Key Post I got cash back three times in 6 months

Sean Og

Frequent Poster
Messages
136
Has our cover been blown by this article in the paper today. It names this website so will every bank in the country now be looking at this site trying to close all the loopholes available to the savvy switcher? I am a bit annoyed tbh. Alright to mention someone getting €18k cash back but naming the site for everyone to see was a bit much.
 

SparkRite

Frequent Poster
Messages
1,072
Has our cover been blown by this article in the paper today. It names this website so will every bank in the country now be looking at this site trying to close all the loopholes available to the savvy switcher? I am a bit annoyed tbh. Alright to mention someone getting €18k cash back but naming the site for everyone to see was a bit much.
Ah, wait a minute, this is a wind-up, I mean it just has to be, please don't tell me you're serious. o_O:eek:

I mean, you post on a public forum on the Internet and you are annoyed that it is mentioned in another form of public media ??

"Has our cover been blown...", WHAT cover ?

No, no, you can't be serious.......no, no,........It has to be a joke. Quite a funny one too. :D:D:D
 

misterk

Registered User
Messages
34
My understanding was this thread was supposed to be an advise thread for people wanting to multi switch from people who had
 

Sean Og

Frequent Poster
Messages
136
Yes exactly not for publication on the front page of the Irish Times Business section. We had found loopholes in the switching process which were very profitable to members who were willing to go through the process. It takes time and patience and good luck to anyone who did it.
 

renter45

Frequent Poster
Messages
101
Brendan, given that you have campaigned publicly for the end of cashback deals in order to try force banks to reduce rates, do you not feel that highlighting this thread to a national newspaper has been for selfpromotion of AAM & not consumers?
Cons:
Potentially scuppered all chances of people now doing quick successive cashbacks

Pros:
Given AAM more hits due to highlighting this thread
Enforces your personal opinion that cashbacks should be scrapped (now its been highlighted a handful of savvy switchers have exposed a loophole)
Just throwing it out there for comment.
 

SpiderBaby

Registered User
Messages
7
@renter45 Related to your post - Has there been any info posted about how much value the cashback deals are costing the banks? Wonder how much of a dent it would make if that was something Brendan was pushing for. Also, I'd imagine they'd pocket the money if they stopped doing rather than passing on as lower rates. They probably know human psychology means the average punter will be lured by a lumpsum now rather than a seemingly reduced smaller amount monthly (Albeit much larger when considered over the lifetime of the mortgage).
 

Brendan Burgess

Founder
Messages
37,480
Hi renter

I have campaigned against cash backs since the very start. However, I have always recommended to people to avail of them while they are there.

I have also campaigned for people to switch as much as possible.

The lenders will not make their policies on a few informed askaboutmoney users exploiting the system. It would have to be far more widespread.

But to be absolutely clear, I campaign for the majority of consumers. I don't think that financial products should be designed in such a way that 100 savvy borrowers benefit at the expense of 300,000 others.

So if it causes cash-backs to be banned, I would be happy with that outcome.

We don't promote askaboutmoney for its own sake -it's not a commercial site. We promote issues raised on askaboutmoney.

Brendan
 

username123

Frequent Poster
Messages
1,376
Switch 1 completed, awaiting cashback from BOI. Apparently there are 2 payment runs a month for BOI so hopefully it will be sooner than the advertised 45 days. I know someone said you don't have to wait for it to hit your account before the 2nd move, but...........!
 

Sean Og

Frequent Poster
Messages
136
I always waited until i had the cashback in my account before i switched but looking back i wouldn't wait. Legally they have to pay you even if you move the next day. It's E.U. law so i'd switch right away if doing it again which i hope to do all over again in January ;).
 

candyman

Frequent Poster
Messages
145
Sean Og, can point me to the EU law that means they must pay the cashback, even if u switch the next day.

I'd prefer to switch as fast as possible but want to be sure I'm on solid legal ground.

Thanks
 

Sean Og

Frequent Poster
Messages
136
Red Onion is the man, he know his stuff and has referred to this rule before. I can't find it off hand but it has been discussed here before. The Banks also had to get rid of the rule where you must remain with a certain bank for 12/24 months or they would take the cash back , back from you. All these T&C's have been removed as they breach some E.U. competition rules.
 

Bronte

Frequent Poster
Messages
13,241
Thanks for that :) Charlie Weston wanted to do a piece with me but i refused. Didn't want my name plastered everywhere as Ireland's biggest switcher ;)
I'm sure the article could have been done without your real name.
 

Bronte

Frequent Poster
Messages
13,241
Has our cover been blown by this article in the paper today. It names this website so will every bank in the country now be looking at this site trying to close all the loopholes available to the savvy switcher? I am a bit annoyed tbh. Alright to mention someone getting €18k cash back but naming the site for everyone to see was a bit much.
My nephew is Sean Og, are you him? He's but a lad yet. How is your cover blown, nobody knows who you are. If you really are a Sean, I've an uncle Sean, a BIL Sean, a nephew Sean, my husband's brother is a Sean. Is that you Sean?

The newspaper, as is right and proper, mentioned it's source. (I've not seen the article - any chance of a link).

The newspapers are always looking for stories, it's not the first time they've written about stuff on here. Revenue read here, The central bank does, bank staff do, we used to have a bank giving advice on here (Rabo). What they cannot figure out is who you are if people throw them off with a few 'lies'. Muddle ages, location, names, male for female etc. That's sufficient for a website such as this.
 

Sean Og

Frequent Poster
Messages
136
Brendan Burges sent me a message on this forum regarding me doing an interview, i said i would if my name wasn't mentioned. He said that was no good, the newspaper wanted my name.
 

RedOnion

Frequent Poster
Messages
3,032
@RedOnion Do you have any link to that? I tried to Google it, found http://www.irishstatutebook.ie/eli/2016/si/142/made/en/print and couldn't understand anything :D
That's the one.
Section 26 is the relevant part:
"(2) A creditor shall be entitled to fair and objective compensation, where justified, for possible costs directly linked to the early repayment, but shall not impose a sanction on the consumer, and any such compensation shall not exceed the financial loss of the creditor."
 
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