# BOI returning my tracker but how do I check their calculations for monies they owe us



## Moho (8 Apr 2014)

Hi all,

Great news we just got news that BOI are giving us our tracker back but I now need help to see how to calculate what monies  they owe us and if their calculations are right.

To give a brief summary-we fixed back in 2006 and when it matured in  end 2010 they refused to us our tracker back. They even advised incorrectly that I could not make a complaint at that time.i was not in a position at the time to take it further and accepted their answer. I then recently discovered about the central bank audit in 2010/11 which instructed the BOI to contact mortgage holders like myself and offer them back their tracker.i was never contacted.i wrote to BOI a few weeks ago when I discovered this information and after much effort and about  4 weeks of phone calls they announced they will return my tracker and recalculate the monies owed.

This is a huge saving to us  and will be backdated over nearly 3. 1/2 years.

Do any of you know how this should be calculated or general things to watch out for with the banks when doing these calculations. We have also lost out on use of this money for the last 3 1/2 years so think they should pay interest!What is the situation with compensation even. Also on a higher level I question why i was never contacted as per the central banks instruction and how many others like me are out there.I'm not sure where to start on these calculations and would greatly appreciate any help.thanks


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## Gerry Canning (8 Apr 2014)

Moho; 

1.You raise several serious issues for other people to watch for.
2.You raise the normal issue on ,can Banks be trusted?
3. You raise a very very serious issue on whether our Central Bank can be trusted to do anything other than issue instructions!
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On the figures; I would think Mr Bank will not risk doing you a 2nd time.
If difference on mortgage on tracker v variable was average of 2% 
Therefore ,If your mortgage was K100.
multiply 100 By 2% = 2,000 then by 3.5 years = roughly 7,000 
So f0r mortgage of 250 = circa 17,500. ie two and half times more.
..............
I am not too trusting of Central Bank but once you have your funds, send a complaint to them. 
Any extra compensation will be small.
....................................
When you get your funds , if it looks wrong you can ask Boi for a breakdown. I do not see them re-saying you cannot ask for it !


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## PadKiss (8 Apr 2014)

Hi Moho
Thats great news well done, in regard to checking the difference in what you paid and should have paid ask for a deferential statement which BOI will give you and this will be a daily comparison which will show you clearly the difference between the rate you paid at and the correct cost if the acount had been on tracker from when it should have been, I must say that BOI have been correct in thier calculations in all cases I have worked on.Good luck with the compensation issue however
Padraic


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## wednesday (8 Apr 2014)

Well done 
I was in a similar situation myself Moho - my tracker was restored in June of last year back dated to May 2008, as per this thread here

Initially they posted the refund to my mortgage account, but I managed to get this money paid into my bank account after writing to them and asking for it. 

I think you're being ambitious looking for interest on the overpayment of interest and/or compensation and doubt your success with it, although there's nothing to stop you trying.

If you are still in receipt of TRS this will change too, as the revenue have given you an allowance for monies that you have had returned, (just so that you are aware.)


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## Brendan Burgess (8 Apr 2014)

Hi Moho

Ask the Bank to provide you with a copy of their calculations. Then you can check them. 

Here is a quick way to check if it's about right 

1) Get a list of the rates you should have been charged 

History of ECB rate

2) Get a list of what you were actually charged 

3) Multiply the balance by the difference 

So 

1 July 2010 to 31 Dec 2010 - charged 4%
Should have been charged 1.6% (ECB 1% + 0.6%) 
Overcharge 2.4% 
Balance €100,000
Refund due €2,400 
2) 1 Jan 2011 to 31 March 2011 4.5%
Should have been charged 1.6% (ECB 1% + 0.6%) 
Overcharge 2.9% 
Balance €99,000
Refund due €2,376

etc. 

I might do a Key Post on the topic. 

Other issues to check 

1) They should pay you a cheque for the money and not simply reduce the balance on your mortgage by the amount
2) Check that they are using the right rate. 



> We have also lost out on use of this money for the last 3 1/2 years so  think they should pay interest!What is the situation with compensation  even.



By refunding you the overcharge, they are effectively paying you interest. 

If the overcharge put you into a position where you were paying interest at higher rates on other borrowings e.g. your credit card, you might have a valid claim. 

But focus first on getting the money back and correct. 

Brendan


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## Moho (9 Apr 2014)

Thank you all so much for the great advice.yes I am waiting on their letter which was sent yesterday to arrive which offers me back my tracker rate. From what I understand I need to sign it as full and final settlement and they will then revert me on my tracker and calculate the monies due as a result of it being backdated .they are saying that they don't have to return my tracker but are doing so  so as to reach an amicable arrangement. Dont understand this as the central bank instructed them to contact customers like us and offer them back their tracker option. Really thank you so much for the effort you have put into your comments .i greatly appreciate it and will keep you updated.thanks


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## so-crates (9 Apr 2014)

I'd be leery of signing that letter. That would be accepting their story. If, as you say, they are obliged to return your tracker, they ought not hold you to ransom. They are saying it is a gesture of goodwill on their part, you are saying it is nothing of the sort. Sign the letter and you are agreeing with and absolving them.


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## Bronte (10 Apr 2014)

Do not sign that document until they have supplied you with figure and the calculations of same.  You can post them up here if you want.


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