# Overpaid my EBS SVR mortgage. Being put back on tracker and getting my overpayments back!



## theo67 (7 Oct 2016)

I have also received EBS letter confirming that I am being moved from variable rate to tracker. I have another mortgage with AIB at variable rate. Over the years I overpaid EBS mortgage(approx 50k) as it was higher than AIB rate. Obviously, if I had been aware of tracker rate, I would have overpaid AIB mortgage instead. I plan to request EBS to "relend" me what I have overpaid(at tracker rate), and use it to pay off AIB variable.Have I a chance of being successful with this request, or has anybody else made such a request.


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## Springsteen (9 Oct 2016)

theo67 said:


> I have also received EBS letter confirming that I am being moved from variable rate to tracker. I have another mortgage with AIB at variable rate. Over the years I overpaid EBS mortgage(approx 50k) as it was higher than AIB rate. Obviously, if I had been aware of tracker rate, I would have overpaid AIB mortgage instead. I plan to request EBS to "relend" me what I have overpaid(at tracker rate), and use it to pay off AIB variable.Have I a chance of being successful with this request, or has anybody else made such a request.



Fantastic idea. Best of luck. Let us know how you get on.


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## theo67 (10 Oct 2016)

Thanks Springsteen.EBS phoned me today and confirmed that total I overpaid into this mortgage will be made available to me again at tracker rate, will be sorted out by end of November.I am delighted as I will be able to seriously reduce AIB variable balance.


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## theo67 (11 Jan 2017)

Just to update, EBS have refused to return capital overpayments made on the basis that EBS did not request these payments. This is true but I would obviously have targetted any extra capital repayments at borrowings with higher rate of interest. I would have targetted AIB loan if I was aware of tracker rate applying to EBS loan. EBS letter advises appeal if I am not satisfied.


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## SaySomething (11 Jan 2017)

Definitely worth appealing.


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## mister32 (11 Jan 2017)

Gosh these banks are so arrogant


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## todo (11 Jan 2017)

theo67 said:


> Just to update, EBS have refused to return capital overpayments made on the basis that EBS did not request these payments. This is true but I would obviously have targetted any extra capital repayments at borrowings with higher rate of interest. I would have targetted AIB loan if I was aware of tracker rate applying to EBS loan. EBS letter advises appeal if I am not satisfied.



Incredible, they still want everything their way, sue them for loss of potential earnings on the overpayments.


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## Brendan Burgess (12 Jan 2017)

Hi Theo 

My understanding is that AIB/EBS has committed to returning people to the position they would have been in, had they not lost their tracker. 

You should first appeal it within the Appeals System and then go to FSO.

Simultaneously, you should refer your most recent letter to the Central Bank and suggest that they investigate it.

One of the problems facing people who have lost their trackers is that all the banks have been issued a Framework Agreement by the Central Bank, but they won't publish it.  That Agreement should have an obligation to return overpayments.

In some cases, there could be a weak argument from the bank that you might have made the repayments anyway. In your case, it's absolutely clear cut.

Brendan


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## Bronte (12 Jan 2017)

theo67 said:


> Thanks Springsteen.EBS phoned me today and confirmed that total I overpaid into this mortgage will be made available to me again at tracker rate, will be sorted out by end of November.I am delighted as I will be able to seriously reduce AIB variable balance.



Who told you this.  Can you prove it.  You should put this in writing now, today, that you were told by x on the 10th October (there will be a phone trace if necessary because they record the calls).  It's great you posted on here on the day as you can be sure of the date. 

Dear Bank,

I'm very disappointed that you  are not  now allowing me back the overpayemnt.  I was told by Ms. Y on xxx that I would be returned to xxx.  I am therefore going to appeal this...

Theo. 

(email or letter - then you have a paper trail)

Then you start your appeal. 

PLEASE EVERYBODY GET EVERYTHING IN WRITING.  If you have a conversation on the phone, have a piece of paper to hand, write down the date, who you spoke to and follow up with an email to them (don't believe they don't have emails, they do) or letter outlining what was said in the conversation etc. 

Best of luck Theo.


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## Bronte (12 Jan 2017)

Brendan Burgess said:


> One of the problems facing people who have lost their trackers is that all the banks have been issued a Framework Agreement by the Central Bank, but they won't publish it.  That Agreement should have an obligation to return overpayments.



Why won't they publish it?


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## Brendan Burgess (12 Jan 2017)

Hi Bronte

The Central Bank is a law unto themselves.  

They don't publish anything until they absolutely have to.

Brendan


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## Bronte (12 Jan 2017)

Brendan Burgess said:


> Hi Bronte
> 
> The Central Bank is a law unto themselves.
> 
> ...



But they have sent this Framework Agreement to all the banks?

Why the secracy?  Do you know what is in it?


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## theo67 (12 Jan 2017)

Bronte said:


> Who told you this.  Can you prove it.  You should put this in writing now, today, that you were told by x on the 10th October (there will be a phone trace if necessary because they record the calls).  It's great you posted on here on the day as you can be sure of the date.
> 
> Dear Bank,
> 
> ...




Thanks very much Bronte/Brendan and all for comments/advice. I made the cardinal error of not getting name of the person who phoned me and confirmed Tracker Rate Return and that cheque for Capital Overpayments would issue. It sounded like such a done deal that I assumed it so. As stated by Bronte, record everything in writing and get names of individuals spoken with. I will definitely appeal and pursue the matter.

I suppose to clarify further and what makes my case more interesting is I have

1) Mortgage AIB @ Variable Rate

2) EBS Mortgage @ now restored Tracker Rate

3) EBS Top Up Mortgage (50,000 taken out 2006) at Variable Rate

Mortgage (3) does not qualify for tracker rate following review. Ignoring AIB loan, EBS are suggesting that I am so financially inept that I would have targeted capital overpayments at Tracker Rate Mortgage(1.5% over ECB) rather than my borrowings with them at Variable Rate of Interest.

Regards,

Theo


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## Reporter (22 Jan 2017)

Hi, Theo67, would you be interested in doing an interview for the Daily Mail about this? I am currently looking for case studies of people who have been caught in this tracker scandal.


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