# EBS Buy to Let - wrong interest rate & account now closed



## deanpark (10 Jan 2017)

I received a phone call in Q4 2016 from EBS to say that my BTL loan has had the incorrect interest rate applied & that this account was now closed. I've not had any written communication from EBS so far but was informed on the phone that the loan is under the remit of the CBI review. To get something in writing I requested a loan statement from the EBS which shows the account as closed with EBS crediting a payment in Q4 to facilitate this.

_As context the loan/ mortgage was in arrears for a few years but I engaged with EBS using IMHO and we agreed a proposal that the flat be sold and most of the shortfall written off except for a five figure sum which I would pay off over 7 years. To ensure I could pay this amount over 7 years my PPR mortgage with the EBS was reconfigured and extended by a number of years to ensure that all of the money owing to them per month was 'affordable' (it was crucifying but I had no other option but to agree to it). _

Can anyone else who is dealing with EBS tell me if the above has happened to them and is the account likely to remain closed i.e, will EBS not collect the  shortfall owing to them by me? Also why are EBS closing accounts without telling people in advance in writing. 

Obviously the BTL arrears have impacted my credit history and may have negative implications from a career perspective - have EBS compensated others for this?


----------



## Brendan Burgess (10 Jan 2017)

Hi Dean

You will do very well out of this.

The shortfall will probably be written off. 

EBS is way ahead of the other banks. They are writing to people now with the refunds and compensation. 

Wait until you hear from them and if you are not happy with their proposals, consult Padraic Kissane.

Brendan


----------



## deanpark (10 Jan 2017)

Thanks Brendan.  That would be great and a very unexpected outcome from the grim scenario that I had as recently as October 2016 faced with paying EBS hundreds per month for over five more years on top of the PPR mortgage.


----------



## deanpark (17 Jan 2017)

Hi Brendan. 

Update since last post.  Received letter from EBS with refund and compensation and confirmation of shortfall written off.  Quite pleasantly surprised with the amount but in reflection making us sell the BTL whilst being dishonest about the interest rate applied was pretty low stuff.  So grateful for those good people who forced CBI and the banks to act.

Will definitely be lodging an appeal after having a good think about it.

Dean.


----------



## Brendan Burgess (17 Jan 2017)

Hi Dean

That's great news.  

Do think about it before lodging your appeal.  I have seen some rushed jobs wasted. In your case, you need to make a good detailed submission.

Brendan


----------

