# Bank of Ireland giving me back my tracker



## Threadser (19 Dec 2016)

I got a letter today from Bank of Ireland with the good news that my tracker is being restored with immediate effect. It will be 2017 before I will know further details of redress and compensation.


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## Brendan Burgess (19 Dec 2016)

Great. Well done.

Were you expecting it?

Do you have any idea why you lost it?

I would be interested in seeing the letter, if you dont' mind. My email address is  brendan at this website.

Brendan


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## Threadser (19 Dec 2016)

I lost my tracker when I fixed in 2006 to avoid the predicted imminent  ECB rate hikes at that time. I lost my entitlement to the tracker when I came off the fixed rate in 2009. I took out the original mortgage in 2003. I had fixed the mortgage for the first year and was only offered the option of a tracker in 2004. My original contract stated that the mortgage would revert to the standard variable rate at the end of the initial fixed rate period so I  was surprised and delighted to get the letter today. I wasn't warned of the implications of fixing in 2006 so  that may perhaps have been why I was entitled to have the tracker restored. Apart from appealing the decision in 2009 I had done nothing to request my mortgage account be included in the review.


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## Linten (23 Dec 2016)

Threadser said:


> I lost my tracker when I fixed in 2006 to avoid the predicted imminent  ECB rate hikes at that time. I lost my entitlement to the tracker when I came off the fixed rate in 2009. I took out the original mortgage in 2003. I had fixed the mortgage for the first year and was only offered the option of a tracker in 2004. My original contract stated that the mortgage would revert to the standard variable rate at the end of the initial fixed rate period so I  was surprised and delighted to get the letter today. I wasn't warned of the implications of fixing in 2006 so  that may perhaps have been why I was entitled to have the tracker restored. Apart from appealing the decision in 2009 I had done nothing to request my mortgage account be included in the review.


That is a great result but a strange one. BOI said in Press Release that those who were having tracker restored was on the basis of their legal right to it as per their documents i.e. Loan offer or one would presume MFA signed. If you had copy of your MFA that you signed when you fixed in 2006 maybe it said that you would revert to Tracker after the fixed period? Given that you say original Offer letter said mortgage would revert to variable, that's the only reason I can see why you would have tracker restored.
If you were indeed restored on basis of the Bank not having been clear enough with you under the consumer protection code, then it reflects badly on their press release because they specifically did not refer at all, to this equally important element of the overall review.


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## Bronte (24 Dec 2016)

It's a great year for happy stories on AAM. First time I've seen that. Country seems to be on its feet again. I know this now the M 50 is chock a block. All my relations that want to work have good jobs, one has one despite  not wanting one even. This extra money people get from the tracker issue is going to make a lot of people start spending. Use the money wisely. Home renovations, time to get rid of a banger, but don't go crazy.


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## Threadser (28 Feb 2017)

Just to update. I have recieved no further communication from Bank of Ireland despite an assurance that they would be writing to me in February detailing how much I would be due in terms of a refund and compensation for the overcharging due to the return of my tracker rate. If I owed them money I am sure it would not take them over 2 months to work out how much I owed! I am waiting until tomorrow to ring the helpline to discuss the delay


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## MorgVar (5 Mar 2017)

I suggest all affected customers email and phone CB to highlight Bank non compliance. Strength in numbers 

Also all should email members of Oireachtas Finance Committee so they're aware of extent of issue when they're scrutinizing CB and Banks


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## KittyKatReilly (8 Mar 2017)

Hi just wondering if you have any update with BOI? Currently waiting to hear back from them, which doesn't look good for me.

I drew down my mortgage on variable rate in Sept 2005. Fixed in March of 07 as it kept going up and up and up. Rang in 2015 to query if there was anything about a tracker in my clauses and was told i was on a tracker from Feb 06 until i fixed in March 07. This was an absolute shock to me as I knew nothing about a tracker. I was then told that I never signed an MFA that the treasurer of the bank authorised my switch to a tracker. The bank has written to me basically stating I have no case and are trying to say that a tracker variable can move upwards or downwards at the BOI's discretion and then a paragraph later are contradicting themselves and saying a tracker variable is different to the standard variable where the tracker variable tracks the ECB and the standard variable is set by BOI!

Apart from the rate debate surely I shouldn't have been switched from a variable rate to a tracker rate without my consent????


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## todo (9 Mar 2017)

KittyKatReilly said:


> Hi just wondering if you have any update with BOI? Currently waiting to hear back from them, which doesn't look good for me.
> 
> I drew down my mortgage on variable rate in Sept 2005. Fixed in March of 07 as it kept going up and up and up. Rang in 2015 to query if there was anything about a tracker in my clauses and was told i was on a tracker from Feb 06 until i fixed in March 07. This was an absolute shock to me as I knew nothing about a tracker. I was then told that I never signed an MFA that the treasurer of the bank authorised my switch to a tracker. The bank has written to me basically stating I have no case and are trying to say that a tracker variable can move upwards or downwards at the BOI's discretion and then a paragraph later are contradicting themselves and saying a tracker variable is different to the standard variable where the tracker variable tracks the ECB and the standard variable is set by BOI!
> 
> Apart from the rate debate surely I shouldn't have been switched from a variable rate to a tracker rate without my consent????



Ask them to confirm that your mortgage is part of the tracker review.

Once they make there finding in the review, appeal the decision with the FSO.

If you were on a tracker rate they should have clearly explained what you were loosing by moving to another product.


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## Tedtalk (9 Mar 2017)

Hi todo. That is meant to be the procedure and option available to customers but I understand that any 'tracker examination' decision that has been signed off by Central Bank is highly unlikely to be overturned by the FSO. It would be great if I was incorrect but no evidence to suggest otherwise so far.


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## KittyKatReilly (9 Mar 2017)

todo said:


> Ask them to confirm that your mortgage is part of the tracker review.
> 
> Once they make there finding in the review, appeal the decision with the FSO.
> 
> If you were on a tracker rate they should have clearly explained what you were loosing by moving to another product.



I've written to BOI in 2015 about the tracker and got their final response and then contacted the FSO. Basically the FSO hasn't done anything yet due to the examination and my case is on hold until the examination is complete. I have contacted BOI and was told if my mortgage was ever on a tracker then it was part of the review. I have queried the statement in Dec 16 regarding the nearly 3000 identified and them being contacted in the first quarter of 2017 but all i keep getting told is the examination is ongoing with no date for when it's to be complete.


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## MorgVar (10 Mar 2017)

Any idea of number   restored to Trackers to date  Totally unacceptable that there is no real update from Bank at this stage.

Has BOI CEO come before Dail Finance Committee as with ULSTER last December. Best to have public embarrassment and scrutiny.


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## todo (10 Mar 2017)

Tedtalk said:


> Hi todo. That is meant to be the procedure and option available to customers but I understand that any 'tracker examination' decision that has been signed off by Central Bank is highly unlikely to be overturned by the FSO. It would be great if I was incorrect but no evidence to suggest otherwise so far.



What evidence have you seen to suggest that "any 'tracker examination' decision that has been signed off by Central Bank is highly unlikely to be overturned by the FSO"?

I for one am looking forward to my second attempt at putting Bank of Ireland's wrong, right.


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