Bank of Ireland increase differential on tracker rates

Reply to the comment left by "LS " at "02/02/2014 - 12:56":

LS, for the record my client is not paying the increase, the reason is he has really big cahonas. 80% of the borrowers effected by the BOFI's actions really don't have any cahonas because they are continuing to pay the increase. I am astounded by just how weak the 80% are. Let me be very clear about this, the guys who are working for the 20% are putting in 100% effort. The 80% who cannot be bothered to get off their butts and contribute do not deserve to benefit from the hard work of the few: they deserve to be treated as the doormats they have offered themselves up as. And for the record, no I am not benefiting from the money the 20% have put in - but watch this space, alone I will be doing more than the 80% are doing.

Reply to the comment left by "Steven Badger" at "02/02/2014 - 19:19":

Steven, how much are you paying per month extra in interest you shouldn't be paying? Tell me, is it more than £200? I'd bet it is. How much have you paid extra since the start of this? I'd guess a lot more than £1,000.

Your question over potential final liability if things go wrong is a fair one, but in some ways an impossible one to expect a certain answer to. And in my view to say that the fact you're not filled with confidence because you may be asked to pay what is a little sum more is frankly taking the proverbial given the effort that the guys have put in and the paucity of the money you have put in.

I really do not understand how you can sleep in your bed on a night knowing you're being treated like a mug because you are continuing to pay BOFI. And I am astounded that you should question the only people who are fighting your corner about such a small sum - essentially the price of good night out.

I'm paying an additional £7200 pa (net) All Because of the 'Unfair Rate Rise' & 'Unfair Contract Terms' for the remaining term of the mortgage..... 15years.... Ouch!

If anyone has bigger 'Cahonas' please present yourselves...on the table or 118 will do.

Darrell, I have.

Reply to the comment left by "Paul Brindley" at "02/02/2014 - 20:32":

Paul

I think the tone of your email is offensive and unnecessary. Aren't I exactly the sort of person you should be encouraging and supporting in joining the class action rather than criticising? Not sure you're points deserve an answer, but here goes.

Yes, around £200 more each months. If we lose the case, then I still have to pay £200 more each month.

For me £1500 (+VAT?????) is not "such a small sum". If you can afford to pay more, and, as you suggest, the service is worth much more, then please go ahead and pay more. I would really appreciate it, as I'm sure would many of us hard pressed.

After the issue with BOI I'm surprised you are astounded that I should ask what I consider to be fair questions before signing up to a long term open ended liability without knowing as much of the facts as I reasonably can. I'm not stupid.

As for the price of a good night out, where do you live? A different planet?

Reply to the comment left by "Paul Brindley" at "02/02/2014 - 21:01":

Hi Paul

Are you an affected borrower yourself?

I understand that your client is on the verge of bankruptcy and the affected mortgage is on his own home. Anybody in his position would pay the lower rate, I don't think there is anything brave at all in what he is doing.

I totally understand where the others are coming from. They need to have an understanding of what the stakes are (the table limit if you like) because this is like a game of poker. If there is a change that other players will keep raising the stakes until they run out of money there is no point playing the game. It would take a very brave landlord to stop paying the increase because the stakes would so high in terms of a very great risk of BoI appointing an LPA receiver.

Having said all of that, the stakes are also high in terms of paying the increase for many years to come. This problem isn't going to go away unless the funds are raised to commit to the legal action.

To summarise, landlords may be damned if they do fight and lose, they will certainly be damned if they don't fight at all. Homeowners in negative equity have the least to lose by paying the lower amount and using the savings to fund the legal action. If landlords can afford to do it they definitely should.

It would only take 500 people to commit to £500 now and a further £1,000 if required and that would provide a fund of £750,000 which should be more than enough whatever happens.

We have that many people in the West Brom campaign and they have far less affected borrowers so it is certainly achievable.

All this talk of worry gets us nowhere. What we need is commitment and action, much the same as we have seen with the West Brom campaign. Like breeds like, positive action creates a positive reaction.

It's time for everybody to be positive.
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Reply to the comment left by "Paul Brindley" at "02/02/2014 - 20:32":

Paul,
Let me say that I am not affected by the BOI hike but I have given up a lot of my time to the early posts and even more time recently to the West Brom campaign. Again I'm unaffected by it but I can see the wider implications.

I think Steve has a good point about the way in which you phrase your comments.

If you rephrased your comments I am sure people would listen as you have some very sound points to make.

Mark Alexander once said to me we must bear in mind the impact made by comments on an open forum like this.

Something to bear in mind which I hope you will take on board.....

1. Talk at me and I'll hear you
2. Talk to me and I'll listen
3. Explain and I'll understand

Right now your at level 1 and a bit 🙂 And that's a shame because, as I say, you make many valid points.

Some things to think about before you post so we can all gain a better understanding of you as a person.....

1. Content
2. Format
3. Phraseology

I hope this helps 🙂

I think what many contributors are concerned about is we are being asked to contribute £500. In the scheme of things in light of what we will pay over the remainder of the mortgages its peanuts. But if we do not get the 150 we need then the money will be returned less expenses. So why don't we all "pledge" our £500, let Justin know. He tells us and then we all feel happier because its more of a certainty. Or am I being naive here?

Reply to the comment left by "Gary Nock" at "02/02/2014 - 21:59":

Hi Gary

Look back at the West Brom thread, some people had half a dozen mortgages and were very quick to pile in with 6 X £240 which is quite a lot of money. There was no pledge system, that could cost a fortune to administer and enforce.

The initial target was to raise £15,000 but here we are with £100k plus AFTER costs have been taken out so it worked.

yes it takes a bit of blind faith from a few people to get the ball rolling but one people see movement they get encouraged.

Don't just take my word for that, take a look at the early part of the West Brom thread 🙂
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Just one further point, what figure would you like Justin to report having been colected next Friday?

If everybody waits until next Friday to make a decision the figure will be zero and that would probably be game over.

Message to all - it's your money, your future, your choice!
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