# BOI tracker



## skinnylegs (15 Apr 2017)

Hi, I'm new to this forum so please bear with me. Although I took out my Bank of Ireland mortgage in 2006, I only recently came across paperwork that tells me it was a tracker (yeah I know, I'm a fool). Anyway loan agreement tells me I would be entitled to revert to tracker (ecb +1.1) at the end of any fixed rate period. Fixed for three years in 2007, nothing on this MFA to suggest my original terms would change. Was not offered tracker rate on expiry of this period and was still unaware that my mortgage was a tracker. Fixed for another two years during which we went into arrears and were paying an agreed monthly amount. While we were on this agreed amount my two year fixed term was coming to an end and this time I was offered the tracker rate along with some other rates. Under these offers the offer states that "some of these rates may or may not be available to you" which further added to the confusion. To further add to this the repayments for the tracker and the fixed that I chose were the same,( as I was still on a "agreed repayment amount"). On signing for the fixed rate the conditions on the next page of the agreement tell me I signed away my tracker.
Any thought on the strength or otherwise of my case to have my tracker returned would be greatly appreciated.


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## Brendan Burgess (15 Apr 2017)

You certainly should be reviewed, but it's very hard to know if you have a case or not. 

1) In 2010, you should have been offered a tracker, but you were not.  If you fixed at a rate higher than the tracker rate, then you lost out and you would be due a refund of the excess interest charged between 2010 and 2012. 

2) In 2012, you were offered a tracker.  The tracker rate should have been clear and was probably well below the fixed rate which should have also been clear.   If you made an informed choice to fix for two years at a higher rate because you were concerned about the future of interest rates and you knowingly gave up your right to a tracker, then you would have no case to get it back. 

However, from your description, the documentation sounds confusing.  If it was vague at all, I would think that you should get back your tracker. 

In my experience, most people would look at the repayments, and probably would not understand the implications of the different mortgage rates.  This would be especially true of someone in financial difficulties. 

At this stage, you should simply write to Bank of Ireland and ask them to confirm that your case is being included in the review. Then wait until you get a response before deciding on any further action. 

Brendan


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## skinnylegs (15 Apr 2017)

Thanks for your reply Brendan. 
I am no financial expert by any stretch but the documentation is confusing. Not only that but the fact that I was not offered it in 2010 surely adds to the case. As for acting in my best interests when they knew I was in arrears,  i guess that was a lot to ask for. 
Thanks again.


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## moneymakeover (15 Apr 2017)

Keep in mind central bank governor comments from a few weeks ago


> lenders must review the underlying loan documentation and customer files for the in-scope accounts to determine their specific contractual obligations, and also to determine if the documentation that each customer received had the potential to confuse or mislead the customer, both on a stand-alone basis and when read in conjunction with other communications – be they written or verbal – made to the individual customer.


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## skinnylegs (15 Apr 2017)

Thanks Moneymakeover, I do think that the two offer letters of 2010 and 2012 combine (probably intentionally) to confuse the matter. I wonder does anyone know what phase of the enquiry Bank of Ireland are at. The lack of specifics from Central Bank does nothing to help the consumer that the organisation was set up to protect.


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## Foxy007 (21 Oct 2017)

You were not a fool. We were in the same boat. Our offer letter did not state tracker was available. The letter 8 or 9 years later offering it was the only clue that it was there all along. It was only sheer luck that I thought of asking for our contract which legally banks have to provide when asked .... I was so very very angry when I saw it.  We are not meant to have to go to those lengths to ensure we are being dealt with properly and legally by lenders. I was out of a job and had plenty of time to look into it. If you call central bank they will tell you to go back to you lender ... they can't tell you whats going on. If you call FOS they will say unless you have a complaint their hands are tied. (What I would like to know is how do we actually complain correctly  ...... there are so many many things to complain about), I know I tried all these people already.  If you call the bank right now all they will say is if your account is part of the investigation. I'd try that first at least you know where you stand.


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## skinnylegs (21 Oct 2017)

Thanks Foxy.
      I am BOI, so still waiting to see if CB approves their "final" report. I have sent my details to Padraic Kissane and am hopeful that he will take me on. There is nobody in the country more informed than him.


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