BOI over-charging monthly repayments

A

AnyAdvice

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I calculated my monthly mortgage repayments in an excel model and it differed to the amount debiting my account each month so I rang BOI who explained that the difference is probably because the formula they use "is very complicated and is system-based" (?). They sent me a letter with the details of this formula so I re-calculated the monthly repayment and I have been over-charged euro 20 each month for the last 3 years.

I sent my excel calculation to them over a week ago and have not had a response. I advised them that I will cease paying my mortgage until it's resolved.

Has anyone had the same problem? Any advice.

Thanks
 
most banks have a customer complaints process which can take about 3/4 weeks so I would not panic yet.

If they fail to respond in 3/4 weeks go to regulator

see here
[broken link removed]

Stopping the mtg will only cause you more problems, miss three payments and your credit rating can suffer and it is nearly impossible to correct it
 
We had a similar problem many years ago with BoI. We kept track on Excell of interest on a bridging loan while building our house and at the end of the loan we had a much lower figure than the bank. When brought to their attention the answer was basically that they couldn't be wrong & how dare we question it.
Anyway after much arguing we finally presented a print-out of our figures from start to finish & they agreed that they were wrong and refunded the difference.

Persevere & if necessary produce your calculations to them.
 
AnyAdvice said:
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I advised them that I will cease paying my mortgage until it's resolved.
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Why on earth would you do this?

You risk your credit rating being damaged. Perhaps the bank is at fault but perhaps you are incorrect.
 
Thanks for your responses. I have confirmed my calculations with two accountants. One is a former banker.
 
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