S
On the contrary. The bank would welcome people overpaying trackers as they are not as profitable as SVRs.I hope this reduced rate doesn't prevent us from paying off early without penalty, does anyone know?
Unfortunately you may have to wait a while longer before you get any compensation. It is almost three months since Bank of Ireland sent me a letter telling me that my tracker rate has been restored but I am still awaiting the details of the redress and compensation amount. I am sure if I had been undercharged by the same bank over nine years, it wouldn't take them that long to work out how much I owe them. Great to have the tracker back but very frustrating that the bank have not refunded me a single cent yet of the over charge amount.[B said:Should [/B]I phone UB on Monday and ask about the compensation? Or does that happen a few weeks after getting the new lower rate letter?
As our mortgage was nearly 500K, does that mean we might get back 50K?
Hi Sir Mille
Well done!
No need to do anything in a hurry.
You may have better things to do with a 1.15% mortgage than overpay it - e.g. contribute to your pension fund.
You will be getting a lump of cash. Hard to know how much. But a 3% overcharge on a €500k mortgage would be €15k per year. The serious overcharging probably began about 6 years ago.
Again, you could pay that into a pension fund, subject to limits.
To be honest, I don't think you should bother ringing UB. You won't get any useful information. There is no hurry. You will get interest on the refund in any event.
Brendan
The more I think about this, the more I realise how much we need to put a test case against the bank(s).
Am I correct in thinking, our expected over-charging repayment is in the area of EUR15K x 10 years = EUR150K+ punitative damages?
What on earth would be taking a test case about?
We got the mortgage in 2005 and have been variable from day one, paying about 4%+ IIRC.
Pete, we should have been offered base rate plus a spread. They refused the lower interest rate, which they should have made available, but did not. A European high court ruled on this, and found in favour of borrowers.If you were on variable from day one where was the entitlement to a tracker? So you agreed to the rate and you are aggrieved you paid that rate now that you inadvertently got placed on a tracker you didnt know you were entitled to?
You clearly have no understanding of the process
Fraud is a criminal charge and would require proof beyond reasonable doubt. That would be a very high target.
Justo of course a huge amount of people have been impacted and their lives ruined by
the banks action,but to be fair to Brendan he was specifically referring to the poster who seemingly did not know that he was on the wrong rate until he received the letter in the post,and who clearly has no understanding of the process or the ongoing campaign.
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