Bank of Ireland increase differential on tracker rates

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

I'm shocked ! I had no idea BoI class action had run out of money.
I understood that we were still waiting for counsel's opinion and for the outcome of the FOS enquiries.
Surely we can get more landlords to sign up with some 'WB' type publicity .
I fully appreciate Mark and Justin's efforts and would be pleased to increase my contribution to pay towards some more action

Reply to the comment left by "Stuart Dixon" at "09/01/2014 - 14:55":

Hi Stuart

We got the Councils Opinion and it was very positive.

Justin drafted the FOS complaints for borrowers and Counsel also assisted Justin to send formal complaints to the FCA, the OFT and the FOS.

The FOS are still prevaricating and the OFT referred to the FCA.

The FCA sent our Counsels submission to the BoI who got a QC to respond to the various points raised. The FCA then decided not to proceed and didn't even bother to seek external advice. WHITEWASH! By then the funds were exhausted, that was before the West Brom issue ever began.

Nevertheless, Justin carried on working on the case unpaid and is still doing so to this day. The barrister was so shocked by the FCA's action (or lack of it) that he even managed to get a QC from his Chambers to comment on the responses from the FCA and the BoI without payment!

Justin has since met with a forensic accountant who also has another angle with which to attack the BoI. Again, this was achieved without any money to pay for the work.

The situation now is that we have an incredibly strong case but no money to fight it.

There seems to be little point in trying to raise any more money until we know what is happening with the West Brom case as that's now so much further down the road and the campaign has substantial funding.

The problem with the BoI case is that there are so many different types of contracts. With West Brom all borrowers have signed up to the same terms, thus making litigation far cheaper than litigating against the BoI.

If ALL the BoI borrowers who are currently in the Class Action would commit to an upper limit costs exposure of £10k (win or lose) then the case could possibly go ahead. Personally I think this is an unrealistic expectation. However, the costs and levels of support may change depending upon how the West Brom case progresses. We can but wait 🙁
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That's just my opinion, Justin

Reply to the comment left by "Stuart Dixon" at "09/01/2014 - 14:55":

Why shocked? You're taking on a major international bank with Billions of pounds of assets and Millions of pounds of income at risk. They'll have spent many times the amount you guys put into the pot in checking out the pros and cons of what they intended doing before they did it. In reality, you need quarter of a million pounds in the pot if you are to fight this - you can expect the bank to carry out a WW1 war of attrition eating up all your funds, taking it all the way - or at least that's my view. What you really need is all of you to get up off your butts, stand outside every Post Office in the land handing out leaflets explaining how a foreign controlled bank is really who they are dealing with, who have been dealing harshly with the people in the queue next to them and their neighbours while at the same time paying savers very very little in interest. The French would have done it by now, you're just so British and put up with it in the forelorn hope that somehow our beloved legal system will see the little man right. Drop the 'our legal system is the best in the world' and get out on the streets! Rant over!

I offered my contribution of £240 to the fund but I think it was after the funding had closed because it wasn't collected, so I sent a contribution to the WB fund instead as I thought helping this case would be beneficial to us in the future. Would it be helpful if the BOI people paid some more now, either to help the WB case or at least so that Justin is paid for the work he is doing for us, which is much appreciated but I still feel he should be paid.
I had written this before I read Paul Brindley's comment and now I feel very small offering so little. What you say Paul is very depressing but as I know it is very difficult to take on the "big boys", but if it is not going to bankrupt you I do not think this is a reason not to try. Injustice eats you up and sometimes it is easier to walk away from it, thank goodness not everyone does. As to waving placards, I do not think that landlords get a good press and cannot see many people having much interest or supporting us, unless they are somehow convinced it could happen to them. Most people, I feel, will just walk by and not take in the implications.

I think Mark's advice is good, we should wait and see the outcome of the WB case, then our case will be easier for everyone to proceed with. I do not think all is lost by any means.

Reply to the comment left by "LucyM " at "09/01/2014 - 16:34":

I not only think that all is not lost, I think you are missing several major points here - 1. the fact you are landlords is irrelevant, you are UK citizens adn every day you are paying more than you believe you should because of the actions of a foreign bank. 2. That bank that is also paying out precious little out on savers' deposits, so the people of the UK are being squeezed from both ends. 3. You ask the average Post Office saver and they wouldn't have a clue either a) that this was happening; or (b) that they are saving with anyone other than the good old fashioned, ever reliable, Post Office with whom they, their parents and their parents have saved with for years and years. You only have to draw these things to their attention, and it would only have to be done in a factutal, non confrontational way, and you might be pleasantly surprised at how Joe Public would react when his/her illusions were shattered. You wouldn't have to wait on the coat tails of the WB action. I really cannot see why you don't do it now !? The alternative as I see it is that you carry on 'over-paying' until the WB action gets decided in the House of Lords in 2 or so years time? Really, is that what you want? Now, because no one trusts any bank, and the Post Office nationalisation is still in the government's and public's mind, is the perfect time to strike. That way you don't have to work so hard to get them behind you and you'll attract far more interest in the media. You really are missing a perfect opportunity to strike.

Well heres a bit of a gift pop pickers ( For those who remember Alan Freeman on Radio 1) Page 28 of the Daily Mail. Post Office asking for people to join the Post Office Advisory Council. " We are now looking for people who'd like to join the council. You may be a customer. You might work in a Post Office branch. Or you might represent a group with an interest in our future( yes landlords who do not want it to include the BOI) Please visit corporate.postoffice.co.uk/advisory"

Fill your boots my friends!!!!

Tee hee - regardless of whether applications are successful or not its a chance to put it up to the PO !

If enough of us apply and hide our real intentions we could take the council over and make things difficult for BOI. I shouldnt think they will be inundated with applications.

UPDATE

We are VERY close indeed to finalising a strategy to progress the BoI campaign so please watch out for a new article which will be sent to all who have expressed an interest later this week. We will obviously be distributing the article to all Property118 members and to all subscribers to our weekly newsletter as well.

We only need to raise around £50,000 so this should be easily achievable if everybody does their bit to promote the campaign. I can't do this on my own, it MUST be a team effort so contacting your local press, posting messages on other blogs, forums, twitter, facebook, Linkedin groups, lobbying your landlords association and writing to any other landlords you know are all likely to be the difference between success and failure of the campaign.

Justin will report weekly on the fundraising activity. We will probably set a deadline by which the required funds need to be collected in full. If we fail to collect enough funds by that deadline date then sadly that will be the end of the line for the BoI campaign so far as Property118 goes. I really hope that we will collect the required funds but that's down to each and every one of you reading this post and the new article which I will distribute later this week. It will be in everybody's interests to encourage as many affected borrowers as possible to join in the fund-raising and one way to do this will be to pay up ASAP and to announce that you have done so on this forum in order to encourage others to do the same thing as they see the fund grow.
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