EBS Not part of the Examination

Jennybaby

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Not part of the Examination
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  1. JennybabyNew Member
    Hi I received a call from the ombudsman that I'm not part of the Examination. 5 years I am waiting.
  2. Originally in 2007 I asked Aib, Cork Savings Bank and a broker for a mortgage. They all refused as my last mortgage was in arrers and so my credit rating was bad
  3. . I went to the Ebs they said yes we will give you a mortgage. My last mortgage was fixed so I said I'd take fixed again. Delighted I told my colleagues in work they advised me the tracker was best.
  4. I then returned to EBS and I asked to change to a tracker, I was told "you can't change your mind as the paperwork is done. I asked again and was told " sure it's only for 3 years, we will look at it then.
  5. My first year was interest only. So I then signed my life away.
  6. Regularly I went to the branches and spoke with various staff repeating what happened the day I signed for the mortgage
  7. firstly I was told when I asked after almost 3 years if I was to go on to the Tracker " we never offered to go from fixed to Tracker, the banks can't afford the trackers they already have".
  8. Time and Time I went to all different branches as I went to the people that were in the original office where I signed. I always spoke with them in an office reminding them of what was said that day.
  9. Never was I asked did I want to put in a complaint to the bank. On one of my last visits to the bank again I repeated my story only to be answered by " oh for God's sake, that is in the past you will just have to move on and forget it"
  10. next I heard on the radio about the ombudsman so I went back into the office and said I want to complain to the ombudsman the reply was "you have to make an official claim to the bank and if you are not satisfied with the results you can then go to the ombudsman.
  11. Early this year I was told I'm not part of the inquiry and I am now in adjudication with the ombudsman.
  12. Can you tell me how long this takes and what the process is? Also is it worthwhile thank you
    This is my first post so I hope I did it correct
 

Bronte

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They all refused as my last mortgage was in arrers and so my credit rating was bad. I went to the Ebs they said yes we will give you a mortgage. My last mortgage was fixed so I said I'd take fixed again. Delighted I told my colleagues in work they advised me the tracker was best. I then returned to EBS and I asked to change to a tracker, I was told "you can't change your mind as the paperwork is done. I asked again and was told " sure it's only for 3 years, we will look at it then. My first year was interest only. So I then signed my life away.
So EBS were good enough to give you a mortgage despite your bad credit history and you signed for a three year fix with the first year interest only and now you want a tracker.

Why did you go interest only the first year?

And no you did not sign your life away, it seems to me you were lucky to get the mortgage in the first place.
 

Jennybaby

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Thank you for your response.
I changed my mind I wanted a Tracker and I was told "you cant change your mind as the paperwork is done" I still didn't want to sign the contract but then he said "sure it's only 3 years " at that stage I realized that I had no option but to sign the contracts.

After 2.5 years I went back and asked when I would be changing to the Tracker, " we never gave the option of going from fixed to Tracker" .
Why did he say then that we would look at it if it wasn't an option?.
I went on interest only for a year as I couldn't afford the full mortgage.
 

RETIRED2017

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My own view is if left to the courts to decided, a lot of trackers cases would have gone against the mortgage holders, not popular to say but needs to be said ,

If you could not afford the full mortgage in the first year,how come you could after that,
 
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Bronte

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I changed my mind I wanted a Tracker and I was told "you cant change your mind as the paperwork is done" I still didn't want to sign the contract but then he said "sure it's only 3 years " at that stage I realized that I had no option but to sign the contracts.
.
At what stage in the process did you decide you wanted a tracker? What contracts were you signing and where?

If you could only afford interest only how were you going to be able to repay a tracker?
 

Jennybaby

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Thanks for your reply

I asked for the Tracker before I signed any mortgage contact. I signed the contract for the mortgage in the office in the EBS.
Is there a cooling off period for any contract you sign?
I asked for the Tracker before I signed any contract. I was told
"You cannot change your mind as the paperwork is done"

I am still paying my mortgage, I also found out if I got a tracker in 2007 I would have paid 38k less than I have paid today for my mortgage.
 

Bronte

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If you were only able to afford interest only how would you have been able to afford a tracker?

You could have refused to sign the contract, there was nothing stopping you doing so if you wanted a different product. You were not forced to sign the contract at gunpoint.
 

Jennybaby

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Thanks for the reply
I am existing week to week to cover my mortgage. I am still paying it and will continue to do so for as long as I can.
The Banks were trusted by the people of Ireland until they decided to Rob us of an affordable interest rate. That is why the Examination took place.
If we lived in any other part of the EU we could get a mortgage from the country with the cheapest interest rates. Not the high rates the Irish Banks charge it's people.
Govenor Lane apologized numerous times on behalf of the banks.
 

cremeegg

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Govenor Lane apologized numerous times on behalf of the banks.
Indeed. But what exactly did he apologise for.

If we lived in any other part of the EU we could get a mortgage from the country with the cheapest interest rates. Not the high rates the Irish Banks charge it's people.
This is incorrect and has nothing to do with the apologies by the banks.
 

Jennybaby

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Thanks for the reply
What is incorrect?
All above is my issue, I thought I would get advice on this site on what I should do next.
 

Clamball

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As far as I can make out you have exhausted your grievance against the bank and have gone to the FSO and are awaiting adjucation?

The FSO will not make a judgement based on what you said but rather on what is in the paperwork from what I have seen in the examples published recently on the FSO website. So hopefully you have a strong paper based trail of all your interactions with the bank.

But from what you wrote above many of your issues were during discussions with the bank and more worryingly you did sign the agreed mortgage. You say you had doubts if the mortgage you signed was the best for you and you would have liked a cooling off period but did you put this in writing to the bank at the time? Did you take independent advice at the time? If not I am guessing the FSO will say why did you sign for this mortgage if you wanted a different one. There is no evidence in writing otherwise??

If you fail at this step your next step if you want to take it is to the courts. But this is very expensive.

So you may have reached the last step already.
 

kb_whatsgoingon

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Jennybaby
My situation is not a million miles away from yours - I went to EBS with a tracker fully detailed application filled in and I was told that they were no longer available ? they were.
I was then given a 2 page document to fill in for a fixed rate ( turns out this was just 2 pages out of much larger document which if I had seen it had actually had a tracker section to fill in to allow me go onto that once my fix3d rate expired.

Request all your documentation.
Check the application form you filled out carefully.
If you made calls - ask for the call logged and the content of each call should be typed out.
Find the actual person who told you you could not have a tracker as the paperwork was already filled out / - absolutely you were entitled to a cooling off period.
Find anyone else who you spoke to - you need some proof
Talk to padraic Kissane and get a feel from him
Look for anything at all you have in writing

also check and see if your offer says you will go from a fixed to variable base rate -
then have a good read of the thred on here about variable base rates
because thats another story

also i would say go and talk to some td's - cos the banks are all still having a laugh at us
 

kb_whatsgoingon

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JennyBaby just for your FYI - Also i saw this in another thread - its very simple - it explains what you were entitled to at the time - and you were denied this - but now you just need to prove it?

The scope of tracker examination includes : "customers had contractual rights to be offered the option of having Tracker Interest
Rates applied to their mortgage accounts at any stage during the Relevant Period and
were not offered the option of having Tracker Interest Rates applied to their accounts
at the appropriate and/or any stage during the Relevant Period"
 

peemac

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JennyBaby just for your FYI - Also i saw this in another thread - its very simple - it explains what you were entitled to at the time - and you were denied this - but now you just need to prove it?

The scope of tracker examination includes : "customers had contractual rights to be offered the option of having Tracker Interest
Rates applied to their mortgage accounts at any stage during the Relevant Period and
were not offered the option of having Tracker Interest Rates applied to their accounts
at the appropriate and/or any stage during the Relevant Period"
I can't see anywhere that the poster has showed any contractual rights to a tracker. For it to be contractual, it has to be in bl;ack and white on some documentation relating to the loan.

Being told verbally by a staff member that "they will look at it" is not a contractual right. The was never any "right" to a tracker or any other rate.

eg - AIB said they would "look" at giving me an extra business loan back in 2014 once I got my annual accounts in. The accounts did not make for good reading, so I didn't get the loan.

Unfortunately the OP bought at the top of the market and accepted a loan that they possibly should not have been offered. But I can't see any case for a tracker based on what is written here.
 

Jennybaby

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Thanks for all your replies. The ombudsman has all my documents I requested telephone conversations and unfortunately they didn't make recordings in any of the 3 branches in Cork. I also asked for calendar details of how often I called to the office as I repeated what happened that day to the staff, again unfortunately they didn't keep those details either.
I will keep in contact with the ombudsman and hopefully it will work out in my favor. I will keep you all posted and thanks again
 

kb_whatsgoingon

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ok so a person i know who took out a mortgage with one of the main banks had during the course of getting the loan agreed, phoned up and enquired about getting a tracker - at the time she was not given one - but on foot of this phone call she was put on a tracker back in december 2017
all it took was the phone record ?

Jennybaby just wondering where you to move to a variable base rate with ebs when your fixed period expired?
 

Jennybaby

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Thank you for your response
Yes I was offered variable or fixed.
I asked for phone records and they didn't keep them I also asked for calendar times and they didn't have those either. I'm hoping the emails I had will help but most of the time I rang the EBS.
 

kb_whatsgoingon

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Jennybaby

A tracker is a variable

- Many EBS loan documents used the term 'VARAIBLE BASE RATE'

and Many many people who have this term on their loan document 100% believed that they had been given a tracker mortgage - and it did track the ecb rate for years - SOMEHOW in mid 2008 it stoppd tracking the ECB rate and it appears ebs just decided to turn it into a Standard variable rate

Check your loan document and see if it says VARAIBLE BASE RATE or Standard Varaible rate

if it says VARIABLE BASE RATE see if the loan document has defined what exactly a Variable base rate is?
 

Jennybaby

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Thank you for your response
It is a Standard Variable Rate, on the contract.
Just quoting fixed rate form.
I/We understand that when the fixed rate period has expired the loan will convert to the applicable variable rate then prevailing. The variable interest rate basis will be specified in the loan offer issued by the End.
On the letter "issue of loan cheque" it says VARIABLE BASE RATE. It doesn't explain what this means.
Should I send a photo of this document to the ombudsman?
Looking forward to hearing your reply
 
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