Bank of Ireland Tracker taken- Staff at the time.

Onceagain

Frequent Poster
Messages
139
Looking for anyone that knows their stuff do tell me if I have a case??
I have an active complaint with FSOB , however BOI had denied any wrong doing but they are now re examining my case as they did not asnwer the complaint.

2003 - took out variable staff mortgage
2005- changed to tracker rate
2005- changed to staff tracker rate
2006 -changed to non variable staff rate
we were offered a lower staff non variable rate as it was lower than the tracker at this stage. No where on that documenation did it outline we would at this point lose our contractual right to return to the tracker rate. Plenty of staff at the time complained. -but got no where-stonewalled. Anyone that ignored that letter are still on that tracker today .
2007 - converted to a 2 year fixed rate.


Do I have a case?
 

Staffy

Registered User
Messages
2
I remember this in Bank of Ireland and the complaints that ensued from staff. I also remember internal circulars issuing in 2007 advising staff to fix. However I don't have enough knowledge to say if you have a case.
 
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Rebuttal

Guest
Onceagain,

Check and double check the documentation again, if there is no wording to the effect that switching from the staff variable rate mortgage to the staff tracker you would lose your entitlement to rejoin the tracker rate mortgage, you may well have a case.
 
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rodger

Guest
Those banks
Ripping off their own employees

So when they ring me about my repayments the guy on the phone probably lost his tracker too!

Gas!
 

Monbretia

Frequent Poster
Messages
1,638
I don't think though there was any intentions of ripping off as such, this happened in 2006, before people knew just how valuable a tracker was going to be. I was working in a bank too around that time and we had option to switch to a new product that was on offer but it wasn't available on staff rate, some did, some didn't, the ones that switched actually ended up with a tracker rate as the new product has one. I don't really believe BoI was out to get staff or customers off trackers as early as 2006, sure they were still being issued for at least 2 years after that.
 

Onceagain

Frequent Poster
Messages
139
Well if their intentions were honorable, why didn't they let us back onto it. By 2007/8 they knew what direction the ICB tracker rate was going- downwards. And if they didn't know ( 100% UNLIKELY), surely they would have put their staff back on it,sure they were none the wiser as you say yourself. But they refused too.
Methinks they knew what was coming and they acted smartly(slyly) and some of us jumped right in it. I will put my hands up. I used to think the same Monbretia, but no more I am afraid.

Exactly Rodger
 

Gerry Canning

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Messages
2,510
Monbretia.

Banks have been proven in a lot of matters , from way back in 70,s to not be honourable.

I find it strange that they still continue to get the benefit!
I find it strange we still kind-of trust them ?
 

Monbretia

Frequent Poster
Messages
1,638
I don't know, maybe I am innocent but I was in that business over 30 yrs. I don't know who at the top knew what but why would they still be offering trackers subsequently to customers if it was going to cost them a fortune. Until July 2008 I was still getting lists weekly of customers to contact to try and get them to switch to a tracker, not off it, to it. If the world and it's mother knew how good a tracker was why was it hard to actually get people to switch to it, a lot didn't want to because there was no fixed option with it. Same with the current account mortgage, another great product, fierce resistance due to there being no option to fix, just a tracker!
 

Onceagain

Frequent Poster
Messages
139
That must have been a few select customers, cause it ain't what happened in the real world.

I reckon you had a list of people to get off the tracker ,not the other way around!
 

Sarenco

Frequent Poster
Messages
5,590
I don't know, maybe I am innocent but I was in that business over 30 yrs. I don't know who at the top knew what but why would they still be offering trackers subsequently to customers if it was going to cost them a fortune. Until July 2008 I was still getting lists weekly of customers to contact to try and get them to switch to a tracker, not off it, to it. If the world and it's mother knew how good a tracker was why was it hard to actually get people to switch to it, a lot didn't want to because there was no fixed option with it. Same with the current account mortgage, another great product, fierce resistance due to there being no option to fix, just a tracker!
I always wondered why banks were keen to get SVR borrowers to switch to trackers. From memory, this seemed to be fairly common between early 2004 and mid-2008. I could never figure out why this would be in a bank's interests - any idea what was the thinking here?
 

Monbretia

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1,638
I don't know, maybe just offering customers what they could get elsewhere although I don't think that was the reason. I always assumed it was because they were profitable at the time.
 

Monbretia

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1,638
Onceagain - just read your comment now. No, I did not have a list of people to get off trackers, it was never part of the picture where I worked. It never happened, I left in 2010 and I never saw any evidence of anyone trying to do someone out of their tracker. Now I do know since then that many customers who had fixed rates did not revert to tracker as they should have, some maintenance of the computer systems definitely went on there to change those defaults. I switched many people from tracker to fixed where they wanted a fixed and signing away their tracker was never part of that either. Where the original loan offer was a tracker then they should default back to tracker.

I'm kind of insulted that you are actually calling me a liar.
 

Onceagain

Frequent Poster
Messages
139
Onceagain - just read your comment now. No, I did not have a list of people to get off trackers, it was never part of the picture where I worked. It never happened, I left in 2010 and I never saw any evidence of anyone trying to do someone out of their tracker. Now I do know since then that many customers who had fixed rates did not revert to tracker as they should have, some maintenance of the computer systems definitely went on there to change those defaults. I switched many people from tracker to fixed where they wanted a fixed and signing away their tracker was never part of that either. Where the original loan offer was a tracker then they should default back to tracker.

I'm kind of insulted that you are actually calling me a liar.
Not calling you anything, maybe there were different practices in different parts of the bank. I can only speak about what I experienced.
 
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Rebuttal

Guest
Onceagain - just read your comment now. No, I did not have a list of people to get off trackers, it was never part of the picture where I worked. It never happened, I left in 2010 and I never saw any evidence of anyone trying to do someone out of their tracker. Now I do know since then that many customers who had fixed rates did not revert to tracker as they should have, some maintenance of the computer systems definitely went on there to change those defaults. I switched many people from tracker to fixed where they wanted a fixed and signing away their tracker was never part of that either. Where the original loan offer was a tracker then they should default back to tracker.

I'm kind of insulted that you are actually calling me a liar.

Monbrieta,

Sometimes when you are in a forest you cannot see the woods from the trees
 
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