Everybody who has or had a mortgage over the past 10 years needs to check the following:
- Have you had a mortgage over the past 10 years?
- Either Home Loan or Buy To Let
- Were/are you on a tracker?
- Did the tracker rate go up?
- Were you moved off a tracker to a fixed rate?
- Did your fixed rate expire and you were moved on to a new rate?
- Were you offered a tracker rate?
If the answer to any of these questions is yes and you have not been contacted by your lender than you need to get some advice about possible compensation. Either call us 01 437 0908, email us at firstname.lastname@example.org or contact your own adviser to find out more.
We have an unprecedented theft admitted to yesterday by the Central Bank (CB) committed by Banks on the ordinary people of the country some of whom have lost their homes, been declared bankrupt and suffered family breakups because of it. The CB said yesterday that there is at lease 8,200 loans affected so we can be sure that figure will actually be 15,000+ given the CB history on getting things right! The number of cases already admitted by AIB, PTSB, Ulster Bank and BOI amounts to is over 10,000 just from these 4 major banks still operating in Ireland!
What is worrying is that it is not being made clear what is actually the issue and who exactly is effected. So it is very likely that people who are affected are not being contacted by the banks and are not even aware they could make some claim! It is also very clear that not only home mortgages are affected here but Buy to Lets are also an issue.
Even more worrying is that it is the banks and their old auditing palls like KPMG, Deloitte and E&Y (former Anglo Irish Bank Auditors) are doing the investigating (the poacher keeping the estate safe from poachers!). So lets be clear the odds of the banks and their palls admitting to all of the cases are ZERO.
Banks are going to have to do a number of things for people who are effected:
- Apply the correct low rate of interest
- Repay any over charge (and not just reduce the loan amount but give you a cheque!)
- If you have sold your property or worse still had to declare bankruptcy or entered into an insolvency arrangement you will ahve to be compensated for your losses.
Remember even if your loan was sold to a vulture fund you are still entitled to the proper tracker rate and compensation as if the loan was still owned by your original lender.
The Central Bank probe includes AIB (including EBS and Haven), Bank of Ireland, Permanent TSB, Ulster Bank, KBC, ACC, Bank of Scotland, Danske Bank, IBRC, Dilosk, Leeds Building Society, Pepper Asset Servicing, Springboard, Start Mortgages and Stepstone.