Key Post ICS Mortgage Error - Back on the Tracker Gravy Train!!

B

branners

Registered User
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This is more for information to other ICS mortgage holders. We got a letter to say that when we came off our fixed rate they should have offered us a tracker option but they didnt. So they are now offering us a tracker of ECB+ 1.1% and back dating it! Happy days!!

So any other ICS mortgage holders who came off a fixed rate, might be worth giving them a call!!
 
When did you go onto the fixed rate and for what term?
This may help others in a time frame.
 
Coming off fixed with ICS next month - been for last 5 years - came of tracker in 2006 but can't figure out at all of if I'm entitled to go back on it so would love some more info about this
 
I went on the fixed from 2006 to 2009 (3 yr fixed @ 3.65%) when I came off the fixed they should have offered a tracker option but didnt so they are offering it to us now!

@ Breso78 I would give the ICS a call or else have a look at your original loan documentation?
 
branners said:
they are now offering us a tracker of ECB+ 1.1% and back dating it!
Click to expand...

If you look up poster called Butter you will see that you should ack the ICB per year in relation to the back dating how they do their calculations. In his case surprise surprise they incorrectly calculated it and owed him some more money.

Don't trust banks or bank calculations.
 
Breso78 said:
Coming off fixed with ICS next month - been for last 5 years - came of tracker in 2006 but can't figure out at all of if I'm entitled to go back on it so would love some more info about this
Click to expand...

You should receive a list of options from ICS very shortly,I was in exactly the same position as you,fixed BTL mortgage that expired last month,no way were they giving me back the tracker I had in 2006,case is now in the Ombudsmans hands,lodged a complaint summer of last year should get a decision in next 2 months.

Ring them up and ask them,the customer care rep should be able to tell you over the phone.

http://www.askaboutmoney.com/showthread.php?t=128549
 
also check your tracker rate on your original loan agreement. what they offered us was higher than was on our loan offer (.25% higher or something like that, can't remember exact figures). Luckilly we had a copy of our loan offer handy so we were able to tell them the correct rate!
 
hi,
we have just finished a 5yr fixed term,but like many other ics customers we have not been allowed to return back onto the Tracker Mortgage we were on before we Fixed.
I feel totally frustrated and feel we are being treated so unfairly.Annoying thing is also we have been repaying approx €100 over the standard variable rate for the last 5 yrs OH Well thats the choice we made so i,m not complaining about that.
ICS have not come back since i wrote to customer service requesting to be put back on our tracker rate.
ANY Advise would give us encouragement to whatever course of action we should take now going forward
Thanks guys in advance
 
Hi, give ics customer servise a ring,they offered to change my 5year fixed to a tracker at no cost for doing so.Apparently the cost changes daily depending on the markets.
 
Thanks for the tip ballylangley.
I just received my latest responce from ics saying basically that we choose to go from a tracker to a fixed rate in july 2007 but ICS STOPPED OFFERING TRACKERS IN OCTOBER 2008,He goes on to say trackers are no longer available to new or existing customers.
 
Hi - I came off my 5 year fixed with ICS on 31st of may and have been returned to my original tracker. I could be wrong but my understanding of the situation is that it doesn't matter whether or not they stopped the tracker product its whether they advised customers of the implications of changing from a fixed to a tracker which they didn't with me and apparently circa 2000 other customers. If you find the form you filled out in 2007 and check to see if theres warnings of the implications of coming off your tracker you may be able to see if you have a case. As I say thats my understanding but I may very well be wrong.
 
Thanks Breso thats very interesting, what way did you approach or word your communications to customer service,dont mind me asking please.
ye the only form we really filled out was the one giving the various fixed rates and mortgage repayments.
we received a responce from ics yesterday saying we did not qualify under the central bank review of 2000 customers, i am still annoyed with whole situation at the moment.
Its all so much like cloak and dagger stuff, and frustrating to say the least.
 
ics tracker

i too was one of the 2000 mortgage holders- do you think that i should get repaid the difference between the old fixed and the new tracker?
 
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