# Would l be entitled to more compensation?



## Joanne Heeney (12 Feb 2018)

UB. Five years ago we went on a reduced interest rate to lower our monthly repayments for a term of five years. We had never missed a payment but were really struggling to pay bills etc. The monthly repayments reduced by €800 pm. The downside is that our total owing on the Mortgage hasn't reduced down by much in the five year period. Now with the amended tracker rate are Mortgage amount has reverted back to only 100 euro more then our reduced rate. If we had been on the right rate in the first place we wouldn't have had to re neg a rate for that five year period in the first place. My questions are as follows :  Should the capital interest come down more for that period ? 2. Should we be entitled to more compensation for this period as our Mortgage hasn't come down in the five years even though we were paying more or less the actual correct amount if we were on the correct rate. We are still waiting to be redressed but want to be ready to appeal if needs be. Appreciate your thoughts , thank you 
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## SaySomething (13 Feb 2018)

@Joanne Heeney you are going around in circles here. You need to wait until you get your redress letter. All the payments will be adjusted and you will then be able to see a change to your capital balance.
The bank are required to reinstate you to the position you would have been in if you had not been on the wrong rate. There is a knock on effect on all facets of your account. 
Once you get your redress letter, take financial & legal advice on the content and then decide if you want to appeal.


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## Joanne Heeney (13 Feb 2018)

Thank you


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