Success - BoI agrees to reinstatement of tracker and to break fixed rate

Athlone and Anybody else that has had an interest refund,

Keep an eye on your TRS my case is similar to yours and I have received the refund but again BOI are making an absolute mess of things. They have stopped paying my TRS and are stating that I have to get on to revenue to resolve. Revenue say its nothing to do with them and the Bank have no power not to pay the TRS. I feel battle number 2 coming up, and I had hoped this was the end of dealing with this shower. I understand that I was most likely overpaid TRS but it appears the Bank or the revenue have no set procedure to deal with Interest that has been refunded. I can see why people just give up when dealing with this stuff. If I had the money I would just hand everything over to a solicitor.
 
Hi all

I am in similar situation to swiggy and after numerous calls and letters to BOI mortgages requesting return to tracker rate with immediate effect and refund of difference in tracker and variable rate i was eventually offered the return to tracker rate without penalty supposedly because ther was no funding fee compensation due on date i recieved letter (June 2011). I accepted offer but had to sign a new mortgage form of authorisation stating i would lose tracker rate if i opted for fixed or variable again.
Just wondering if anyone else had to sign one of these and if i should have signed it as orignal offer letter stated interest rate shall be no more than .95% above ECB REPO rate for the term of the loan.
I proceeded to ombudsman to look for the refund and investigation commenced in April last and have since recieved letter same as athlone 1974 from BOI mortgages looking to settle amicably and offering refund as part of the full investigation.
Also wondering if i should accept as others seem to or let the investigation go ahead with the ombudsman ?
 
Has anyone else seen this covered in the wider media?

It seems clear to me that Bank of Ireland is systematically overcharging its customers. Those of you who make a valid complaint are rejected and forced to go to the Ombudsman. You are dragged through the Ombudsman process for a long time and then they settle at the last minute.

Would any of you be prepared to tell your story and show your papers to a journalist? I think that it would help hundreds of others in the same situation and would put pressure on BoI to proactively resolve all these cases.
 
Hi,
I think my query could be similar to Handy. I dont want to bore people with all the dates and details but in essence my query is whether anyone has gone back to their back following being put back onto a tracker to seek compensation ie. the difference betweeen the fixed rate that they were on and the tracker that they would have been on if they had know they were entitled to be on it?
Took out tracker (.85%) mortgage in 2006. In mid-2007 following rapid climbing of ECB we fixed for 2 years at 5.1%. At the end of this period we automatically went onto a variable rate which Bank of Ireland admitted what incorrect in their letter of May 2011 when they wrote to us to say we were one of 2,000 odd customers who will have their trackers reinstated following a review of our mortage by the Central Bank. Happy days... but always a twist. They would reinstate the tracker at the end of our current fixed rate (we signed a new 3 year fixed rate 4.2% the day before we received this letter) so we would get our tracker back but not until May 2014! They also were 'giving' us €2,000 for the time we were on the variable (approx 9 months) when we could and should have been on our tracker in 2007/8. Again the twist was that they were going to put that €2,000 into our mortgage account. So after a few weeks of making alot of noise and alot of phone calls, emails, letters and waiting on decisions etc, they agreed to put us back onto the tracker immediately with no break out penalty for breaking the brand new fixed rate agreement and to put the €2,000 into our current account.
So should be happy with all that? Well, its not sitting right with me that due to the uncertainty of variable rates and not knowing we were entitled to our original tracker rate of ECB +.085%, we decided to fix for the second period of 2 years at 3.15% again. By their own admission, we were entitled to be on the tracker prior to this and so if this had been known to us, why on earth would we have chose to fix at 3.15% when the ECB was at 1% at that time making the rate we should have been on 1.85%. Has anyone been in this position and considered this financial loss due to being misinformed and mismanaged by the bank? I am thinking that we were paying approx 1.5% more over two years than we should have been if all the facts had been made known to us. I would be grateful for any feedback, thoughts or details of similar situations that people have experienced in this regard.
 
Hi Handy,

I am in the same situation as you. Got to FSO questions list. BOI did not respond, but eventually wrote to me to settle the case by reverting to tracker rate plus refund. I contacted them to clarify if refund included interest (as they effectively had my money on deposit) and what the clalculated refund would be. They said I had to sign the new revsied MFA form first. This angered me even more, so I refused their offer and continue with teh FSO investigation. Bank has now responded to the questions, but they also again re-opened the settlement offer (no change in terms). As I want this case settled ASAP, I am reconsidering settling the case (and to avoid risk of FO not upholding the case). Just wondering what did you do in the end.
 
Folks

one or more of you must make a formal complaint to the Central Bank about this.

Or tell your story to journalists.

Bank of Ireland are getting away with so many cases of this where people don't know any better.

Brendan
 
Hi Kieran

I decided to accept the offer in the end for fear of losing case and it probably would have dragged on for months. I recieved refund about ten days later more than i expected so there is probably interest as well (but im no accountant). I only noticed refund in my account yesterday it having been there for a week. BOI never acknowledged refund with a letter ( even though i had requested breakdown of calculations ) which i think is shamefull on their part. Maybe it will come yet !!!
You should also request refund to be returned to your personal account or else they will just put it in the mortgage account.
I am going to write to them again to request breakdown and if dont get it will go back to the FO. its just for spite at this stage.
 
will go back to the FO. its just for spite at this stage.
Click to expand...

Hi Handy

The FSO is overloaded and it's taking him a long time to process genuine complaints. It's better not to make a complaint "just for spite" as you are just delaying others.
 
Hi All,
I have 2 mortgages and 2 top ups on one. In each o fthe mortgage loan offer letters for all 4, I had a fixed rate for the first 12 months and then a variable rate thereafter. Over the years I have been on various fixed rates. Although I now have one on tracker of the top ups on tracker.
In most of the interest rate change letters I was not given an option to move onto a tracker, so hence did not select it.
The tracker would make a big difference to me now as I am struggling.

Seeing as you guys have some difficult but fruitful experience of this does it sound as if I have a case?
Thanks
 
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