Many lucky punters who have had a Tracker Rate restored will have received a refund from the FI.
Has anybody reviewed their calcuations?
At least one FI seems to think that the difference in payment (new one v old one) creates a difference which is 'interest refund'.
I dont think FI are supplying calaculations.
Would I be right in saying that there are in fact 3 elements to a refund:
(1) A capital adjustment based on NEW repayment v OLD repayment i.e. capital balance that it would have been had payment been correct
(2) A moneterary difference as in the cash flow differences month by month
(3) What 'rate' should be used for the time value of money? (If I recall it Brendan Burgess refrerred to the FI being obliged by Central Bank to compensate for the time value of money also).
Has anybody ever received calculations apart from the refund?
Has anybody reviewed their calcuations?
At least one FI seems to think that the difference in payment (new one v old one) creates a difference which is 'interest refund'.
I dont think FI are supplying calaculations.
Would I be right in saying that there are in fact 3 elements to a refund:
(1) A capital adjustment based on NEW repayment v OLD repayment i.e. capital balance that it would have been had payment been correct
(2) A moneterary difference as in the cash flow differences month by month
(3) What 'rate' should be used for the time value of money? (If I recall it Brendan Burgess refrerred to the FI being obliged by Central Bank to compensate for the time value of money also).
Has anybody ever received calculations apart from the refund?