Bank of Ireland increase differential on tracker rates

Reply to the comment left by "abdul salique" at "04/01/2014 - 16:00":

Abdul if you are a member of the class action I am sure Justin Selig from Landlord Action has a template you can use. If you are not then from memory there's not a lot of space in the FOS form box so you have to be brief, succinct and to the point. Bear in mind it also depends on the mortgage terms and conditions as to what argument you put forward and if it was originally a Bristol and West or a BOI mortgage.

Reply to the comment left by "Gary Nock" at "04/01/2014 - 17:53":

Thanks for replying to my comment Gary.
Unfortunatly I m not member of class action.
I bought my loan of Bristol and West in 2003.
This is the special condition -

From the day we make the loan up to and including 31st July 2006 (the promot ional period), the interest rate we charge will be at a fixed differential 0f 1.15% above the base rate. From the 1st Aug 2006 the interest rate we charge will track the base rate for the reminder of the mortgage period at a fixed differential of 1.75 above base rate unless we change the differential under 6(m) of our Residetial Mortgage Conditions

Any hekp would be appreciated
Thanks

Reply to the comment left by "abdul salique" at "04/01/2014 - 16:00":

Hi Abdul, I have managed to dig out my FOS complaint form which I completed and submitted in April 2013, long before I discovered P118. I differ from many of the contributors in that mine is a domestic mortgage, and this is the only mortgage I have. Anyway, my complaint is based on my view that BoI has been unreasonable by twice increasing the interest rate in 2013, using their lame excuses such as the necessity to protect the banking system; I also question why, when the banking crisis started in 2008, BoI decided to wait until 2013 to take action; my complaint also detailed my knowledge that BoI has offered incentives to certain groups of mortgagees to move their mortgage to another company/product and in doing so are discriminating against others like myself who have been offered no such incentive; I also referenced the fact that BoI are/were offering new mortgages through the Post Office at 2%, but have increased my rate to 4.5%.

I don't know if this helps you, Abdul, but, you are welcome to use any of the above. I reiterate that my complaint is worded in a very basic manner as I am not financially astute at all and I am learning all the time on this forum. I would also add that I have no faith at all in the FOS system, unfortunately they seem to do their own thing in their own timescale and it all seems so inefficient to me left sitting here waiting for a decision.

Hi Mark, re your comment 30/11/13 11.42. "IMPORTANT TO ALL" is there anyone out there still thinking about us?

Reply to the comment left by "LucyM " at "09/01/2014 - 09:39":

Hi Lucy

Below I have copied my response to the more detailed question you raised on the West Brom thread.

I am disappointed that you would even consider that I have deserted the BoI borrowers, nothing could be further from the truth.

The reality is that the campaign ran out of steam, there is only so much I can do. The success of the West Brom campaign is not a result of me putting any more effort into it, it's down to the promotional efforts of the group.

Both myself and Justin have continued to work on the BoI case, Justin hasn't even been paid for his efforts since the funds ran dry. Funds raised only amounted to around £10,000.

If enough money had been raised to take the BoI case to litigation perhaps the West Brom wouldn't have followed suit, we will never know the answer to that. However, the reality is that I have committed huge amounts of time this year to both campaigns and I have not been paid. It's not just the money, this has had an impact of my family too. If I am to commit to promoting cases like this in the future I will need to buy time elsewhere and that has financial consequences.

Once the West Brom case is completed we will have a far better insight into how much funding we will need to raise to take on the Bank of Ireland and (hopefully) we will have a far better track record for getting results which should make the fund raising a LOT easier.

Hopefully you will appreciate the time and effort I have put into both cases this year on an unpaid basis. I don't think it is unreasonable for me to expect to get paid if this does become a long term commitment, what do you think?
.

Reply to the comment left by "Mark Alexander" at "09/01/2014 - 10:03":

Mark,
I certainly appreciate the effort you and Justin have put in, the FOS have sent me another holding letter (I think a previous post refers to them having one too).
It would certainly be worth us all putting a small ammount more in the fighting fund, earlier the better as we are all paying almost double what we did before but don't leave it too long because everyones money will get tighter the longer it goes on.
I have been waiting a request for more funds.
The BOI will wait till the problem goes away, then they could raise it again...no-one can afford that !
Tricia

Reply to the comment left by "Mark Alexander" at "09/01/2014 - 10:03":

Hi Mark, thanks for your reply. Please believe my comment was not intended as a knock at you personally it was meant as a request for some clarification. I admire enormously all your efforts and the time you spend on these cases, I often wonder where you find all the hours in a day.
Yes, I am a great believer in people being paid for the work they do, having always paid staff well because I believe good work deserves good remuneration.

Reply to the comment left by "Tricia Collick" at "09/01/2014 - 11:10":

Tricia, that is my biggest worry, what is to stop the BOI keep raising the threshold? I am happy, as you suggest, to pay more money for assistance.

One problem I see is that landlords at the moment seem to be getting a pretty bad press and therefore no one has much sympathy for us even when it is clearly an unfair situation.

I watch the WB campaign in awe. Hopefully a good result for them will have an impact for us.

I did give a small amount of money to help the WB case even though I do not have a mortgage with them. Would it be helpful if more BOI people did the same?

Reply to the comment left by "LucyM " at "09/01/2014 - 11:29":

Hi Lucy

As they say at Tesco, every little helps 🙂

I too worry that the longer this goes on the more people lose faith. I am very keen to see how matters progress in terms of the strategies that Mark Smith (Barrister-At-Law) has recommended to Justin in terms of costs protection. Based on the current level of borrower support for the BoI case, the cost of litigating without costs protection could be as much as £10,000 per borrower whether we win or lose. As we progress the West Brom case we will be in a much better position to understand what costs are likely to be capped at. Based on a win against West Brom we should also see far more enthusiasm from affected borrowers too.

The crazy thing is that there are three times as many people affected by BoI than there are by the West Brom rate hikes. Logically the fund raising for BoI should have been a comparative "walk in the park" so I can't really get my head around why we are where we are. It's a bit like asking why some YouTube video's go viral when better ones get very few views. The only thing I can put the West Brom/Boi scenario down to is the enthusiasm of the ever growing army of proactive promoters of the West Brom campaign. My hope is that good news for them will inspire a similar reaction from affected BoI customers but only time will tell.
.