Had Tracker but being charged Variable.

G

Greeb

Registered User
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Hi all,

I have just realised I received a letter from Bank of Scotland on 1st April 2008 (April fools day!) which informed me my discount period was to expire. It didn't raise any concerns at the time as the discount period was indeed due to expire.

However, I have now realised the letter states my new 'VARIABLE' rate will be 5.00%. So what you may ask? Well... I was on a 'TRACKER'.

I only came to realise the content of the letter in April when I got my latest rate change letter and noticed it had only reduced by 0.5% and not the 0.75% ECB announced.

I do have copies of the tracker agreement but we did not sign our copies, only the copies we sent to BOSI.

Has anybody had similar experience? Has anybody got an opinion on where we stand? Can BOS do this without 'formal' notice? I don't even know how long BOS have been charging us on variable. Can we get our money back?

All opinions and advice would be very welcome.

Thanks for reading,
Greeb
 
Greeb said:
Hi all,

I have just realised I received a letter from Bank of Scotland on 1st April 2008 (April fools day!) which informed me my discount period was to expire. It didn't raise any concerns at the time as the discount period was indeed due to expire.

However, I have now realised the letter states my new 'VARIABLE' rate will be 5.00%. So what you may ask? Well... I was on a 'TRACKER'.

I only came to realise the content of the letter in April when I got my latest rate change letter and noticed it had only reduced by 0.5% and not the 0.75% ECB announced.

I do have copies of the tracker agreement but we did not sign our copies, only the copies we sent to BOSI.

Has anybody had similar experience? Has anybody got an opinion on where we stand? Can BOS do this without 'formal' notice? I don't even know how long BOS have been charging us on variable. Can we get our money back?

All opinions and advice would be very welcome.

Thanks for reading,
Greeb
Click to expand...

It sounds like you were on a tracker for the discount period. Banks are usually under no obligation to offer the same deals at the end of this period so I don't think they have done anything wrong. Check your original loan agreement and see what it says about what happens at the end of the discount period.
 
Greeb said:
Hi all,

I have just realised I received a letter from Bank of Scotland on 1st April 2008 (April fools day!) which informed me my discount period was to expire. It didn't raise any concerns at the time as the discount period was indeed due to expire.

However, I have now realised the letter states my new 'VARIABLE' rate will be 5.00%. So what you may ask? Well... I was on a 'TRACKER'.

I only came to realise the content of the letter in April when I got my latest rate change letter and noticed it had only reduced by 0.5% and not the 0.75% ECB announced.

I do have copies of the tracker agreement but we did not sign our copies, only the copies we sent to BOSI.

Has anybody had similar experience? Has anybody got an opinion on where we stand? Can BOS do this without 'formal' notice? I don't even know how long BOS have been charging us on variable. Can we get our money back?

All opinions and advice would be very welcome.

Thanks for reading,
Greeb
Click to expand...

you do know that the 0.75% rate drop will not be reflected in your payments until Feb 2009 payment????????????

the recent letter you got is for the second 0.5% drop, they havent got around to issuing the 0.75% rate drop yet.
 
kceire hit the nail on the head. Doh! I feel foolish now.

I rang them to see what was going on. They apologised for the letter which said my new 'variable' rate. They confirmed I was still on the tracker and that (as kceire pointed out) that the 0.75% reduction would not happen until February.

I guess I was just thrown when the letter notifying a 0.5% reduction arrived 2 weeks after the 0.75% reduction was reported.

Thanks for the replies, much appreciated,
Greeb
 
I have had a very similiar experience with Bank of Ireland. They notified me that they were swicthing me to a variable after one year.(They put me on an interest only trackers at .75 above ecb when I was in the process of swicthing to Halifax last year)

I had to make alot of phone calls but eventually got a letter confirming my tracker at 0.75% above ECB.

I would find it hard that the banks are chancing their arms to see if some customers will notice...........but you never know
 
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