If its the same formula as kbc, you will get refund of overpayment, a drop in the balance, compensation and "time value money" which is interest on the overpayment.Thanks , the overall principle will be reduced in addition to redress also and then there’s compensation for changes to lifestyle , using a pension early etc that would not take place if there hadn’t made the mistake and then I want the interest for the use of my money they had while I didn’t have the use of it !!...
If its the same formula as kbc, you will get refund of overpayment, a drop in the balance, compensation and "time value money" which is interest on the overpayment.
The kbc document sent with the refund was very detailed, hence very few if any queries.
Hopefully the ebs document is as clear
Truffade have you had any update, i am in a similar situation, noticed a BD Refund amount online although there seems to be no change to my mortgage balance, my term has gone up by 8 years?? and my monthly repayment reduced again. I've heard nothing from EBS
bilbow, I too see a "BD Refund" entry online dated 22nd Aug. My understanding is, the mortgage balance will only be reduced by any overcharged amount that you didn't actually pay. This applies if you weren't paying your full mortgage repayments or were in arrears. Any overcharged amount that you did pay, will be refunded along with compensation by cheque. If you were keeping up to full repayments or were not in arrears then you would get a full refund of the overpaid amount along with compensation etc., and balance won't be reduced in this instance. I was told by the helpline that redress letters will most likely be out in the next couple of weeks.
Hi All,
Latest update from the tracker helpline today. The lad I spoke to advised that, the "BD Refund" amount we see online is the actual overpayment that you can expect to receive as refund by cheque and is separate to any balance reduction you see online. This excludes compensation + time value money + legal fees. He also said, these numbers are being verified by KPMG and once they sign off, formal redress letters will be sent out along with refund cheque. He noted that, these numbers are subject to KPMG review & sign off and hence could change, though less likely!
RajR
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