has anyone got their redress from BOI

Discussion in 'Central Bank tracker review' started by maunie, Dec 5, 2017.

  1. maunie

    maunie Registered User

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    just wondering if anyone has their redress letter got, Ive got my letter saying im going back on the tracker from 31/12/17 ( next payment date)
    I was on a fixed rate and was not offered a tracker when I came off it
     
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  2. Ninibopp

    Ninibopp Registered User

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    That's great news!! Are you getting a refund as well?
     
  3. maunie

    maunie Registered User

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    Yes im due a refund but wondering if anyone has actually got their refund yet
     
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  4. Ninibopp

    Ninibopp Registered User

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    I'm with AIB. We never had a tracker but should have been offered one at the end of our 3 year fix. Aib has been very quiet about it all. Not holding out much hope. Did you have a tracker originally or just the fix?
     
  5. maunie

    maunie Registered User

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    1. 27/05/05 we signed our letter offer at a fixed rate of 2.65% until 2006

    2. 7/6/06 we signed to fix our mortgage for one year until 31/5/2007 at a rate of 4.29%

    3. May 07 we rolled over on a tracker mortgage

    4. 20/8/07 we panicked and signed to fix for 5 years until 2012 at the rate of 5.65% as we were not offered a tracker option on our offer letter
    5. Aug 12 we were not offered a letter at that time each
     
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  6. Warrenpaul

    Warrenpaul New Member

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    Morning Guys
    I have been following the threads since getting my letter to tell me i was included in the tracker issue.
    i received the letter 24/11/2017 so i said i will give BOI a week and ring them each and every week for an update.
    So i called Kerry this morning for an update and was told rather than to expect a transfer or juicy chq for the over payments the lump sum would be adjusted on the outstanding amount owed on the mortgage and the compensation would be issued in funds back into current account or in chq. Lucky i didn't order the Range Rover after all.
    Also the before xmas time frame only applies to the issuing of the first notification letters and the redress doesn't seem to have a completion target.
     
  7. maunie

    maunie Registered User

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    Are you BOI customer?
    I thought they were refunded ppl as I'm sure ppl on here got it lodged into bank acc
     
  8. Threadser

    Threadser Frequent Poster

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    I was recently refunded by BOI. I was given the option to have my mortgage amount reduced by the amount owed in redress and compensation or have the money transferred to my current account. I opted for the latter. Were you in arrears in your mortgage? If not, it sounds like you were given incorrect information.
     
  9. maunie

    maunie Registered User

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    Delighted for u that you are sorted
    Can I ask you the background to your redress. How were u wronged? Were u happy with redress they offered and compensation?
     
  10. Warrenpaul

    Warrenpaul New Member

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    Hi Guys, No never missed a payment... Wrong information ? Hardly from the Bank of Ireland lol... Ah right that makes more sense to have the option. Also @Threadser delighted for you that you got your refund. Would love to know the time frame from initial letter stating your account would be included to actually getting funds ?
     
  11. David_Dublin

    David_Dublin Frequent Poster

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    We split our AIB mortgage 50/50, with 50% on the tracker, and 50% on a 3 (or maybe 5) year fixed. It reverted to standard variable rate when the fixed period elapsed. Was there an onus on them to offer a tracker rate then? We could have gone 100% tracker from the outset but chose to have some element known or fixed.
     
  12. maunie

    maunie Registered User

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    Were you on a tracker b4 you fixed?
     
  13. David_Dublin

    David_Dublin Frequent Poster

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    No, from the start of the mortgage 50% was fixed, 50% on tracker.
     
  14. Threadser

    Threadser Frequent Poster

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    @Warrenpaul . The wait time was 11 months from getting the initial letter to being refunded. I think those who are being identified now will likely be refunded in a shorter time frame. The delay was un-neccesary and completely unacceptable. I think their new boss has committed to getting matters resolved more quickly. Best of luck!
     
  15. Warrenpaul

    Warrenpaul New Member

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    Here's hoping @Threadser .... Thanks for your reply.
     
  16. maunie

    maunie Registered User

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    It is unlikely u are affected as I don't think they needed to offer you a tracker when u weren't on a tracker initially
     
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  17. Wardy7

    Wardy7 Frequent Poster

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    That’s incorrect. Many people included & impacted in this review started on fixed rate. It’s all down to what the contract says.
     
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  18. Jynxx1

    Jynxx1 New Member

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    I am in this exact position too although with BOI. I got a (very unexpected) letter quoting the account number of the non tracker portion of the mortgage saying that I am being included in the redress and that it will take some weeks. This was dated 24/11. No word since then. I was confused as to why I would be included but looking into it a little more, it does seem that you don't need to have started out on a tracker to be included.
     
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  19. David_Dublin

    David_Dublin Frequent Poster

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    Thanks Jynxx1. Have you looked at your original loan offer/contract? I wonder if it stated that you would be returned to the tracker, or if the tracker would be offered to you when the fixed term expired?
     
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  20. Jynxx1

    Jynxx1 New Member

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    Hi David. I did have a look at the loan offer and I was mistaken when I said the other 50% was fixed, it was actually a variable rate at the time of taking out the mortgage although I have had a few periods of fixing it for 2-5 years over the years.
    I'm not too sure why we ended up getting the letter but we will wait and see what they say. No follow up letter yet.