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
Yes I received my cheque last week.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.
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 responseYes I received my cheque last week.
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.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
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.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.
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.I know. I am gutted as it will be a year by then I think from first letter.
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?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
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.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 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!Was it more or less than you expected?
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