 

RajR

Frequent Poster
Messages
56
Hi Aidan,

In our case, the rate has been changed but haven't received the letter yet. Helpline advised that the letters are going out in batches and we should have it by end of next week latest. Per Mr Byrne's statement at the finance committee yesterday, rates will be corrected and all customers notified by end of June with redress and compensation completed by end September.
 

Frecklesa

Registered User
Messages
17
Hi Aidan , when i spoke to them yesterday they said my rate was still 3.7% . I then asked what my next repayment would be - the figure they gave me would be the 1.05% rate . Letters being issued in batches .
 

Bikini Widow

Frequent Poster
Messages
76
Interesting, I had not seen (to date) any offical comment in regard to EBS 500.

Below comment from AIB CEO readily implies they have only given us our tracker back due to pressure from CBI.

Http://www.irishexaminer.com/ireland/aib-may-fight-tracker-appeals-472190.html


“AIB also said the 500 additional tracker cases that have come to light at its EBS subsidiary will be fully back on proper rates by the end of June and compensated by the end of September. Mr Byrne said AIB only recognised these cases as being worthy of the tracker investigation after being pressured by the Central Bank.”

Could the same not be said for all re-instated trackers? Fact that he is calling it on EBS and not others sounds like particularly sour grapes...


Many thanks,
BW
 

EbsLoannotrafor

Frequent Poster
Messages
83
Hi guys ,
We are back on our tracker rate , from July updated rate on system 06/06 , but first tracker payment out in July , we received letter to effect back on tracker 19 th June . Mention we would receive redress/compensation letter and then a third letter outlining how it was calculated in detail before 19 th sept , according to help line . I am wondering how long it took before “ cheque” was receivec by any of you . It is very frustrating that this is drawn out again , computer systems should be able to do the calculations and just send it . I am trying to make plans for schools for September and this is a real pain . Anyone recently notified back on tracker , got a cheque yet ? Thanks
 

geri

Frequent Poster
Messages
255
We got our tracker back from EBS in december 2016. Also got a cheque for 18,000 in overpayments and the balance adjusted. Compensation of 800 euro also. We didn't contact them at all. Never thought we were entitled to it as it was a buy to let mortgage. Couldn't believe it when the letter arrived out of the blue. The cheque arrived about a month after the letter.
 
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B26354

Frequent Poster
Messages
254
We got our tracker back from EBS in december 2016. Also got a cheque for 18,000 in overpayments and the balance adjusted. Compensation of 800 euro also. We didn't contact them at all. Never thought we were entitled to it as it was a buy to let mortgage. Couldn't believe it when the letter arrived out of the blue. The cheque arrived about a month after the letter.
Geri-can you recall what the wording was in your loan offer? A lot of BTL EBS customers from 05-08 seemed to be unaware that they were on a tracker & thought they were on a SVR. I’m aware that there was a margin (e.g.ECB base + 1.25%) in the fine print of the BTL offers but was the loan offer wording describing the rate type similar to the “variable base rate” term?
 
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