Bank of Ireland Tracker taken- Staff at the time.

[Sarenco]

Oh, sorry you're asking why I'm generally interested in this topic?

No particular reason, I'm interested in all sorts of financial and legal topics. I've no vested interest in the outcome of any complaints to the FSO or the Central Bank's current review process if that's what you're suggesting.

I can certainly see that you feel aggrieved. I'm simply trying to tease out whether you are right to feel aggrieved and whether you have any avenue for recourse. I assume you're not simply looking for a group hug!

I do think that a forum such as this will quickly become redundant if posters restrict themselves to only offering opinions that they think the relevant audience will want to hear. We have plenty of politicians that adequately fulfil that role.

 

[rodger]

Doesn't explain why you spend your week day online on this forum.

Anyway if you look back at clause 3.5 where you going clause 3.1 2 and 3 which applied when I started out on tracker, you will see it defined a variable interest rate.

Did 3.5 apply to my loan at the start? Yes it did. So that in my particular terms and conditions is what a variable rate is. No doubt about it.

 

[Sarenco]

Rodger

To be frank, I don't feel I should have to explain myself. You asked me a question and I answered it. Whether you choose to believe me or not is entirely up to you - it's no skin off my nose either way.

I'm afraid I can't look at Clause 3.5 of your loan offer for the simple reason that you haven't posted it! Happy to look at any documentation you want to post and if it helps your case so much the better.

 

[rodger]

It's in the same post where you dug out clause 3.1

 

[44brendan]

It's obvious why I'm on this forum.
I'm an aggrieved customer who has been wronged.

Why are you so interested? You have hundreds of posts on there subject of tracker mortgages. But what do you care?

There is some inference in this post that Sarenco has some ulterior motive in his line of enquiry. This seems to me to be unfair as he was simply interpreting the information as posted by Rodger and while you are free to disagree with his interpretation that is not a reason to question his motives. This is an advice forum and sometimes the advice given will not be favourable to the expectations of the Poster. That is not a reason to question the motives of those who give the advice. particularly those who have an established track record of knowing the subject matter.

 

[rodger]

The question is why are you guys lurking around the forum?
What is your motivation?
Speak up!

 

[Sarenco]

It's in the same post where you dug out clause 3.1

So it is - my apologies. I have pasted it here again for convenience.

Why do you think the definition in 3.5 refers back to the rate set out in your original loan offer? It makes no reference at all to the original tracker rate that I can see.

 

[rodger]

The loan was described as a variable interest rate loan from the start.

3.5 is there to define what is meant by a variable rate loan.

One and the same. I started on 3.5
I return to 3.5

QED

 

[Sarenco]

I don't think so Rodger.

Your original loan offer was for a Tracker Home Mortgage Loan whereas the definition of a Variable Interest Rate Mortgage in Clause 3.5 above obviously does not refer to a rate of interest that tracks any external rate. In fact, if you were initially offered a Variable Interest Rate Mortgage, as per the above definition, it would mean that you were never actually offered a tracker.

But, hey, that's just my opinion. More power to you if you can persuade the FSO that your interpretation is correct.

Let us know how you get on if you do decide to pursue a complaint.

 

[PadKiss]

I must state here in reply to above thread is that your hope (or view) Sarenco.

 

[Sarenco]

I must state here in reply to above thread is that your hope (or view) Sarenco.

The above reflects my opinion as to the correct interpretation of the various clauses posted by Rodger.

I would certainly wish Rodger well if he decides to pursue a compliant with the FSO but I have no, direct or indirect, personal or vested interest in this matter one way or another.