# switching while I wait for Boi review



## Onceagain (3 Nov 2016)

Hi, has anyone switched whilst part of BOI Tracker Review. My fear is I will be old and grey and probably still broke when we hear anything about this review.  Will it impact the review if I switch now, tired of lining Bouchers pocket. I rang Boi yesterday asking could they offer me anything better than 3.9 percent, so he told me Boi focus is on fixed rates and could discuss these rates...No thanks. Anyone switched?


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## todo (3 Nov 2016)

Onceagain said:


> Hi, has anyone switched whilst part of BOI Tracker Review. My fear is I will be old and grey and probably still broke when we hear anything about this review.  Will it impact the review if I switch now, tired of lining Bouchers pocket. I rang Boi yesterday asking could they offer me anything better than 3.9 percent, so he told me Boi focus is on fixed rates and could discuss these rates...No thanks. Anyone switched?



I spoke to them about this, and my understanding that is if you switch, and they wrongfully withheld a tracker rate from you, then you will be compensation for the period that you were still a BOI customer, but you will not be taken back once you switch.

I think our only option is to fix for a year and hope for a good outcome.


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## notabene (3 Nov 2016)

todo said:


> I spoke to them about this, and my understanding that is if you switch, and they wrongfully withheld a tracker rate from you, then you will be compensation for the period that you were still a BOI customer, but you will not be taken back once you switch.
> 
> I think our only option is to fix for a year and hope for a good outcome.



i'm in that situation - but I would argue that the bank put you position a financial constructive dismissal if you will, and i don't know how you quite get around that but the bank put you in a situation where you had to make that decision and you should be returned to that situation.


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## Linten (7 Nov 2016)

Onceagain said:


> Hi, has anyone switched whilst part of BOI Tracker Review. My fear is I will be old and grey and probably still broke when we hear anything about this review.  Will it impact the review if I switch now, tired of lining Bouchers pocket. I rang Boi yesterday asking could they offer me anything better than 3.9 percent, so he told me Boi focus is on fixed rates and could discuss these rates...No thanks. Anyone switched?


I recommend that you you remain patient for a bit longer and don't consider switching if there is a chance that your Tracker will be restored. I understand the review is at an advanced stage and potentially those impacted could begin to receive communication from the Bank before the end of 2016. I don't have any more specific detail I'm afraid.


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## Brendan Burgess (7 Nov 2016)

I agree with Linten. 

If you switch and then find that you lost your tracker incorrectly, you will have to appeal or fight to get your tracker restored.  If you are still with BoI, you will get your tracker back automatically. 

The delay is very annoying and the CB should not have structured it this way.  But you have to live with it for the moment. 

Brendan


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## Brendan Burgess (7 Nov 2016)

todo said:


> I think our only option is to fix for a year and hope for a good outcome.



Interesting approach.  Not sure. 

If you fix at 3.5% and find you were entitled to a tracker at 1%, you _should _be offered the difference between 3.5% and 1%.
But knowing BoI, they will argue that you chose to fix, and therefore won't get any compensation for that period. 

So,I think it's better to wait. 

Brendan


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## todo (8 Nov 2016)

Brendan Burgess said:


> Interesting approach.  Not sure.
> 
> If you fix at 3.5% and find you were entitled to a tracker at 1%, you _should _be offered the difference between 3.5% and 1%.
> But knowing BoI, they will argue that you chose to fix, and therefore won't get any compensation for that period.
> ...



Very good point Brendan, I hate being stuck on such a high rate with Bank Of Ireland, I can't switch and I can't fix until this review is over and it could all work out in their favour in the end.

It seems so unfair. While the review is ongoing everyone should be put on a tracker rate, that would get them moving!!!!


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## mister32 (8 Nov 2016)

Hi To-do

I agree

Put onus on banks to prove we are not entitled to tracker

Meanwhile I am being charged 5.65%


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## Sarenco (8 Nov 2016)

Brendan Burgess said:


> But knowing BoI, they will argue that you chose to fix, and therefore won't get any compensation for that period.



Alternatively, BoI could argue that they shouldn't have to compensate a borrower for remaining on an unnecessarily high rate when a much cheaper short-term fixed rate was available.


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## Brendan Burgess (8 Nov 2016)

Hi Sarenco

I very much doubt that BoI would attempt to make that argument. They benefit from the very high rate they are charging, so they would be just giving back the excess charge. 

Brendan


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## Sarenco (8 Nov 2016)

Brendan Burgess said:


> I very much doubt that BoI would attempt to make that argument.



So do I Brendan but I also very much doubt that any borrower would prejudice their position by fixing.


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## Brendan Burgess (8 Nov 2016)

Sarenco said:


> I also very much doubt that any borrower would prejudice their position by fixing.



Hi Sarenco 

The banks have used these arguments before. 

The borrower chose to switch, so we are not giving him his tracker back 

The borrower fixed, which was a free choice, so we are not giving him his tracker back. 
The FSO has rejected complaints about these issues. 

It really is best to keep the issue as clear and simple as possible. 

Brendan


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## Sarenco (8 Nov 2016)

Brendan Burgess said:


> The borrower fixed, which was a free choice, so we are not giving him his tracker back.



Understood Brendan but I don't think the situation here is comparable to the circumstances where borrowers lost their entitlement to roll-over to a tracker rate on fixing in the first instance.

Incidentally, have you had any reports of BoI customers being restored to tracker rates as a result of the current review process?

Per the Central Bank:

_"The Examination framework provides that when impacted customers are identified; in the first instance, lenders must stop charging the incorrect rate of interest on the customer’s account to ensure that any further customer detriment is stopped as early as possible and communicate this to the customer."_

This review process started months ago - it seems odd that no impacted customers have been identified at this stage.


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## Brendan Burgess (8 Nov 2016)

Sarenco said:


> Incidentally, have you had any reports of BoI customers being restored to tracker rates as a result of the current review process?



No. I think that the only lender to identify people so far is AIB.  

Ulster has provided €120m in their last accounts for the tracker redress programme. That should mean that they are planning to give a lot of customers back their trackers. 


It may be that BoI and KBC are clean.

Brendan


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