Bank of Ireland Update on Bank of Ireland staff who lost trackers

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KittyCat

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Hi
First time posting, only came across this thread this evening. Just wondering if anyone has received their letters yet since the announcement last week? I have been querying this “staff issue” since 2008, i’ve lost count of the number of complaints I’ve sent into mortgages/complaints dept and the tracker examination team over the years. At this stage I just want a definitive yes or no. So frustrating.
 

DeiseBoy 2

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Hi, my wife is ex staff. We were on a tracker in 2006, moved to this temporary staff variable late 2006 (similar scenario discussed previously I think on this and previous thread). Then moved to 2 year fixed early in 2007 and then back to variable in 2009. Haven't the MFAs in front of me so I may be out a bit with dates. We sold house in early 2016. We queried all this in 2015 and I got a rejection then from BOI "in our view......." I assume they've now been told to change this "view" by the Central Bank and Regulator. I called the Tracker Investigation Team again earlier and was told they still have no letter out to staff / ex staff. Said he'd let me know the status in the next few days. I'll keep annoying them anyway.
 

Debbie80

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Hi, I am ex staff and I was on the tracker. To be honest I never questioned the option being taken away as I thought they could do what they want. I worked on the life assurance side of things so just took it at face value. I was the same as others with the change to variable in 2006 & then onto the fixed. It was only a few weeks ago after the central bank meeting I decided to check it out. I rang mortgages and first confirmed what I knew that I had been on the tracker. I then got transferred to the tracker investigation team and was asked if I had received a letter. I advised not but I wanted to know if I was on the list to receive one so that I at least knew what was happening. They took my details and agreed to get someone to call me within the next 2 days. I got a call and was advised that they could see I had been on a tracker and therefore would receive a letter. This was the Friday before it was announced that staff were now in scope. I had not logged any complaints etc prior to this and am wondering if there is anything additional I should do at this point or just wait for a letter?? I know we are all probably just waiting and hoping for the best!!
 

Tracks123

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I called the unit today ....2 "batches" sent since last Friday(no idea of volume). More batches to go this Friday.Lots of apology from the employee spoke to but would not give me any information on whether I am in or out of the cohort(central bank speak ..plain English how do).Anyway ,told me to keep calling and that my case history ie drawndown as tracker/staff rate 06 and all the way to 5.6%, has the criteria to be in the cohort.
One way or another I am going the distance with them here as I never got an options letter with an option to go back on the tracker. (and that's the cornerstone of the argument).

its outrageous that you cant get a face to face meeting with your bank on this issue.When I was in arrears in 2012 and 2013 they were calling me for a meeting and if I didn't go they would appoint a receiver.I think its called corporate bullying.I will make sure I get repaid for that in full.
they will meet me before this is over hopefully where there are lots of "steps"
#for small steps for big steps for life #DUNG
 

Cloe17

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Has anyone that was originally on a tracker then moved to the staff variable then moved to fixed received a letter yet ? I’ve been battling with bank and have it with ombudsman for last few years but getting nowhere. Starting to feel hopeful now but afraid in case it all comes to nothing. It seems so obvious now that the massive advertising of that staff variable and fixed was all a conspiracy to get us off the tracker and then go ‘ha sorry can’t go back’... scandalous
 

DeiseBoy 2

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I received a call yesterday afternoon from guy on Tracker Investigation line. He told me that we are "in scope" (my wife ex staff, see my post above) and that I will be getting a letter in approx three weeks time. He said he has no idea what the recompense / compensation will be but more or less confirmed that we'll be getting something.

There's endless permutations here: eg. what about people who have since sold their house with BOI mortgage and purchased again with a new bank on a Standard Variable Rate. Will these people be entitled to go back to BOI on a tracker. What kind of cross bank activity will happen on all this? What about people who topped up their mortgages and lost their trackers. Or people who were forced to sell because the of financial stress of being on SVR when they should have been on tracker etc. etc. Where does it all end?
 

Cloe17

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We are definitely in scope alright but this doesn't mean we are impacted. Latest letter I got (pre latest announcement on the 6,000) was that we were in scope but not impacted but it did say that this was subject to change pending Central Bank review so who knows now ! But good to hear your phone call more or less confirmed we entitled to something. You're right about the permutations...affected so many people in so many scenarios.
 

DeiseBoy 2

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Another factor is the Benefit In Kind staff were paying on the staff preferential SVR? Will this all be included in any compensation? Not getting my hopes up here but for a typical staff member under the common scenario above of a staff member being taken off the tracker in late 2006, what would the compensation likely be if we're talking
 

DeiseBoy 2

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sorry, if we're talking approx €400 a month more in payments under SVR. Would it be €35-40K or am I being too optimistic here? Charlie Weston mentioned a 10% interest payback as well we'd be receiving with any refund.
 

Sarenco

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Just off phone from helpline - am BOI staff & I was never on tracker but was on 2 year staff fixed from jan 07 to jan 09 (drew down on variable in Dec 06) with expectation to move to tracker thereafter, this was confirmed in email to me from BOI mortgages (during 08 - that I would automatically move to a Tracker) and in insite communication/ letter in Oct 08 which was subsequently withdrawn.
It sounds as though some expectations are deemed more worthy than others.

That seems entirely arbitrary to me.
 

Sadhbs

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I’m ex staff. I’ve just got off the phone to the helpline as well. They said I wasn’t in the latest tranche of letters and wouldn’t give me any other info. I can’t understand how you were told you would get a letter and that you would get something back. It’s so frustrating. Depending on who you get on the line you get different information.
 

LadyHB

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The people on the helpline have not been well briefed. One lady told me last week that I would get a letter outlining my “compensation” by the end of the year. I then asked her to confirm whether I was an impacted customer or not and what info did she have to confirm I was going to receive compensation. Of course she had nothing! And on my prompting, she back tracked on compensation as she had no authority to say it. They’re trying to be nice but really don’t have the info to respond properly.
 

Linten

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I think people need to be patient for another couple of weeks. Remember the recent press release indicated an additional 6000 cases in scope for compensation, not just in scope for the review. These 6000 cases ARE going to be compensated, however the current letters going out are in respect of the errors on Tracker margin and the 602 cases that were identified last December.
Because these 6000 cases have only been recently identified, there is a lot of work to be done to ensure accuracy of communications, so it will probably take a few weeks to get letters out, including to staff, who now appear to be getting compensated and their trackers restored.
The CEO has committed to having communications out to all by end of the year and all compensation paid by early in the New Year.
We’ve waited this long what’s another couple of weeks.......
 

Maximis

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If any staff member has received a letter in the last few days, can you let me know what it said and what they are offering rate wise and compo wise ?
 

TMH2017

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Pewter , agree 100% with your rationale in that it is line with the logic that others are getting redress/compensation (with only difference I can see is that they were on a Tracker at some stage previously and not necessarily right before moving to the 2 year fixed) but fundamentals remain the same, I have emailed tracker team this morning to articulate my case (again) using some of your logic above (thanks) and will see what happens , will see then whether BOI use the "never been on a tracker" argument to exclude my case and then whether the Central Bank back up this argument , hope not but agree that this may need to be escalated -
 
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Tracks123

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Hi TMH2017
Could you post up the email for the tracker team in BOI as I am getting conflicting information each time I call and feel email may be the best option for communication at this stage
thanks in advance
 

TMH2017

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forum will not let me post email address or link but its on press release from boi on 9/11/17 on their website , best of luck
 
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