Hi, has anyone switched whilst part of BOI Tracker Review. My fear is I will be old and grey and probably still broke when we hear anything about this review. Will it impact the review if I switch now, tired of lining Bouchers pocket. I rang Boi yesterday asking could they offer me anything better than 3.9 percent, so he told me Boi focus is on fixed rates and could discuss these rates...No thanks. Anyone switched?
I spoke to them about this, and my understanding that is if you switch, and they wrongfully withheld a tracker rate from you, then you will be compensation for the period that you were still a BOI customer, but you will not be taken back once you switch.
I think our only option is to fix for a year and hope for a good outcome.
I recommend that you you remain patient for a bit longer and don't consider switching if there is a chance that your Tracker will be restored. I understand the review is at an advanced stage and potentially those impacted could begin to receive communication from the Bank before the end of 2016. I don't have any more specific detail I'm afraid.Hi, has anyone switched whilst part of BOI Tracker Review. My fear is I will be old and grey and probably still broke when we hear anything about this review. Will it impact the review if I switch now, tired of lining Bouchers pocket. I rang Boi yesterday asking could they offer me anything better than 3.9 percent, so he told me Boi focus is on fixed rates and could discuss these rates...No thanks. Anyone switched?
I think our only option is to fix for a year and hope for a good outcome.
Interesting approach. Not sure.
If you fix at 3.5% and find you were entitled to a tracker at 1%, you should be offered the difference between 3.5% and 1%.
But knowing BoI, they will argue that you chose to fix, and therefore won't get any compensation for that period.
So,I think it's better to wait.
Brendan
But knowing BoI, they will argue that you chose to fix, and therefore won't get any compensation for that period.
I very much doubt that BoI would attempt to make that argument.
I also very much doubt that any borrower would prejudice their position by fixing.
The borrower fixed, which was a free choice, so we are not giving him his tracker back.
Incidentally, have you had any reports of BoI customers being restored to tracker rates as a result of the current review process?
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