M
Hi,
I read this morning in the Irish Independent that Bank of Ireland are being forced to put customers back on Tracker Mortgages (see Fridays 6th May Indo). Basically homeowners had opted to move from trackers to fixed rates, but the bank had failed to observe Central Bank rules about the need to warn the customers of the cost implications of giving up a tracker.
My wife and I unfortunately (& naively) switched from our EBS Tracker Mortgage to a fixed rate back in January 2007. After the fixed rate ended, we were moved to a variable rate. I have looked at documentation at the time and similar to the story in the Irish independant, EBS didn’t notify us of the cost implications.
Do we have a case similar to the BOI customers above? I cannot see why not? Would appreciate any advice
Outline your grievance to the EBS with supporting documents,explain that you are looking for a final response letter in relation to this matter.
If they issue the final response letter denying you this then you have exhausted all avenues with your lender and are now in dispute with them...refer the matter to the Financial Ombudsman
I am currently in dispute with ICS,the process with the Ombudsman will have taken the guts of a year by the time I receive his Judgment.
Best of luck though.
Hi Knuttel,
Thank you for this great advice. I have a friend in Bank of Ireland who I have also asked for some advice on this also. If she knows anything new, I will pass this info on.
But I will start by sending an official mail to EBS looking for clarification on the matter as advised and then going to the ombudsman. I noticed that to get off a EBS Tracker now you need to have a signed letter delivered in person to the EBS branch manager, outlining that you understand the consequences. It hints that maybe previous processes were possibly too loose (legally).
I suppose it is a case of nothing ventured , nothing gained. Please let me know how your case with the Ombudsman goes. J
I got 3 pages of nonsense like that when I asked for a final response letter,quoting sub paras sec 2 para 3a ad nauseum...if you feel you have been wronged do not let this matter lie.Greycon:I contacted EBS, who pointed out a clause buried in the original loan offer docs, the ones nobody ever reads.
. I noticed that to get off a EBS Tracker now you need to have a signed letter delivered in person to the EBS branch manager, outlining that you understand the consequences. It hints that maybe previous processes were possibly too loose (legally).
I got 3 pages of nonsense like that when I asked for a final response letter,quoting sub paras sec 2 para 3a ad nauseum...if you feel you have been wronged do not let this matter lie.
I received news yesterday that the Bank was throwing in the towel and I will be put back onto a tracker.
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