Bank of Ireland increase differential on tracker rates

We did the same Gary, but I have always supported action and I guess that we can still support further action. Look forward to hearing.

Reply to the comment left by "Paul Brindley" at "06/04/2015 - 09:54":

I fully understand that you are a business man and I would expect you to charge a fee for your services but your posts imply that I am apathetic and I am not doing anything to help myself but I am not a legal or contract professional and quite frankly at a loss as to who can help. All I was saying is that if you have found something that could be useful why not offer your services for a fee.

Reply to the comment left by "Cheryl Larkin" at "07/04/2015 - 18:24":

Hi Cheryl, it's difficult for the individual borrower, you see people need to come together, put their money into a pot, yes to pay a proper level of fees, and also take this to another practical level at the same time, making their complaints far more visible. Unless that happens, you've all lost.

Reply to the comment left by "Cheryl Larkin" at "07/04/2015 - 18:24":

I think that when fees for the BOI have been suggested they were always much higher that for the Bristol and West which I thought were reasonable and affordable. I would like to stand corrected but I remember a suggestion of £1500 when the Bristol and West were being quoted £500. There are thousands of affected BOI clients but a lot are homeowners and not investors so probably less able to find the fees. I think that suggesting these high fees probably made even the most interested run, it really was a turn off. The fees should at least have been scaled according to the number of people that were willing to sign up, not just a blanket suggestion. I believe with the BOI there is an actual pool of about 13,000 people far in excess of affected Bristol and West.

Just to remind you all that I have been working with Mark Smith from Cotswold Barristers on putting together a proposal to fund a Judicial Review of the FOS rulings. We are very close to being able to present the plan, we are just in the process of setting up an escrow account with BARCO to hold funds raised and we will then be in a position to reveal the proposal and terms of engagement. I expect this to happen within the month.

Watch this space!
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Good news Mark, thank you. Happy to wait.

Take a look at this >>> http://www.property118.com/cml-statement-practice-launched-buy-let/73767/#comment-54213

Talk about shutting the stable door after the horse has bolted!!!
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Judicial Review of Financial Ombudsman Service decisions re Bank of Ireland Tracker Premium Hike

Cotswold Barristers and Property118 are offering a course of action that will reward Early Adopters to fund a test case challenging the Financial Ombudsman Service (“FOS”) decisions relating to complaints raised in respect of the Bank of Ireland Tracker (“BoI”) Premium hike via a Judicial Review. 

The purpose of the Judicial Review (“JR”) will be to place the arguments before the High Court for a declaration that the FOS has been irrational in rejecting the complaints, and for a statement of the correct legal position in the test case. This outcome, if positive, will then be available to support cases brought by other borrowers against the BoI, and if negative to bring claims in negligence against solicitors and brokers.

Early Adopters are invited to pay £1,000 into an escrow account at BARCO, which is operated by the Bar Council, the regulator of UK barristers. If at least 50 people become Early Adopters by 15th May 2015 Cotswold Barristers will prepare the necessary legal arguments to seek permission from the High Courts to commence the Judicial Review. If permission is granted Cotswold Barristers fee will be £8,000 + VAT. If permission for the review is declined or the minimum number of early adopters is not reached by 15th May the funds paid into BARCO will be refunded in full. This is the only financial obligation the early adopters will ever have to meet.

The remaining funds will be set-aside to underwrite the trial costs, which Cotswold Barristers will undertake on a no-win-no-fee basis, or to make provisions for adverse costs awards to the FOS in the event of the High Court upholding the FOS decision.

The outcome of the Judicial Review will be widely publicised and Property118 will be responsible for dealing with this, hence the requirements for continuing involvement of Property118.

After the closing date of 15th May 2015 all remaining affected borrowers will be invited to instruct Cotswold Barristers to act for them in respect of pursuing the Bank of Ireland for refunds and restoration of the correct terms on the basis that 50% of any refunds of over-payments to Bank of Ireland will be paid to Cotswold Barristers as a ‘damages based fee agreement’. If no overpayments are recovered then Cotswold Barristers will receive nothing from clients who have instructed on this basis.

Early Adopters will be represented by Cotswold Barristers in respect of refund claims and restoration of correct terms but will receive all of their potential refund, hence the incentive to become an Early Adopter. As stated above, there will be no other payment required of Early Adopters.
The risk taken by Early Adopters is that refunds cannot be guaranteed, hence a commercial decision will be necessary for anybody who makes an instruction on the basis of being an Early Adopter.

There is no guarantee that such a Judicial Review will provide a favourable ruling, hence there is a risk associated with becoming an Early Adopter, however Cotswold Barristers are sharing that risk on the basis of being paid only for results.

The letter of instruction to Cotswold Barristers in respect of becoming an Early Adopter can be found HERE
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Great, at least someone believes in us....Thanks Mark and Mark.

If anyone is still doubting their intentions, I was one of the early adopters before and I was refunded once we came to a halt because not enough people believed in them !

I hope this re-assures people that they aren't going to disappear with our money.

Lets go for the Banksters !

Reply to the comment left by "Tricia Collick" at "14/04/2015 - 10:43":

Hi Tricia

We couldn't disappear with the money even if we wanted to, we won't have it LOL
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