# Bank of Ireland Put me Back on Tracker, Are we elegible for Compensation too?



## Detones (23 Oct 2017)

Back in 2012 I successfully got BOI to reinstate out mortgage onto the tracker rate. We were one of the original 2000 odd customers who were identified as being put on wrong rate. We also after 12 months of arguing and involving the Financial Service Ombudsman got it back paid for the 18 months we were on wrong rate.


I appreciate there are a lot of people out there now who would be delighted with this outcome. I am just now wondering with all the news lately in the media on similar cases if we should have been entitled to compensation too for the hardship they put us though? It may sound greedy but the Banks would not think twice about you or I if we owed them anything.


Appreciate any feedback. Good or bad.


----------



## Brendan Burgess (23 Oct 2017)

Hi Detones

There is no legal right to compensation.  The compensation being paid by the lenders as a result of the Central Bank review is only because the Central Bank has persuaded them to pay compensation. 

Back in 2012, the SVR had not deviated too far from the tracker rate. So your loss presumably was quite small? 

The Ombudsman in those cases did not award compensation.  In some cases he makes token awards for inconvenience. 

Brendan


----------



## Detones (23 Oct 2017)

Hi Brendan,

Thanks for reply.

The variance was large enough and the refund was substantial for the 18 month period. Our case never made it to the Ombudsman to make a determination as the Bank just out of the blue (after 12 months of badgering them) refunded our money and we kind of left it at that. We may not have any case at all for compensation, I thought it might be worth looking into. Just to add to anyone going through the process of dealing with the banks to just stick with it, patience and perseverance will win through in the end, they do not make it easy but you cannot let them discourage you from getting what you are owed.

Tony.


----------



## thedaras (24 Oct 2017)

I agree that we should have been given compensation for all the heartache / time/ gathering of documents/ gayering evidence/ going into an overdrafts,and having to change lenders which was a huge undertaking!Plus the pure fear of what the future would hold.It was a horrible time for us with young children,I can only imagine how bad it was for those who went through years and years of this.
We asked for compensation,but they didn’t give us any.In the light of all that is now devoloping I believe  that even though we were some of the first to get our trackers back( which I am still very happy about) ,we should be compensated.This is not jumping on the bandwagon as I mentioned earlier ,we had asked at the time,they refused and now am I correct that they are in fact offering it.?


----------



## Foxy007 (2 Dec 2017)

I'm in a similar situation and called the Central Bank directly and they advised me to complain to the bank in writing so that is what I plan to do.  Just because we were old cases shouldn't automatically mean we also didn't suffer the loss of that money during the the time we were overcharged.


----------



## IdesofMarch (2 Dec 2017)

Figure out your loss and any loss that naturally flowed from the behavour of the bank (at that point in time), may have involved not putting kids in private school all they way to eating spam sandwiches in your unheated house, to marriage break up. Articulate everything and send the bank by registered letter seeking to have your case included in the current mortgage tracker investigation.


----------



## Sniper (23 Jan 2018)

*New Member*

Hi all, I was returned to a tracker with BOI In 2012 one of the 2096. However I have still got no compensation or redress. I feel I'm due compensation and redress between 2009-2012.First fixed Sept 2006-2009 to revert to tracker. Is anyone in the same boat?


----------



## peemac (24 Jan 2018)

thedaras said:


> We asked for compensation,but they didn’t give us any.In the light of all that is now devoloping I believe  that even though we were some of the first to get our trackers back( which I am still very happy about) ,we should be compensated.This is not jumping on the bandwagon as I mentioned earlier ,we had asked at the time,they refused and now am I correct that they are in fact offering it.?



Even for those who have spent close to ten years fighting the banks, the compensation is 10%-15% of the overcharge. - Which they can of course appeal.

Whilst some people will say "suck it to the bank" I'd look at the practicalities

You went via the ombudsman who found in your favour and BOI complied with the findings in full. You'd effectively be disputing those findings by saying additional compersation should be awarded.


Even on those waiting almost ten years, the compensation by the banks is voluntary.

Maybe be thankful you've not had to have an additional 6 years of heartache?


----------



## Jim Stafford (24 Jan 2018)

Brendan Burgess said:


> There is no legal right to compensation.



if any lender breaches a contract then the borrower may be perfectly entitled to damages for breach of contract.  (Damages is another word for compensation)

Like any court case, any borrower seeking damages has to prove that they suffered loss.  Indeed, the Central Bank has issued detailed guidance to the banks as to how their Independent Appeal Panels are expected to operate.  in particular, the Central Bank expects the panels to "_consider the legal principles that a court would apply." 
_
In proving a damages claim, you just have prove it on the "_balance of probabilities_".

If someone had to use an expensive overdraft or a credit card to meet their excessive mortgage payments, then the _Redress _element must be increased. The Central Bank has directed that any Compensation payments should also cover stress  caused to the borrowers.

Jim Stafford


----------

