Hi Folks,
Long time lurker, first time poster. I'm hoping that I'm one of the ones that was affected by this issue. I won't go into full details, I called them today to enquire & wanted to post the following information which I received on the call.
They'll begin posting letters out on May 27th & this will continue for ten working days, (I don't understand why they can't all happen at the same time). There will be a cheque attached to each letter which will be the refund amount & a compensatory amount. Included in the letter will be details of how the figure was reached - how much is refund, how much is compensation. There will also be an offer to go back on a tracker with the offered rate set out.
The guy said that some people will not receive a letter & they are encouraged to call in after the ten days are complete if they haven't received one to check why, it may have been a special case (guy said some people have split up because of mortgage stress etc), these will be addressed separately. Also people who didn't get a letter will be given a precise reason & an opportunity to go back to the Ombudsman.
Each individual letter has to be signed off by the central bank & that's why it's taking so long. The guy did say there were "many hundreds of people affected" & that they were setting up a dedicated team to deal with it after the 27th.
I asked if acceptance of the cheque was an agreement that the matter was over & he said in most cases it would be.
Hope that helps everyone, I'm hoping we're included in this.