Received my compensation from Bank of Scotland

Mitzy1

New Member
Messages
3
I received a letter from BOS last week saying that they were still assessing my case & that I should expect to hear by the end of December.
This morning I received a refund cheque of the overcharge on my account with compensation.
Pepper had previously advised that the portion of overcharge was not significant but it turned out it was for a lot more than I expected.

I'm assuming others will get their confirmation of overcharge sooner than later unless they are very complex.
 

Open air

Frequent Poster
Messages
206
How much mitzy, give a range, ie ammount of time, and rough ammount of money, im waiting on a 11 year overcharge to be sorted. Delighted you got sorted!
 

Mitzy1

New Member
Messages
3
How much mitzy, give a range, ie ammount of time, and rough ammount of money, im waiting on a 11 year overcharge to be sorted. Delighted you got sorted!

It seems that I was overcharged approx €500 per annum for 11 years. They gave a breakdown of the interest paid each year v's what should have been paid so it is very clear from the documentation.
Time value of money was about €1,350.
Although the amount overcharged each year wasn't much it was a nice cheque to get this morning!
 

Open air

Frequent Poster
Messages
206
Hi brendan a tracker related question of sorts, €200000 borrowed over 38 years, currently being charged at 1.25%, what should monthly payment be.
 

Brendan Burgess

Founder
Messages
42,956
If there are 38 years left, it should be €551 a month.

To get the correct figure today, you need to know the balance today and the remaining term today.

Brendan
 

Gigidvn

Registered User
Messages
8
great that you got sorted. And ahead of time. My own case has been pushed out to March. They stated it is a complex case. There would have been times the account was in arrears etc. So I really am not sure what to expect. Forgive me for sounding dumb but what do you mean by time value?
 

Brendan Burgess

Founder
Messages
42,956
They are calculating at €611

Hi Open Air

That would be the repayment on €150k .

Are you in arrears?

Could it be that the scheduled balance is €150k and €25k arrears?

The repayment on €150k would be €603.
If they capitalise arrears of €25k, the repayment would increase to €703

Brendan
 

DIGBY1

Registered User
Messages
13
Received a further letter from BOS today advising that date now pushed out to end of March 2021, letter advises December promised date won't be met due to complexity of the review and unprecedented circumstances with Covid. They're a joke. First letter in June advising October, then another letter in early November advising December. So at this point after over 11 years of overcharging looks like almost a year for them to sort........
 

May#19

New Member
Messages
6
Mine arrived yesterday. I'd given up hope of anything before the new year so delighted it's finally sorted.
 

May#19

New Member
Messages
6
I was happy, it came to a nice amount. I got a refund of the overcharged amount and between compensation, time value of money and payment for professional advice I got an extra 4k on top.
 
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