# Appeal the Appeal result



## Jameson999 (28 Mar 2018)

Hi

I had a BOI mortgage on previous family home that we had held on to after moving. 
We had lost tracker for over 4 years on this house between 2009 and 2014. It was no longer family home from start of 2011 and we had held on to it as an investment for the future and because there was no equity in it.
It was a real struggle to hold on to it as rent received and maintenance costs were more than mortgage due to paying 4.1% instead of tracker rate. We were forced to go on interest only for a year before selling in 2014 when interest only period ended. Anyway we ended up getting compensated just over €23000 which included, bulk of which was refund of overpayments for the 4 year period. We appealed given the fact that we were under lot of financial stress due to wrong rate being charged and also the fact that similar properties have gone up by over €50000 since we sold in 2014. if we had been on correct mortgage rate the rent would have been a source of income and we would still have our asset. 
Appeal result came through from Grant Thornton (appointed to deal with BOI mortgages redresses) and I was awarded a further €7000. They have admitted that we *probably* sold house because of overcharge. Given this is the case I fail to see how they arrived at such a small figure. It says we can appeal to ombudsman or take legal action. I am wondering if can appeal again to ombudsman and take money just like after original offer of compensation? Any answers appreciated. Thanks


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## Brendan Burgess (28 Mar 2018)

That is a really good question. 

What does the Appeal Decision say? 

I would imagine that you either have to accept the decision or reject it. 

Brendan


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## Jameson999 (28 Mar 2018)

Pack includes Appeal Panel Decision, Appeal Payment Instruction Form, Vouched Expenses Claim Form and Bank of Ireland Freepost envelope.
Starts off saying your appeal was considered and upheld by Independent Appeals Panel.
Under Key Factors for determining decision it says: "The Panel had regard to the significant level of the overpayment and its impact on the customer's specific financial, personal and family circumstances, as supported in the Customer's appeal. The Panel considered that on the balance of probability this was a factor in the Customer's decision to sell the Customer's property subject to the redress."
Under the section of getting your payment it says at end, "Please Note: if you are not satisfied with the outcome of your appeal, you can submit a complaint to the Financial Services and Pensions Ombudsman or issue legal proceedings against Bank of Ireland."
Because this notice is at the end of the getting your payment section I would assume that you can take the payment and appeal just like before, but I'm not sure.


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## SaySomething (29 Mar 2018)

To the best of my knowledge accepting the appeal payment closes the case - and renders you unable to appeal to the Ombudsman or the Courts. I'd ring them and ask for clarification in writing.


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## PFS7979 (29 Mar 2018)

Hi Jameson999,

Had the correct tracker rate been applied, would you have been able to afford full C&I repayments?

The absence of a tracker rate fundamentally altered the rationale of retaining the property. It would appear that it was central to your decision to sell in 2014. On that basis the compensation is a fraction of what would be considered a fair outcome in my opinion.


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## Jameson999 (2 Apr 2018)

Yes we would have had a small income from property with correct rate. We sold when the interest only period came to an end so that sort of proves the point


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## BAABAA (6 Jan 2019)

Hi Jameson999,
Any update on your appeal? Yours is similar to mine and wondering how you got on? Thanks


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## Brendan Burgess (18 Jan 2019)

The *BoI *Terns of Reference deal with this 






AIB's say it much more clearly: 

8.4
You will not be bound by the Tracker Panel decision
unless and until you sign and return the Acceptance
Form.  If you accept the Tracker Panel decision and you
sign and return the Acceptance Form to the Tracker
Panel, you will waive all claims and complaints against
us in relation to the matter the subject of your Appeal,
including your right to pursue a further complaint in
relation to the subject matter of your Appeal to the
FSO or to the Courts.


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