Has anyone received refund from Bank of Scotland regarding overcharging on tracker mortgage

Received my overcharged interest payments and compensation before the weekend. My query is how do I know if I am getting the right amount of compensation or not.
Because based on this case study 3 example attached from the central bank. This person was over charged 0.5 % for 2 years and got compensated approx €2000.


My situation is
1) Amount of refund of overcharged interest: €7535.62
2) Time Value of Money: €1518.70
3) Compensation if any: €1358.15
4) Advice Payment: €400
Total: €10,812.47

Based on these numbers compared to case study 3, her mortgage would need to be 4 to 5 times more than my mortgageView attachment 5458

How much was your mortgage for?
How long were you overcharged for?
I think the example you have cited was an overcharge for a relatively short period.
 
sorry i may have phrased the question wrongly, if she got €2000 compensation, which would include €400 Legal advice payment, the balance would be €1600 which would include a refund of overcharged interest, plus Time Value of Money, and Compensation if any. How do you know how much compensation if any, and time value of money that you are owed. Is there a set % compensation based on the amount of overcharged interest. The reason that i am asking is that during these times of being overcharged i was having financial problems due to reduced earnings and trying to recover customers unpaid outstanding bills of over €100k via legal proceedings ( of which only 15% was recovered ). In my scenario €1358.15 of compensation seems paltry as it does not take stress etc into consideration . I was overcharged around €900 per year over a 10 year period, its not alot per year , but IT IS if your short
 
I took out a BOS mortgage in 2006 which was a tracker for 200,000 fixed it for a 3 year period and was put back on variable rate. I am now back on a tracker since last year with Bank of Ireland.

I am trying to get through to BOS as last letter was in December saying it would be sorted by end of March still have not heard from them. This is very frustrating should I go to ombudsman if I havent heard by Wednesday which is last day of March.
Has anyone received there settlement this month.
 
It is very frustrating, but there is no point in going to the Ombudsman. That will take over a year to resolve as well.

There really isn't anything you can do about it.

Brendan
 
I took out a BOS mortgage in 2006 which was a tracker for 200,000 fixed it for a 3 year period and was put back on variable rate. I am now back on a tracker since last year with Bank of Ireland.

I am trying to get through to BOS as last letter was in December saying it would be sorted by end of March still have not heard from them. This is very frustrating should I go to ombudsman if I havent heard by Wednesday which is last day of March.
Has anyone received there settlement this month.
Yes I received my cheque last week.
 
Were you happy with amount you received. Hopefully will get something in the post tomorrow or Wednesday can't get through to Bank of Scotland, emailed today no response
I was happy with what I got, just not the length of time they took to cough up and also trying to get information from Pepper. My overcharge refund was 7,168.56 and on top of that they gave 400 to get advice, 1,318.64 in compensation and 1,622.39 for time value of money. Total refund was 10,509.59. My mortgage was for 319.5k, taken out in 2006. I fixed in 2007 for three years and then they put me back on the variable. Pepper won't respond to emails, the best contact method is phone but they won't have any information. Hopefully you'll get something in the post this week and not another letter saying the date's being pushed out again.
 
I was happy with what I got, just not the length of time they took to cough up and also trying to get information from Pepper. My overcharge refund was 7,168.56 and on top of that they gave 400 to get advice, 1,318.64 in compensation and 1,622.39 for time value of money. Total refund was 10,509.59. My mortgage was for 319.5k, taken out in 2006. I fixed in 2007 for three years and then they put me back on the variable. Pepper won't respond to emails, the best contact method is phone but they won't have any information. Hopefully you'll get something in the post this week and not another letter saying the date's being pushed out again.
Thanks for that at least you got sorted and received your money after the long wait. My mortgage was €200,000 over 20 years i also fixed in 2007 for 3 years - from the letter i received in July 2020 i was on a variable rate of 1.4% they put me back on tracker ecb base rate current 0% plus a margin of 1.00% in June 2020. Anyone know how I calculate what I should receive from Bank of Scotland.
Thanks
 
Quick question, have any of you here that has received compenstion, or are waiting on compensation, have had legal proceedings initiated against by bosi,tanager, or pepper?
 
We got a letter this morning stating ".... we foresee that your remediation will be delayed further to June 2021 due in part to the extended impact of COVID-19 on our operations." Unbelievable.
 
I know. I am gutted as it will be a year by then I think from first letter.
Yep the first letter was in June of 2020. A year is way too long to have to wait for a refund. I actually had mine worked out myself on an Excel spreadsheet, I was only a couple of hundred Euros out, it's not complicated so I don't understand why the Bank is taking so long. Covid also isn't a valid excuse, Financial institutions and anyone supporting them in this work have been working as normal (remotely) since March 2020.
 
Thanks for that at least you got sorted and received your money after the long wait. My mortgage was €200,000 over 20 years i also fixed in 2007 for 3 years - from the letter i received in July 2020 i was on a variable rate of 1.4% they put me back on tracker ecb base rate current 0% plus a margin of 1.00% in June 2020. Anyone know how I calculate what I should receive from Bank of Scotland.
Thanks
If you have plenty of time and have your historic annual statements to hand you can roughly work out the interested that they charged versus what they should have, i.e. the overcharged interest. This will be calculated from the time you came off the fixed rate until the time they corrected your monthly payment. I did mine in excel and I was only a couple of hundred Euros out. The money they give you for advice is fixed at 400. The compensation and time value of money refunds will depend on the date they eventually refund you. From my own example and others I've seen in forums on this page, you can expect to get around 145% of the total overcharged interest back as your overall/total refund. Does this make sense?
 
I got a letter this morning pushing it out till June 2021 this is a joke. Sick to the teeth of these letters we are owed that money and can't understand why it's taking so long. No response to emails not answering phones a disgrace..

Thanks for the explanation on how to calculate what we're owed will try and calculate it..
 
I got a letter this morning pushing it out till June 2021 this is a joke. Sick to the teeth of these letters we are owed that money and can't understand why it's taking so long. No response to emails not answering phones a disgrace..

Thanks for the explanation on how to calculate what we're owed will try and calculate it..
Sorry to hear this, it's very poor on the Bank's behalf. The best thing you can do is keep at them. I'd say they're swamped with calls today from those who had been promised the end of March and have now been told June.
 
For anyone still waiting that received a letter extending to May 2021:

We made contact with Bank of Scotland yesterday using the dedicated number provided. Our case was not dealt with by Pepper from December and was handed back over to the bank. Anyway the guy on the phone was extremely helpful. He was able to tell us what we are due and that the letter ill be with us end of this week or start of next week.

Hopefully those of you waiting are included in this lot of letters.
 
Was it more or less than you expected?
I had no idea what to expect as mine was one of the complicated cases Id say, out of work in recession, and on interest only for a while doing those forms every six months, then had some arrears. Over £6000, very welcome right now!
 
Hi I am still waiting on my money back from Bank of Scotland letter said I would here in June have heard nothing yet. I emailed a number of weeks ago and they informed me it would be June. This is so annoying anyone get their cheque in June. I am so fed with this now as feel like they are stringing us along.
 
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