Tracker Compensation Letter from Bank Of Ireland

Detones

Registered User
Messages
4
I received a letter yesterday relating to a compensation payment to be made to me following an issue I had with my tracker mortgage in 2013. Back in 2013 the Bank reimbursed me for money I over paid while on the wrong mortgage rate. I should have been offered a tracker and was not.

So this letter relates solely to compensation for I assume the distress and inconvenience of the banks error at that time. This is a separate payment to the refund which I received already back in 2013. The payment appears to be exactly 5% of the refund amount.

I am wondering if this is adequate? It works out about €250. am I been greedy considering looking for more? Have any other on here been offered something similar? I spent a considerable amount of time fighting the bank over this issue in 2013 and had to escalate it to the Financial Services Ombudsman. My case took a year to be resoled. I was taught never to accept the first offer and I do feel this is an attempt by BOI to just tick a box and hope all these issues go away with a minimal cost to them as possible.
 
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Easel

Frequent Poster
Messages
84
Seems quite low considering the time spent.

In comparison I recently got €250 from them as they lost a document which delayed my mortgage application by one day.
 

Brendan Burgess

Founder
Messages
37,956
OK, you overpaid €5,000 over a number of years up to 2013.

For the vast majority of people, this was not a life changing amount and a refund of the overcharge would be sufficient.

I don't know if the refund back in 2013 included interest on the overpayment? I assume it did.

Brendan
 

Detones

Registered User
Messages
4
Thanks for the reply. Yes it included interest. You make a fair point Brendan. I appreciate a lot of people are still fighting to be put back on trackers and to get their refunds, so I should be grateful that I have that sorted.
 
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