# Received my compensation from Bank of Scotland



## Mitzy1 (13 Nov 2020)

I received a letter from BOS last week saying that they were still assessing my case & that I should expect to hear by the end of December.
This morning I received a refund cheque of the overcharge on my account with compensation.
Pepper had previously advised that the portion of overcharge was not significant but it turned out it was for a lot more than I expected.

I'm assuming others will get their confirmation of overcharge sooner than later unless they are very complex.


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## Brendan Burgess (13 Nov 2020)

Hi Mitzy

That is great. 

Did the letter explain how the refund and compensation were calculated? 

Brendan


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## Mitzy1 (13 Nov 2020)

Brendan Burgess said:


> Hi Mitzy
> 
> That is great.
> 
> ...



Yes they gave me a full breakdown of the overcharge each year and applied a time value of money amount, compensation  etc


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## Open air (13 Nov 2020)

How much mitzy, give a range, ie ammount of time, and rough ammount of money, im waiting on a 11 year overcharge to be sorted. Delighted you got sorted!


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## Mitzy1 (13 Nov 2020)

Open air said:


> How much mitzy, give a range, ie ammount of time, and rough ammount of money, im waiting on a 11 year overcharge to be sorted. Delighted you got sorted!



It seems that I was overcharged approx €500 per annum for 11 years. They gave a breakdown of the interest paid each year v's what should have been paid so it is very clear from the documentation.
Time value of money was about €1,350.
Although the amount overcharged each year wasn't much it was a nice cheque to get this morning!


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## Open air (13 Nov 2020)

Had they issued legal proceedings against you


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## Brendan Burgess (13 Nov 2020)

Mitzy1 said:


> It seems that I was overcharged approx €500 per annum for 11 years.



Thanks Mitzy

Did you get compensation as well as the refund and TVM? 

Brendan


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## Open air (13 Nov 2020)

Hi brendan a tracker related question of sorts, €200000 borrowed over 38 years, currently being charged at 1.25%, what should monthly payment be.


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## Brendan Burgess (13 Nov 2020)

If there are 38 years left, it should be €551 a month. 

To get the correct figure today, you need to know the balance today and the remaining term today.

Brendan


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## Open air (13 Nov 2020)

24 years left ,€175,000


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## Brendan Burgess (13 Nov 2020)

€703


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## Open air (13 Nov 2020)

They are calculating at €611


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## Gigidvn (16 Nov 2020)

great that you got sorted. And ahead of time. My own case has been pushed out to March. They stated it is a complex case. There would have been times the account was in arrears etc. So I really am not sure what to expect. Forgive me for sounding dumb but what do you mean by time value?


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## Brendan Burgess (16 Nov 2020)

Open air said:


> They are calculating at €611



Hi Open Air

That would be the repayment on €150k .

Are you in arrears? 

Could it be that the scheduled balance is €150k and €25k  arrears? 

The repayment on €150k would be €603.
If they capitalise arrears of €25k, the repayment would increase to €703

Brendan


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## Open air (16 Nov 2020)

Hi brendan you are 100% right with your figures .


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## DIGBY1 (23 Dec 2020)

Received a further letter from BOS today advising that date now pushed out to end of March 2021, letter advises December promised date won't be met due to complexity of the review and unprecedented circumstances with Covid. They're a joke. First letter in June advising October, then another letter in early November advising December. So at this point after over 11 years of overcharging looks like almost a year for them to sort........


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## May#19 (24 Dec 2020)

Mine arrived yesterday. I'd given up hope of anything before the new year so delighted it's finally sorted.


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## DIGBY1 (24 Dec 2020)

Were you happy with what you got?


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## May#19 (24 Dec 2020)

I was happy, it came to a nice amount.  I got a refund of the overcharged amount and between compensation, time value of money and payment for professional advice I got an extra 4k on top.


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## DIGBY1 (23 Feb 2021)

Just wondering if anyone had received any further news, or refunds?


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## Gigidvn (24 Feb 2021)

DIGBY1 said:


> Just wondering if anyone had received any further news, or refunds?


Still no news. Supposed to hear by March but I have doubts and fully expect it to be pushed out yet again. No point ringing the number they provided as the guy on the other end of the phone is probably the grumpiest man in banking! Lets just say the "helpline" is not very helpful. They just keep kicking the can down the road and will do things on their terms.


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## Brendan Burgess (24 Feb 2021)

Gigidvn said:


> the guy on the other end of the phone is probably the grumpiest man in banking!



You should record him.

If you have to make a complaint to the Ombudsman, it would probably help.

Not sure it's legal though.

Brendan


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## DIGBY1 (24 Feb 2021)

Brendan Burgess said:


> You should record him.
> 
> If you have to make a complaint to the Ombudsman, it would probably help.
> 
> ...


I've heard that the Ombudsman is swamped with complaints so we'd be going to the back of a very long queue there.  I'd have though the CBI would have put a lot more pressure on BOS to remediate to timelines.  We're now waiting since receiving notification last June, latest promise is remediation by 31.3.21.  I don't understand how some people have been remediated, yet others are still waiting.  Our mortgage account has never been in arrears etc.


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