Bank of Ireland increase differential on tracker rates

Mark, are you sitting comfortably, then we'll begin?...

Once upon a time, far, far away, there was a little village, inhabited by small, hardworking people. They were a happy people, well almost, at least they weren't really so very unhappy that they'd take to the streets complaining. Sure, they'd come together in the local hostelry and moan and groan about how unfair life was sometimes to them, but overall things weren't too bad, so they simply got on with life.

You see, what niggled them was every month, the big lord of the neighbouring manor would come into their homes at night while they were asleep and take a few hundred silver shillings. He'd take every month just enough to niggle them, to make life not as comfortable as it would otherwise be, enough to hurt but not enough to cause them to stay awake at night, waiting for him to come, not enough to cause them to band together to storm around to the manor in their hundreds to put it to a stop. And this went on for years, and years, and all they did was moan in the pub and talk to a few other people who frankly couldn't care less because they weren't effected and while this went on we're reaping some benefit. And it went on and on...

And that's the story of the people who lived in the little village of Doormat, a place far far away, long ling ago whose people wouldn't stand up properly for themselves, so lived to pay the price over and over again, in a long series of drips that eventually cost them very dear, in both money and pride.

Remind you of anywhere, and I don't mean Monty Python?

I'm not affected by either the BOI or West Brom rate hikes.

BUT....we have to keep going with this, and I am more than willing to donate some money, as I did for the West Brom fighting fund.

Have now caught up with recent posting. Like others, it seems that it’s been 2 wasted years just to receive a standard rejection without any consideration being given to the actual specifics of individual claims. An interesting response, to a follow up letter, from David Rogers :- Quote, “ The paperwork that you signed when the mortgage was arranged detailed the relevant terms and conditions that applied to the mortgage. You might not have been aware of all the terms and conditions of the mortgage but that doesn’t mean that the mortgage was miss sold to you. “ An odd opinion ! As none of the terms and conditions that I received gave the bank the right to vary the differential it appears that even if I wasn’t made aware of the right to increase I’m still bound by the bank’s unilateral action. I suspect that there are others, like me, who took out a fixed rate mortgage (in 2002) but did not receive the “Terms and Conditions” booklet, but were told that after 5 years when the fixed rated expired the differential was fixed for the remainder of the term. It was only when the “Tracker” part commenced that I received the (then current in 2007) booklet which specifically states that any change to the differential would only be to my advantage. In actual fact, my mortgage was never even described as a Tracker Mortgage in any of the marketing literature or ducuments.
Interestingly, my ombudsman was called Emma Peters who was a career banker until recently as an associate director with HSBC and Lloyds banks !!
I’ve just completed an FOS customer satisfaction survey. I enjoyed expressing my opinion !!
I’d be interested in meeting up with anybody in a similar situation (preferably in Worcestershire !) to compare paperwork if they are in a similar situation.

I was recently told that the FOS is funded by the banks not the government, which surprised me. Here is a quote from the FOS website "All businesses covered by the ombudsman service pay a levy to contribute to our costs. The amount of levy that each individual business has to pay can range from around £100 a year for a small firm of financial advisers to over £300,000 for a high-street bank or major insurance company."
I hope the FOS don't practice "you don't bite the hand that feeds you" Not sure that any "company" can be totally impartial when their funder is involved in the complaint. Surely their should be a truly independent ombudsman.

I think the least we should do is complain to the independent assessor about the responses made by the FOS and the lack of understanding and bias they have shown.
http://www.financial-ombudsman.org.uk/about/IA_terms_reference.htm

Just posted 2copies of all correspondence to Mark Smith at. Cotswold as Mark A requested explains I AM NOT a professional landlord and a copy of the web advert and the mortgage example showing base plus 1.75 for 'term'. FOS seem to have ignored everything !

That's correct, LS. THe FOS is funded by the Banks - so where's the independence in that re. biting the hand that feeds? This surely must be a significant issue for the Independent Assessor.

Tricia, have you got a web link for that web advert that you mentioned?
BTW, I 'phoned Cotswolds and spoke to MArk Smith's colleague, Carla - you might want to give her a brief ring about your case. She had some useful information about going forward with any potential case.

The independent assessor is appointed by the FOS board themselves. How independent can that make her? I would love someone to tell me I have got this wrong, but I am pretty sure it is correct.

Reply to the comment left by "Black Panther" at "21/03/2015 - 16:45":

Hi black panther,Ad was years ago with bristol and west, I only have a hard copy but just sent copy to Mark Smith at Cotswold's

Been away for a couple of weeks Mark, still cant open the attached link dated 12/3/15 is it possible to view it elsewhere, thanks.