EBS - buy to let

Affy

Hi - got letter and cheque in the post too. Not 100% sure about their mode of calculating the redress element - they are basing it on the Time Value of Money, compensating us for not having access to the overpaid money during that time. In reality, that money would have gone against the mortgage and would have compounded our loan down by more than the actual redress amount. I think so anyway! Am going to get some independent financial advice. Appleb good idea ...I'll PM you now

d1980

Hi all

Got letter yesterday too with cheque. Significant amount over 8 years, had being paying 5.08 percent. Mortgage was cleared earlier this year. Will call revenue, accountant in the morning. I assume half will need to be given to revenue.

Talk to your accountant or a tax advisor first before volunteering any information to revenue.

appleb

It actually stated in my letter that they have cleared with revenue that there will be no tax implications

kennypowers

Got my letter and cheque as well.Am meeting my accountant tomorrow although letter states that there will be no tax implications.Had a top up mortgage as well which is since payed off but there is no reference to it in my letter .

d1980

I'll read my letter again but it does say in the FAQ that the revenue confirmed this also. Surprised this was put in there as you would expect a question like that to say contact your tax advisor etc

d1980

d1980 wrote: »

I'll read my letter again but it does say in the FAQ that the revenue confirmed this also. Surprised this was put in there as you would expect a question like that to say contact your tax advisor etc

My letter also says that too

Affy

Our letter also confirms no tax implications.

KennyPowers we also have a top up mortgage so I'd be interested to hear what feedback you get on that. We are meeting a financial advisor and solicitor, hopefully both this week.

billymc1

also got letter and cheque from ebs .did anyone get legal advice as not sure what to do next do I just pay it off the mortgage and leave it at that ?

d1980

Here's my story.  Got a letter before Christmas. 
Called Accountant who pretty much read the letter back to me and said things like 'may' have to pay something to revenue but was non committal.  His advice was to call EBS to confirm what was meant by the [email=Q@A]Q@A[/email] 'revenue have confirmed to us that no tax liability will arise for you in respect of these payments'
I called them and they did not provide too much information on this so I called the Revenue, did not give my details and the lady I got said they were not aware of any redress scandal at banks. 
For now, I've lodged the cheque and will leave it there until I hear any more.
The reason I got the compensation was not because I was on a tracker and taken off but because it was not explained to me that  the interest rate at the time, despite being 1.5% of the ECB would not always be tied to the ECB rate.
I knew that and did not have any issues with the repayments so have not spoken to a lawyer and consider it an unexpected bonus.

tippbiffo

No letter yet bar the letter last November stating about the error in the interest rate charged and to be expecting an outcome December or January. It's just another turn in the road with my life trip with the EBS. I await with bated breath.