# BOI over-charging monthly repayments



## AnyAdvice (31 Aug 2011)

I calculated my monthly mortgage repayments in an excel model and it differed to the amount debiting my account each month so I rang BOI who explained that the difference is probably because the formula they use "is very complicated and is system-based" (?). They sent me a letter with the details of this formula so I re-calculated the monthly repayment and I have been over-charged euro 20 each month for the last 3 years. 

I sent my excel calculation to them over a week ago and have not had a response. I advised them that I will cease paying my mortgage until it's resolved.

Has anyone had the same problem? Any advice.

Thanks


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## hastalavista (31 Aug 2011)

most banks have a customer complaints process which can take about 3/4 weeks so I would not panic yet.

If they fail to respond in 3/4 weeks go to regulator

see here
[broken link removed]

Stopping the mtg will only cause you more problems, miss three payments and your credit rating can suffer and it is nearly impossible to correct it


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## Fourteen (1 Sep 2011)

We had a similar problem many years ago with BoI. We kept track on Excell of interest on a bridging loan while building our house and at the end of the loan we had a much lower figure than the bank. When brought to their attention the answer was basically that they couldn't be wrong & how dare we question it.
Anyway after much arguing we finally presented a print-out of our figures from start to finish & they agreed that they were wrong and refunded the difference.

Persevere & if necessary produce your calculations to them.


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## Bronte (2 Sep 2011)

AnyAdvice said:


> .
> 
> I advised them that I will cease paying my mortgage until it's resolved.


 

Why on earth would you do this?  

You risk your credit rating being damaged.  Perhaps the bank is at fault but perhaps you are incorrect.


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## AnyAdvice (6 Sep 2011)

Thanks for your responses. I have confirmed my calculations with two accountants. One is a former banker.


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## millieforbes (6 Sep 2011)

Could you post the formula details? I'd be interested in doing the same calculations


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## hastalavista (6 Sep 2011)

http://www.askaboutmoney.com/showthread.php?t=4690see here for a number of ready made calculators

or my preferred one can be found in this link here
[broken link removed]


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