Hello Kivo
Firstly, read your redress letter carefully. Note the date, you have 12 months to submit an appeal or go to Court.
It is unlikely the Ombudsman will accept a complaint before you have gone through the Appeal process.
Secondly, be very realistic on why the offer is insufficient. Did you suffer financial or non financial loss. How would you categorise this and what value would be reasonable?
Thirdly, request an Appeal Pack as set out in the Redress letter. This will be sent to you with further details on what the Appeal Panel will want to know.
Bear in mind, the Terms of Reference and FAQ in the Appeal Pack should be read carefully like your Leaving Cert question papers!
You choose which questions to answer and collect any evidence to prove this.
Timelines
If you don’t wish to Appeal, you can issue legal proceedings during which time the Bank will not use statute of limitations defense, again for 12 months from date of the offer letter.
If you Appeal, you have 12 months from the date of the Panels decision during which time the Bank will not use the statute of limitations defense.
You can ask the Appeal Panel to extend time to submit your Appeal , if you have a good reason. I extended time twice without difficulty, for genuine reasons.
On Accepting Money
The Central Bank states you can accept the initial offer and still proceed to an appeal or to the High Court. Have a look at
this from the Director General of the Central Bank.
It has not been tested in Court in Ireland if accepting the initial money does not prejudice legal action.
On Point 6
The Irish Banks calculate the total interest overcharged to your account and are returning this to you.
The overcharged interest was effectively money paid to your account in excess of what was due.
In effect all borrowers were ‘overpaying’ their mortgage.
You will be familiar with the concept that if you overpay your mortgage, you reduce the term and capital. This is because of
amortisation, which is the mathematics behind mortgages.
The Banks are only returning the overcharged interest, and are not calculating what the borrower would have owed if the overcharge was applied as an overpayment.
I completed my own Appeal, and it was upheld. It is possible to do yourself.