# Success - BoI agrees to reinstatement of tracker and to break fixed rate



## athlone1974 (1 Dec 2011)

_I have moved these posts from this thread_ _as the different cases were getting complicated and hard to follow - Brendan_

*Summary 
*

August 2010 |came off a fixed rate onto variable
March 2011| Fixed for 5 years @ 5.1%
April 2011 | Bank told me I should have been on tracker from August 2010 and would put me on tracker from March 2016 when fixed period ends
April 2011|   I wanted to be put back on tracker from March 2011 - bank refused 
Feb 2012  | After complaint process to Ombudsman, Bank agrees to my original claim*Complaint no 1
*I would not have fixed if I had known I was entitled to a tracker. So I demanded to be put back on a tracker from March 2011.
Bank refused and claimed I would have to pay a break fee if I wanted to come off the fixed rate.

*Complaint no 2
*I was on a variable rate from August 2010 to March 2011. The bank calculated the overcharged and reduced by mortgage by that amount. However, as I had paid this from my current account, I wanted it returned to my current account. The bank agreed to this.

*Update *6 April 2012 
User Swiggy has had the same successful result from the Bank of Ireland


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## athlone1974 (1 Dec 2011)

*Success story - BoI agrees to immediate reinstatement of tracker*

Hi all, I am in the same position with BOI -having come off a fixed rate last August 2010 and reverted to variable rate.I fixed again in March for 5 years@5.1% and then received a letter in April informing me of the Central bank investigation and that they would offer me the tracker rate when my fixed rate finished. Obviously I phoned straight away and insisted I be immediatly put on a tracker as I would never had fixed if I had been aware of my entitlement to the tracker rate, needless to say I got a swift refusal letter indicating penalty clauses etc.  I then decided to use my solicitor and we have been over and back with both the bank and the ombudsman -having finally received a final response letter from the bank of refusal I have now agreed to arbitration-but there is only one acceptable outcome in my opinion -a) I am returned immediatly to the tracker rate and b) the bank refunds the difference between tracker and fixed from April 2011 until such time as the dispute is resolved. I also took issue with them over the fact that the original refund they gave me on the difference between variable and tracker from August 10 to April 11 was refunded to my mortgage account-this was just an interest adjustment with no physical money changing hands-my issue with this is my payments come from my current account and therefore I should have been given the option to have this refund credited back into my current account. They have agreed to do this after pointing out that it will increase the length of time it takes to pay my mortgage etc -just waffling really . Will keep you updated as to how it all goes


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## athlone1974 (2 Dec 2011)

Hi Swiggy, yes I got some waffle from the bank that they informed people of the situation at the end of April because thats the date the Central Bank told them to do so and that there would be no question of anyone getting advance warning . My issue with the them and the Central Bank is that I dont accept that informing the small number of people -only 2096 that were involved was done in a timely fashion -it took them 8 months and secondly I assume that the Central bank are not above contract law and they simply have not fulfilled the T+c's of my original contract. I also used the same arguement as you when I spoke with the bank regarding not having the all the relevant information etc. my solicitor agrees with all the above and as far as he is concerned if we dont get a favourable response from the FO then its off to the High Court - which is fine with me there is no way I am backing down. The mediation is through the Ombudsman and if no agreement is reached there then its back to the Ombudsman for a final decision . No doubt you are like me and feel very hard done by -my mortgage has never been once been late and I thought I was being prudent at the time by fixing as all the hype was about variable rates been done away with etc-even my mortgage broker took the same view that it would be wise to fix and then to receive a letter from the bank telling me I would have to compensate them if I wished to change from the fixed rate now just really got my blood boiling- its the arrogance that they think us ordinary Joe Soaps are just a push over and will accept what they say. I have been with this bank for years and have always had a good relationship with them but now I am just downright disgusted with them . I'm not sure when my arbitration will happen but hope to receive confirmation next week so will keep you updated. I think the more people that proceed with their complaints to the FO the better for all involved - they will surely have to take some action. Will keep you updated and good luck with the FO


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## athlone1974 (5 Jan 2012)

Hi all just to keep you updated on my situation, received a letter from the FSO thanking me for agreeing to enter mediation but they said the other party did not respond in the time frame alloted so they are obviously not interested in entering mediation so the FSO will now make a decision on my case - however they pointed out in their letter that it would take up to 20 weeks due to the volume of complaints they have received in the last year - got the letter on the 4th of December so that brings me up to the end of April -fingers crossed I get a favourable response as I am about to become a first time Mom in June and will be dependent on state maternity benefit for my leave so paying the mortgage will become a problem. As soon as I receive any word will let you know .


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## athlone1974 (30 Mar 2012)

Hi All ,

Just a quick update as to where my case stands now. The FSO sent the Bank a letter with a list of questions about 6 weeks ago giving them 21 days to respond to same. About two weeks ago the bank responded saying that they were now willing to contact me directly to resolve the dispute (they didnt answer any of the questions posed) . FSO said I should expect communication within 10-28 days. 
Had a letter from the Bank this morning reiterating the findings in their final response letter and then in the next line stated that they would like to settle the dispute amicably as part of the preparation of the full investigation carried out by the FSO and that they were willing to restore me to the ECB tracker rate plus 1.3% and refund the difference in interest back to March 2011 when I fixed. They reiterated again that it didnt mean I had a contractual right but that they wanted to settle amicably-made it sound like they were doing me a favour !!! Also asked which account I would like the money refunded to- I will of course request into my current account. I am also sending them the bill for my solicitors fees as I feel I would not have had to take legal advice in the first place had they been in any way agreeable at the start. 
For anyone still waiting I would advise you to persevere -they probably thought I would back down as I am sure many people have, its taken me almost a full year to sort this out but was worth it in the end.
Best of luck to everyone hope you all have the same result as me.


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## Brendan Burgess (31 Mar 2012)

Athlone 

Great result. Your determination has paid off in spades and will be a huge encouragement to others. 

I have sumarised your case in the first post, to help people understand it. 

Have I got it right? 

Brendan


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## athlone1974 (31 Mar 2012)

Hi Brendan-thanks for that -yes you got it exactly right in your summary. Best of luck to everyone else who's pursuing the same course- I know it was time consuming and stressful but it all paid off in the end. The bank have also agreed to refund me the difference between fixed and tracker dating back to March 2011 and requested that I let them know which account I wanted it refunded to so great result all round


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## TillyD (1 Apr 2012)

Wow! Well done at Athlone. We should have been offered a tracker in 2009 but they only informed us of this last month when they offered us our tracker back because we're coming off a 2 year fixed. Do you think we should look for the difference between 2009 and now in interest rates? We were just that happy to be offered a tracker that we didn't ask any questions. The bank never wrote to us informing us of the error. They just sent out a letter with the different options of rates and a tracker was included.


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## Bronte (2 Apr 2012)

athlone1974 said:


> Just a quick update as to where my case stands now. The FSO sent the Bank a letter with a list of questions about 6 weeks ago giving them 21 days to respond to same. About two weeks ago the bank responded saying that they were now willing to contact me directly to resolve the dispute (they didnt answer any of the questions posed) .


 
Aren't they the clever boys then. They will settle now that you've made the effort (not easy) to go all the way. So at the last minute they will settle without admitting their deliberate mismanagement of your mortgage. Presumably then it doesn't go under the statistics for a case in favour or customer but a 'settlement'. There must be a reason they didn't answer the questions and must also be a reason they don't want to go via the FSO. 

Now what would their reasons be. To not admit liability, to not have a record in the FSO for this. To thwart other people in your position. 

Why on earth is the bank not ordered by those who regulate to forthwith sort this out for everyone in the same position. Isn't that what regulation and regulators are for.  And not only should they be ordered to sort it out, this should be followed up with the bank supplying a list of all customers affected and confirmation that it has actually been implemented.


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## athlone1974 (2 Apr 2012)

Hi TillyD

I would certainly enquire as to why they are now offering you a tracker rate -have a look at your original mortgage contracts etc. It certainly seems a bit fishy that they are giving you this option now when they are so allergic to trackers . If they did make an error I would definitely request that they refund the difference for the two years. Did you receive a letter from them last April ? .

Hi Bronte-thats just it they dont want to it listed in official statistics -also I think they are maybe getting a bit nervous as the FSO has come out and said they are sick and tired of the Banks and the way they are treating some of their customers (I havent heard the exact interviews but my solicitor advised me of same) . Apparently the FSO said they were going to name and shame. At the end  of the day it shouldnt even be down to the FSO to sort this out - a few of us on here were getting ready to send a letter to the Central Bank -whom I think should have been clearer in their instructions to the Bank when this issue arose and they should also have been more timely in informing people -took them 8 months to let 2096 people know, what a joke ! Of course the Bank should also have done the decent thing and offered the facility to break out of fixed rate to anyone who was affected as they knew morally and in my opinion despite their letter to me that they were contractually obliged to do this - but as always its the ordinary Joe Soaps like us who are punished.
As I said previously I am so glad I didnt back down and stuck with it as I couldnt see how it would not pay off for me.


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## TillyD (2 Apr 2012)

Hi Athlone, 

We fixed in 2006 for 3 years, in 2009 they offered us a variable rate and the usual fixed rates with no mention of a tracker. We fixed again in 2009 for 2 years. Our fixed was up in April (this month) and all of a sudden we are being offered a tracker. We were almost too afraid to question it until now. I did not receive any letters from boi explaining why we are now being offered a tracker.


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## athlone1974 (6 Apr 2012)

Hi TillyD - did you look at your original mortgage contract to see what the wording was on that? Or did you receive any correspondance from them last April telling you that you were one of the 2096 customers entitled to tracker rate ? It certainly seems very suspicious to me that they are offering you a tracker now -unless it was a typo!!!! They are not giving them to anyone anymore -I would definitely investigate further -if they've made the offer they have to stand by it so I wouldnt be afraid of asking them why they are now offering it to you. Best of luck and let us know how you get on


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## swiggy (6 Apr 2012)

Hi Athlone74
I also got the letter reinstating the tracker with immediate effect without having to pay a break out fee.  A year later, this has finally been resolved to our satisfaction. 
Regards
Swiggy

Discussed in this post


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## Detones (10 Apr 2012)

Well done Swiggy and Athlone. It goes to show you what can be achieved if you stick at it and don’t accept what the Bank tells you as gospel.

I too have had a successful outcome regarding this issue. My case is nearly identical to Swiggys. Our tracker rate has been reinstated and we have been refunded the difference while we were on the Fixed rate. Again the Bank only refunded us this after the FSO sent them a list of questions as part of their investigation. My advice to others in a similar situation is to be patient, follow the FSO process to the letter, keep all correspondence in writing, and question everything the bank tells you if it does not sound right. 

My only regret now is that since my case has been settled that the Bank will not have a finding made against them by the FSO. I just did not want to risk loosing anything by not settling and waiting on the FSO to decide the case.


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## Bronte (16 Apr 2012)

That's interesting Detones, so now 3 people on AAM have their tracker reinstated.  Any chance Detones that you would write to the contral bank to ask them what they are doing for all other people in your situation.  

The bank will not reinstate other people unless enough people complain.  And the central bank should make an order on this.  It should not be necessary for people to a) have to complain b) be fobbed off initially c) go to the ombudsman.


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## Detones (16 Apr 2012)

That’s a good point Bronte i'll give that some consideration. I believe there were around 2000 people affected by this issue. I wonder how many have taken up cases with the ombudsman? or how many gave up at the first hurdle once the bank said no. I'm not overly familiar with the powers of the central Bank but if they could provide justice for all who were mistreated it would be worth pursuing.


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## Bronte (17 Apr 2012)

That's correct Detones but it requires people like you to act.  And go all the way.  Wouldn't take you too long to write a letter.  We could follow your progress on here as it would be interesting for a lot of people to hear the response from the Central Bank.


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## nesswill (19 Apr 2012)

Hi just have a quick query was hoping someone could advise me. Started mortgage 2004 on introductory offer of variable for twelve months then i  automatically reverted to tracker in 2005.. Did this but fixed in 2007. Have contacted ics a number of times and continually told as i started on introductory rate i am not entitled to my tracker back when the fixed period ends in may..Is this correct or am i being fobbed off..I would really appreciate anybodys advise or experience..


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## Bronte (19 Apr 2012)

Nesswill the first step is to carefully read your loan documentation.  After that, and you can post question up here to help you, you make a complaint in writing to the ICS and see what their response is.  Don't waste time on phone calls.  

If you don't have the original loan documentation as the bank for a copy, or your solicitor.  This would be the original loan and later the fixed rate documents that you signed.


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## athlone1974 (3 May 2012)

Hi All,

Just a quick update on where I am - as of yesterday confirmation from Bank that I am back on the tracker rate and refund has been made to my current account so I'm happy out. 
Neswill if you find that you are entitled to the tracker -ask the bank straight away to give you a letter of final response to confirm they are refusing you -you will need this if you make a complaint to the FSO and if you ask straight away it will save you a lot of faffing around and going over and back with irrelevant letters . Best of luck


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## Detones (4 May 2012)

Athlone and Anybody else that has had an interest refund,

Keep an eye on your TRS my case is similar to yours and I have received the refund but again BOI are making an absolute mess of things. They have stopped paying my TRS and are stating that I have to get on to revenue to resolve. Revenue say its nothing to do with them and the Bank have no power not to pay the TRS. I feel battle number 2 coming up, and I had hoped this was the end of dealing with this shower. I understand that I was most likely overpaid TRS but it appears the Bank or the revenue have no set procedure to deal with Interest that has been refunded. I can see why people just give up when dealing with this stuff. If I had the money I would just hand everything over to a solicitor.


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## Handy (24 May 2012)

Hi all

I am in similar situation to swiggy and after numerous calls and letters to BOI mortgages requesting return to tracker rate with immediate effect and refund of difference in tracker and variable rate i was eventually offered the return to tracker rate without penalty supposedly because ther was no funding fee compensation due on date i recieved letter (June 2011). I accepted offer but had to sign a new mortgage form of authorisation stating i would lose tracker rate if i opted for fixed or variable again.
Just wondering if anyone else had to sign one of these and if i should have signed it as orignal offer letter stated interest rate  shall be no more than .95% above ECB REPO rate for the term of the loan.
I proceeded to ombudsman to look for the refund and investigation commenced in April last and have since recieved letter same as athlone 1974 from BOI mortgages looking to settle amicably and offering refund as part of the full investigation.
Also wondering if i should accept as others seem to or let the investigation go ahead with the ombudsman ?


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## Brendan Burgess (24 May 2012)

Has anyone else seen this covered in the wider media?

It seems clear to me that Bank of Ireland is systematically overcharging its customers. Those of you who make a valid complaint are rejected and forced to go to the Ombudsman.  You are dragged through the Ombudsman process for a long time and then they settle at the last minute. 

Would any of you be prepared to tell your story and show your papers to a journalist? I think that it would help hundreds of others in the same situation and would put pressure on BoI to proactively resolve all these cases.


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## mofran (6 Jun 2012)

Hi,
I think my query could be similar to Handy. I dont want to bore people with all the dates and details but in essence my query is whether anyone has gone back to their back following being put back onto a tracker to seek compensation ie. the difference betweeen the fixed rate that they were on and the tracker that they would have been on if they had know they were entitled to be on it?  
Took out tracker (.85%) mortgage in 2006. In mid-2007 following rapid climbing of ECB we fixed for 2 years at 5.1%. At the end of this period we automatically went onto a variable rate which Bank of Ireland admitted what incorrect in their letter of May 2011 when they wrote to us to say we were one of 2,000 odd customers who will have their trackers reinstated following a review of our mortage by the Central Bank. Happy days... but always a twist. They would reinstate the tracker at the end of our current fixed rate (we signed a new 3 year fixed rate 4.2% the day before we received this letter) so we would get our tracker back but not until May 2014! They also were 'giving' us €2,000 for the time we were on the variable (approx 9 months) when we could and should have been on our tracker in 2007/8. Again the twist was that they were going to put that €2,000 into our mortgage account. So after a few weeks of making alot of noise and alot of phone calls, emails, letters and waiting on decisions etc, they agreed to put us back onto the tracker immediately with no break out penalty for breaking the brand new fixed rate agreement and to put the €2,000 into our current account.
So should be happy with all that? Well, its not sitting right with me that due to the uncertainty of variable rates and not knowing we were entitled to our original tracker rate of ECB +.085%, we decided to fix for the second period of 2 years at 3.15% again. By their own admission, we were entitled to be on the tracker prior to this and so if this had been known to us, why on earth would we have chose to fix at 3.15% when the ECB was at 1% at that time making the rate we should have been on 1.85%. Has anyone been in this position and considered this financial loss due to being misinformed and mismanaged by the bank? I am thinking that we were paying approx 1.5% more over two years than we should have been if all the facts had been made known to us. I would be grateful for any feedback, thoughts or details of similar situations that people have experienced in this regard.


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## Kieran86c (11 Jun 2012)

Hi Handy,

I am in the same situation as you. Got to FSO questions list. BOI did not respond, but eventually wrote to me to settle the case by reverting to tracker rate plus refund. I contacted them to clarify if refund included interest (as they effectively had my money on deposit) and what the clalculated refund would be. They said I had to sign the new revsied MFA form first. This angered me even more, so I refused their offer and continue with teh FSO investigation. Bank has now responded to the questions, but they also again re-opened the settlement offer (no change in terms). As I want this case settled ASAP, I am reconsidering settling the case (and to avoid risk of FO not upholding the case). Just wondering what did you do in the end.


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## Brendan Burgess (11 Jun 2012)

Folks

one or more of you must make a formal complaint to the Central Bank about this.

Or tell your story to journalists. 

Bank of Ireland are getting away with so many cases of this where people don't know any better. 

Brendan


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## Handy (22 Jun 2012)

Hi Kieran

I decided to accept the offer in the end for fear of losing case and it probably would have dragged on for months. I recieved refund about ten days later more than i expected so there is probably interest as well (but im no accountant). I only noticed refund in my account yesterday it having been there for a week. BOI never acknowledged refund with a letter ( even though i had requested breakdown of calculations ) which i think is shamefull on their part. Maybe it will come yet !!!
You should also request refund to be returned to your personal account or else they will just put it in the mortgage account.
I am going to write to them again to request breakdown and if dont get it will go back to the FO. its just for spite at this stage.


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## Brendan Burgess (22 Jun 2012)

> will go back to the FO. its just for spite at this stage.



Hi Handy

The FSO is overloaded and it's taking him a long time to process genuine complaints. It's better not to make a complaint "just for spite" as you are just delaying others.


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## clochnaron (8 Sep 2012)

Hi All,
I have 2 mortgages and 2 top ups on one. In each o fthe mortgage loan offer letters for all 4, I had a fixed rate for the first 12 months and then a variable rate thereafter. Over the years I have been on various fixed rates. Although I now have one on tracker of the top ups on tracker.
In most of the interest rate change letters I was not given an option to move onto a tracker, so hence did not select it.
The tracker would make a big difference to me now as I am struggling. 

Seeing as you guys have some difficult but fruitful experience of this does it sound as if I have a case?
Thanks


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