# EBS  overcharged me €2,400 interest over 13 years - compensation?



## Pagaaoca (8 Nov 2020)

Brenners76 said:


> Hi, the margin is quoted in the loan offer letter. Interest Rate Basis: Variable ECB Base + defined margin.



My wife and I took out a 300k mortgage with EBS in September 2007, unfortunately for us given what was to follow over the next 18 months economically we substantially overpaid for our house, that is not the fault of EBS obviously.

The numbers for us that we received last week were that we overpaid 2,400 in interest, our redress and compensation totaling 3,850.

That 3,850 includes a payment of 650 for legal expenses should we decide to take our case further. As we all know, 650 will not cover many legal hours in 2020.

When we received the initial letter in July, I had reworked the numbers and concluded pretty accurately as it turned out that we had overpaid to the amount of 2.5k. The first thought in my mind at that time was that we have missed out on a family holiday over the past decade with our two daughters. I am sure there will be other overcharged customers who have lost out on far more important life experiences than a holiday, or have further borrowed to meet their household requirements etc.

In summary, we expected our compensation and redress to be at least 5k. The paltry compensation offered by EBS will not cover a family holiday now and that angers us. We will not use the 650 legal fees they have provided to take the case further. I could only see success there if a substantial number of the overcharged customers pooled resources to take on the might of AIB/EBS in a sustained effort!


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## Brendan Burgess (8 Nov 2020)

Pagaaoca said:


> The numbers for us that we received last week were that we overpaid 2,400 in interest, our redress and compensation totaling 3,850.



Are you saying: 
Overpaid interest: €2,400 
Legal fees 650
Compensation 800
Total €3,850 

I find it extraordinary that they would pay as much as €800 compensation of 25% .

Over 13 years, you have been overcharged by €15 a month. 

It is ridiculous to be paying any compensation for this level of overcharging. 

Brendan


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## Sadim (11 Nov 2020)

Brendan Burgess said:


> Are you saying:
> Overpaid interest: €2,400
> Legal fees 650
> Compensation 800
> ...


Surely Brendan, while compensation should be proportionate to the harm suffered (in this case, minimal), it should also reflect a punitive element. The bank did a deliberate wrong to the client so, a bit like confession, there should be a penitential element as well!!


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## Brendan Burgess (11 Nov 2020)

Hi Sadim

I don't think that there is any evidence in this case that it was a deliberate error by the EBS. I might be wrong, but I have not seen it.  It sounds more like carelessness to me. 

Anyway, it's a philosophical point whether there should be a punitive element.  EBS and AIB will be fined by the Central Bank. Not sure that an individual who has suffered minimal harm should get a punitive payment. 

Brendan


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## PebbleBeach2020 (11 Nov 2020)

Yr compensation is 33% the rate at which you were overcharged. I agree with Brendan. That is a generous amount for the small amounts in yr case.


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