# has anyone got their redress from BOI



## maunie (5 Dec 2017)

just wondering if anyone has their redress letter got, Ive got my letter saying im going back on the tracker from 31/12/17 ( next payment date)
I was on a fixed rate and was not offered a tracker when I came off it


----------



## Ninibopp (5 Dec 2017)

That's great news!! Are you getting a refund as well?


----------



## maunie (5 Dec 2017)

Yes im due a refund but wondering if anyone has actually got their refund yet


----------



## Ninibopp (5 Dec 2017)

I'm with AIB. We never had a tracker but should have been offered one at the end of our 3 year fix. Aib has been very quiet about it all. Not holding out much hope. Did you have a tracker originally or just the fix?


----------



## maunie (5 Dec 2017)

27/05/05 we signed our letter offer at a fixed rate of 2.65% until 2006


7/6/06 we signed to fix our mortgage for one year until 31/5/2007 at a rate of 4.29%


May 07 we rolled over on a tracker mortgage


20/8/07 we panicked and signed to fix for 5 years until 2012 at the rate of 5.65% as we were not offered a tracker option on our offer letter
Aug 12 we were not offered a letter at that time each


----------



## Warrenpaul (7 Dec 2017)

Morning Guys 
I have been following the threads since getting my letter to tell me i was included in the tracker issue. 
i received the letter 24/11/2017 so i said i will give BOI a week and ring them each and every week for an update. 
So i called Kerry this morning for an update and was told rather than to expect a transfer or juicy chq for the over payments the lump sum would be adjusted on the outstanding amount owed on the mortgage and the compensation would be issued in funds back into current account or in chq. Lucky i didn't order the Range Rover after all. 
Also the before xmas time frame only applies to the issuing of the first notification letters and the redress doesn't seem to have a completion target.


----------



## maunie (7 Dec 2017)

Warrenpaul said:


> Morning Guys
> I have been following the threads since getting my letter to tell me i was included in the tracker issue.
> i received the letter 24/11/2017 so i said i will give BOI a week and ring them each and every week for an update.
> So i called Kerry this morning for an update and was told rather than to expect a transfer or juicy chq for the over payments the lump sum would be adjusted on the outstanding amount owed on the mortgage and the compensation would be issued in funds back into current account or in chq. Lucky i didn't order the Range Rover after all.
> Also the before xmas time frame only applies to the issuing of the first notification letters and the redress doesn't seem to have a completion target.


Are you BOI customer? 
I thought they were refunded ppl as I'm sure ppl on here got it lodged into bank acc


----------



## Threadser (7 Dec 2017)

I was recently refunded by BOI. I was given the option to have my mortgage amount reduced by the amount owed in redress and compensation or have the money transferred to my current account. I opted for the latter. Were you in arrears in your mortgage? If not, it sounds like you were given incorrect information.


----------



## maunie (7 Dec 2017)

Threadser said:


> I was recently refunded by BOI. I was given the option to have my mortgage amount reduced by the amount owed in redress and compensation or have the money transferred to my current account. I opted for the latter. Were you in arrears in your mortgage? If not, it sounds like you were given incorrect information.


Delighted for u that you are sorted
Can I ask you the background to your redress. How were u wronged? Were u happy with redress they offered and compensation?


----------



## Warrenpaul (7 Dec 2017)

Hi Guys, No never missed a payment... Wrong information ? Hardly from the Bank of Ireland lol... Ah right that makes more sense to have the option. Also @Threadser delighted for you that you got your refund. Would love to know the time frame from initial letter stating your account would be included to actually getting funds ?


----------



## David_Dublin (7 Dec 2017)

We split our AIB mortgage 50/50, with 50% on the tracker, and 50% on a 3 (or maybe 5) year fixed. It reverted to standard variable rate when the fixed period elapsed. Was there an onus on them to offer a tracker rate then? We could have gone 100% tracker from the outset but chose to have some element known or fixed.


----------



## maunie (7 Dec 2017)

David_Dublin said:


> We split our AIB mortgage 50/50, with 50% on the tracker, and 50% on a 3 (or maybe 5) year fixed. It reverted to standard variable rate when the fixed period elapsed. Was there an onus on them to offer a tracker rate then? We could have gone 100% tracker from the outset but chose to have some element known or fixed.


Were you on a tracker b4 you fixed?


----------



## David_Dublin (7 Dec 2017)

No, from the start of the mortgage 50% was fixed, 50% on tracker.


----------



## Threadser (7 Dec 2017)

@Warrenpaul . The wait time was 11 months from getting the initial letter to being refunded. I think those who are being identified now will likely be refunded in a shorter time frame. The delay was un-neccesary and completely unacceptable. I think their new boss has committed to getting matters resolved more quickly. Best of luck!


----------



## Warrenpaul (7 Dec 2017)

Here's hoping @Threadser  .... Thanks for your reply.


----------



## maunie (7 Dec 2017)

David_Dublin said:


> We split our AIB mortgage 50/50, with 50% on the tracker, and 50% on a 3 (or maybe 5) year fixed. It reverted to standard variable rate when the fixed period elapsed. Was there an onus on them to offer a tracker rate then? We could have gone 100% tracker from the outset but chose to have some element known or fixed.


It is unlikely u are affected as I don't think they needed to offer you a tracker when u weren't on a tracker initially


----------



## Wardy7 (7 Dec 2017)

maunie said:


> It is unlikely u are affected as I don't think they needed to offer you a tracker when u weren't on a tracker initially




That’s incorrect. Many people included & impacted in this review started on fixed rate. It’s all down to what the contract says.


----------



## Jynxx1 (11 Dec 2017)

David_Dublin said:


> We split our AIB mortgage 50/50, with 50% on the tracker, and 50% on a 3 (or maybe 5) year fixed. It reverted to standard variable rate when the fixed period elapsed. Was there an onus on them to offer a tracker rate then? We could have gone 100% tracker from the outset but chose to have some element known or fixed.



I am in this exact position too although with BOI. I got a (very unexpected) letter quoting the account number of the non tracker portion of the mortgage saying that I am being included in the redress and that it will take some weeks. This was dated 24/11. No word since then. I was confused as to why I would be included but looking into it a little more, it does seem that you don't need to have started out on a tracker to be included.


----------



## David_Dublin (12 Dec 2017)

Thanks Jynxx1. Have you looked at your original loan offer/contract? I wonder if it stated that you would be returned to the tracker, or if the tracker would be offered to you when the fixed term expired?


----------



## Jynxx1 (16 Dec 2017)

Hi David. I did have a look at the loan offer and I was mistaken when I said the other 50% was fixed, it was actually a variable rate at the time of taking out the mortgage although I have had a few periods of fixing it for 2-5 years over the years. 
I'm not too sure why we ended up getting the letter but we will wait and see what they say. No follow up letter yet.


----------



## maunie (18 Dec 2017)

Just wondering if anyone plans to appeal compensation amount?
I feel 10% is a poor amount after years of struggling to pay each month


----------



## Minners (18 Dec 2017)

Hi I got my redress letter last thurs only found out we were included on the 25/11 we got a large refund


----------



## Threadser (18 Dec 2017)

Minners said:


> Hi I got my redress letter last thurs only found out we were included on the 25/11 we got a large refund


How much of a contribution did you get for legal costs? I am curious to know what some people are getting €250 and others €1,000?


----------



## maunie (18 Dec 2017)

I got 1,000


----------



## Threadser (18 Dec 2017)

maunie said:


> I got 1,000


Was your original mortgage with ICS or BOI? I can't understand why some people are being offered 4 times the amount of a contribution towards independent advice than others.


----------



## maunie (18 Dec 2017)

I


Threadser said:


> Was your original mortgage with ICS or BOI? I can't understand why some people are being offered 4 times the amount of a contribution towards independent advice than others.


I was ics took it out in 2005.. affected from 2012- date after coming off a fix rate in 12


----------



## Threadser (18 Dec 2017)

Thanks for the information @maunie . Anyone else who received €1000 payment for independent advice...were you also with ICS originally?


----------



## WackoJacko (19 Dec 2017)

I could be completely wrong but just something I'm picking up on would it be that people who weren't in arrears got €250 and those who were €1000?


----------



## maunie (19 Dec 2017)

U could be right although I only ever missed one payment so it's unlikely they would give me more money for that, but who knows


----------



## MichaelT (20 Dec 2017)

I got payment into my bank account yesterday including the €1000 for legal advice. I never missed a payment since mortgage taken out so that's not the criteria. It appears to be arbitrary


----------



## Warrenpaul (20 Dec 2017)

Hmm yeah i got €250 for legal and never missed a payment... sent back my acceptance letters signed on Friday so hoping for funds thIs side of xmas !! How long were you waiting on the transfer of funds @MichaelT ?


----------



## maunie (20 Dec 2017)

MichaelT said:


> I got payment into my bank account yesterday including the €1000 for legal advice. I never missed a payment since mortgage taken out so that's not the criteria. It appears to be arbitrary


Did u get the text to say it was lodged to ur account ?


----------



## MichaelT (20 Dec 2017)

Yes but after the money was already in the account.


----------



## MichaelT (20 Dec 2017)

Warrenpaul said:


> Hmm yeah i got €250 for legal and never missed a payment... sent back my acceptance letters signed on Friday so hoping for funds thIs side of xmas !! How long were you waiting on the transfer of funds @MichaelT ?



I sent mine off Thursday and was in yesterday. Check your account, as I say money arrived before the text


----------



## maunie (20 Dec 2017)

MichaelT said:


> I sent mine off Thursday and was in yesterday. Check your account, as I say money arrived before the text


Excellent 
Sent mine Monday so may have it shortly


----------



## Warrenpaul (20 Dec 2017)

Ok @MichaelT . Thanks for the feedback . I hope you have a very happy Christmas. You too @maunie !!


----------

