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

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Rossie

Registered User
Great to hear of peoples' good news. I am one of the staff who was not on a tracker, but who was advised (along with lots of others) that they would roll on to a tracker. This was subsequently rescinded. I was told today that my mortgage was not currently in scope. Is there anyone else on here in a similar position, and have they heard anything different? Thanks all.
 

Ninibopp

Registered User
I have an AIB staff fixed rate mortgage that should have had an option of a tracker at the end. We have been advised that we are in the review but no news yet on whether we are in scope for any redress. So frustrating!!!
 

Pewter

Registered User
@Rossie Were you on the 3.95% two year that featured on insite? If so, I'm in your boat. I am seeing some friends being put on the tracker who were in the same boat as well (i.e. had never been on trackers, were on the two year fixed and didn't act in 2008 because of our understanding of that product). It's very hard to work out what criteria they are using or to get any clarity from the phone teams. Were you told definitively from the phone team that you're not in?
 

Rossie

Registered User
@Pewter yes, that's exactly our situation. Carbon copy. I had been in correspondence with the team via email and the responses received did not indicate if we were or weren't in scope. I noticed from this forum that they were being more definitive on the phone. So I rang. And the response was my mortgage is not currently in scope but the independent review is still ongoing and will be until the end of the year. We are going to wait and see if that changes and, if not, decide what to do in the New Year. It's heartening to hear that some folk similar have been successful. But difficult to understand why we would still be out. It's been a long road and looks like it could be even longer.
 

todo

Frequent Poster
@Pewter yes, that's exactly our situation. Carbon copy. I had been in correspondence with the team via email and the responses received did not indicate if we were or weren't in scope. I noticed from this forum that they were being more definitive on the phone. So I rang. And the response was my mortgage is not currently in scope but the independent review is still ongoing and will be until the end of the year. We are going to wait and see if that changes and, if not, decide what to do in the New Year. It's heartening to hear that some folk similar have been successful. But difficult to understand why we would still be out. It's been a long road and looks like it could be even longer.
Write to the tracker examination unit and ask them if your mortgage is part of the review. If its not part of the review, ask them if they will include it in the review. If they will not include it in the review ask them to set out their reasons why they will not include it. Once you get this response open a complaint with the ombudsman, don't wait tell the new year.

When the central bank was in front of the finance committee, they confirmed that all mortgages are in scope. I think if you request that your mortgage is included they will have little grounds to deny including it, regardless of what the framework document states.

This does not mean you'll get a tracker mortgage, but your mortgage should at least be reviewed.
 

Ricomedids

Registered User
Hi. I was on tracker for 8 months only then shifted to fixed for 10 yrs.i rang again the bank after 7 months that i want to go back to tracker but they said theirs a fee to go back etc.. thats why i stayed for the fixed rate. my fixed yr expired last year.i got my tracker back last wk. They said they overcharged me For a period of time. Are they counting/ paying me back during my 10 yr fixed? or they will just start counting the overcharged after my fixed which just finished last year? Any advice pls. Thank you
 

todo

Frequent Poster
Does anyone think more accounts will come in scope ? Like the accounts that never had a tracker
Yes but it will take a lot of work from those effected.

In my view their are still breaches of the CPC on accounts that were never on a tracker rate, the circumstances need to be investigated where the mortgage holder was led to believe that they would eventually be on a tracker rate, and why and how it never came to be.
 

Handy1

Registered User
Hi I’m BOI staff that started on tracker moved to staff variable and then fixed @ 3.95 staff rate .. I’m not in the impacted list as it stands even though some here have had the tracker rate returned. main difference is I split my mortgage and seemed to have fell through the scope. Does anyone have a similar experience? Thanks
 

Tracks123

Registered User
Hi
Well done to everyone that's got a letter .
for the more technical experts out there could you give me opinion on the following
  • Drewdown as tracker in Oct 2005
  • Went to Staff non standard variable rate c 22/8/06(No disclaimers on MFA re tracker)
  • left the bank shortly after
  • next MFA was signed 16/02/09 (existing variable LTV rate RIL and no option to go back to tracker)
  • Then all the way to 5.65%
  • Didn't notify the bank when I left (forgot to do it as I was in US working)
My own view is that I am definitely due to be reinstated to tracker and refunded but to date no letter or call .All I am getting is wait and see do you get a letter.
Can anyone give me an opinion as to my position.
thanks in advance
 

TMH2017

Frequent Poster
@Hopeful7 I have heard that too regarding others who were never on a tracker but getting letters etc. but only friend of a friend but would be good if anyone in the scenario who has received a letter could post their "story" here as would be very useful to compare to our situation
 

Debbie80

Registered User
I have 3 mortgage accounts on my house, the main one and 2 equity releases. The main one and one of the releases were on tracker and they have this week been re-instated. The third wasn't on a tracker but due to go on one after the fixed period. I have e-mailed the tracker team as no reference was made to this account and they advised that the investigation is still ongoing and that all accounts will be addressed. Reading between the lines I think they are working on the ones the system can easily identify and the rest will then follow.
 

Tracks123

Registered User
I have 3 mortgage accounts on my house, the main one and 2 equity releases. The main one and one of the releases were on tracker and they have this week been re-instated. The third wasn't on a tracker but due to go on one after the fixed period. I have e-mailed the tracker team as no reference was made to this account and they advised that the investigation is still ongoing and that all accounts will be addressed. Reading between the lines I think they are working on the ones the system can easily identify and the rest will then follow.
Hi Debbie 80
could you give me an opinion on below...no call from them ...
Well done to everyone that's got a letter .
for the more technical experts out there could you give me opinion on the following
  • Drewdown as tracker in Oct 2005
  • Went to Staff non standard variable rate c 22/8/06(No disclaimers on MFA re tracker)
  • left the bank shortly after
  • next MFA was signed 16/02/09 (existing variable LTV rate RIL and no option to go back to tracker)
  • Then all the way to 5.65%
  • Didn't notify the bank when I left (forgot to do it as I was in US working)
My own view is that I am definitely due to be reinstated to tracker and refunded but to date no letter or call .All I am getting is wait and see do you get a letter.
Can anyone give me an opinion as to my position.
thanks in advance
 

Debbie80

Registered User
Hi Tracks123

Regarding leaving the bank that shouldn’t be an issue. You are a customer irrelevant of where you work.

Were you on variable until 09 or did you go on the fixed rate?

If you didn’t go on the fixed rate what generated the need for an MFA in 09, was it a request from you to change rate?

At the end of the day have they not said that anyone that had been on a tracker should have kept the option so I would agree with you. But I’m no expert and haven’t kept up to speed as much as some. If those of us that got an MFA for 09 should have had tracker option then why not you?

Regarding no update on your account yet, my personal opinion is they are working on all the easyily identifiable cases so that if they don’t complete the review by the end of the year they’ll at least have a decent figure to quote of those actioned.

When I asked about my third account they couldn’t tell me anything and it hasn’t been looked at even though all 3 are on the same property.

Sorry I can’t give you more of an expert opinion but hopefully someone here can help.
 

Tracks123

Registered User
Thanks Debbie80.
Was on variable til 09.
Nothing I can do but wait.
The waiting for a decision is head wrecking.Well done on getting reinstated and thanks for responding.
 

Deckchair

Registered User
Another here recently reinstated, having been on the wrong rate for nine years. I can't help wondering if I hadn't contacted them about my mortgage, would it ever have been reviewed...
 

Debbie80

Registered User
Has anyone received their redress letter yet? I was on this morning and basically advised that the redress side of things may go into January/February.
 

TMH2017

Frequent Poster
@Hopeful7 I am in same boat as you (& know a few others too) but have heard nothing - rang again yesterday but still not on the list. I got my rate & repay change history which documents all movements on your mortgage account and there is a product switch on 10/11/08 which is within the 2 year fixed rate period (was to expire 05/01/09) which I am sure was BOI removing the automatic roll to the staff tracker so I have queried this with BOI (I never signed a MFA around that date, last MFA I signed was to move to 2 year fixed with promise of tracker thereafter) - very frustrating process.
 

Tracks123

Registered User
That move in 08 was an internal change ,changing your roll to rate off tracker . I don't think we are ever going to make the list at this stage . All accounts I believe are now identified and Jan and Feb are purely to address refunds . Head wrecking
Hi Hopeful
I think you are right ...if not notified at this stage we are going to have to go back and fight the case in 2018.
I am sure I am in the mix but I now have to start a new process.The lists appear to be finalised now according to the tracker dept.
My case is different to yours in that I had a tracker at drawdown and changed to staff variable on 22/08/06 and never offered tracker back....cant understand why I am not included.
Will review now and intend to fight on and get refund and redress.
Its a rollercoaster ...one day you feel hopeful and as the timespan narrows towards 31/12/16 you realise that its not looking good.
 
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