too high a rate for three weeks.

[KateSG]

Thanks for all the info on these pages, I'm a bit sunk with all the info in the media! I had no idea up to last week that my mortgage was affected by the tracker scandal. I received a letter detailing that a failing on their part where I was on 0.5% too high a rate for 3 weeks!! It doesn't sound like any of the other stories and I'm finding it difficult to know where to turn and if I need to investigate this further! Any advise gratefully welcomed!

 

[Brendan Burgess]

Bank of Ireland had a few thousand cases where there was a small error in the rate applied.

It sounds like you have had a similar problem.
€200,000 @ 0.5% = €1,000 a year which would amount to about €60 over three weeks.

Brendan

 

[KateSG]

My mortgage was for €250,000 approx at the time....didn't get a breakdown. Refund was for €997! Much of that tho was contribution for legal fees to seek independent advice. Which led me to think I should look into it....but I'd rather keep it to pay off a loan if it's not unusual that it was such a short period of time. It's just I'm listening to all the stories where it was over years and not one mention of these other minor errors. You seem to know all the ins and outs so would you be confident they are transparent this time and can be trusted with full disclosure so I can cash it and forget about it!!? No pressure!

 

[Brendan Burgess]

What rate are you on now?
What did your letter of offer say you would be on?

It sounds as if you got massive compensation for a tiny error. Unless you suspect that something is amiss, I wouldn't be spending it on some professional to tell you that it's fine.

Brendan

 

[KateSG]

Thanks a million for all your advice, my gut is it's corrected now and this minor error was noticed in the first place as we were tracker and pulled as part of the review.