# Received refund but no compensation



## sillbill (9 Nov 2017)

Hello, 

5 years ago I argued my case with Boi to reinstate my tracker. It took four months but they eventually reinstated my tracker.

They refunded the amount I overpaid, I must check these calculations actually, at the time I was just delighted to get anything. 

I wasn't offered any compensation, am I entitled to compensation now?

Thanks
Sinead


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## Brendan Burgess (9 Nov 2017)

Hi Sinéad 

There was and is no legal entitlement to compensation. 

The only entitlement is to a refund of the amount overcharged. 

The Central Bank has persuaded the lenders to pay compensation as part of this review. 

As you case happened 5 years ago, the gap between the tracker and SVR wasn't huge and the number of years short, so I would guess that the refund was quite small. 

You would find it hard to prove in court that you suffered damage as a result.

Brendan


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## Maggs065 (10 Nov 2017)

Hi Sinead,

I am in a similar position. I got my tracker back at the end of 2013 after a year long battle with the bank. I was on the wrong rate for approx 5 years. I also spent nearly €3000 to an excellent financial consultant who pushed my case and eventually reached a successful outcome.

There was no mention of compensation at the time - I was just glad to be back on my tracker and get the refund.
But it did cost me - I had to get a lodger into the house for a few years to help me pay the mortgage.
So just because our cases our old doesn't mean we shouldn't get compensated like everyone else.

Maggs


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## MrEarl (10 Nov 2017)

Folks,

Notwithstanding what Mr. Burgess has said above, I would suggest that you send in a complaint to your Bank indicating that you incurred costs (be they the cost of a financial advisor or other legitimate costs) because of the Bank's actions at the time and you were never reimbursed for these costs.  Document these costs as best you can, and indicate to the Bank that you want it to reimburse you for these costs, along with the unnecessary time and duress caused.

You have nothing to lose and if you are genuinely out of pocket, the Bank may be in a bit more of a giving mood than it was in times past.

The fact that you have let this go for a number of years does not strengthen your case, but again as I say, you may just find the Bank in a bit more of a giving mood at the moment (because they last thing they want is further complaints going into the Ombudsman about how they handled mortgages right now etc.).


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## Maggs065 (10 Nov 2017)

There should be no difference between our cases and the ones that are current at the moment. We were all taken off our trackers illegally and should not have to depend on the Bank being 'in a giving mood'. The only difference is, in my case anyway, that I recognized this was a problem a few years ago.


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## MrEarl (12 Nov 2017)

So with that in mind Maggs065,

Why not try what I'm suggesting and see how you get on ?   Perhaps the Bank will see it the way you do (on mature reflection, of whatever you want to call it)


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## Foxy007 (21 Nov 2017)

I'm in the same boat and yes shouldn't be a difference as far as I am concerned. It shouldn't weaken our case as we were treated the exact same way.  In my case the bank suddenly offered us a tracker out of the blue and I got out all the offer letters we received over the years as we'll as a copy of our contract and realised there was a glaring discrepancy. I had to hound them mind you and then be queried as to why I didn't want to put the refund back into the mortgage as if it was silly if I didn't. ....obviously no understanding that this was money needed for other things besides a mortgage payment??


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