Irish bank just called to say Im due compensation for tracker M ?

mary2018

Dear all

I received a call yesterday from the Bank, you need to come in we have identified you as your mortgage is due compensation.

Now here is my problem , we handed the keys back to the bank six years ago this week. There was 250k due back after the sale of the house . We lost our home etc.. and stated new lives a fresh, and we separated. we both heard nothing (in 6 years until last night) from the bank since they took the house , and presumed the loan was written off. My ex checked their credit rating, it said house was sold amount left /balance on the account nil .

is their a debt left ? I am aware of the statute of limitations, that is if no judgement is placed or the bank do not seek the debt after 6 years it is finished and most importantly if the debt is not acknowledged the is is gone next week.

So is this a trick by the bank? will they be ruthless enough to dangle this carrot and have us go in and meet them next week pretend they did us out of money and that's why we lost our home, do they actually owe is money as they say, or are we acknowledging the loan they that re opens everything.

He gave his name, his linked in profile says hes the manager of a
the bank working on the Tracker mortgage examination programme and I should look this up ( i did) .

The bank manager wont stop calling me, and is demanding I go to college green next week to discuss.

Who to believe?

Any help would be appreciated.
Thanks so much .

Gmaximum

You forfeited your home, you’ve no more debt associated with it. Bank have nothing to chase you for.

By the sounds of things you’re in for compensation. Do not accept any offer from the bank without getting professional advice first.

ForstalDave

Gmaximum wrote: »

You forfeited your home, you’ve no more debt associated with it. Bank have nothing to chase you for.

By the sounds of things you’re in for compensation. Do not accept any offer from the bank without getting professional advice first.

100% this, talk to a professional first also, if anything the ball is ion your court as you lost your home and your relationship due to the bank messing up

L1011

Banks actually do have recourse beyond the sale value of the house. However I can't see them using state ordered mispractice investigations to try prevent statute barring

It should be possible to tell them you can't make it to talk to them until January which would ensure the clock ran out

mary2018

Thanks so much guys appreciated.

mary2018

I tried this , he said this must be resolved by next week, that's made me question and suspect more.

Thanks for your help. Im going to push this out .

ForstalDave

mary2018 wrote: »

I tried this , he said this must be resolved by next week, that's made me question and suspect more.

Thanks for your help. Im going to push this out .

Ask them for a referance number and contact detials for this as you want to rasie it with your solictor in that case, say you feel that considering the size of the issue and the fact that your lost your home that a weeks notice to deal with the issue is undue pressure and that all future commincation should go through your solitor also. im pretty sure they will back off then

L1011

They are desperate to get them resolved before key dates for the stats on how many of them have got resolved. That is likely the source of all the pressure.

Fred Swanson

This post has been deleted.

Eoineo

It sounds like you are an affected tracker mortgage customer. If you lost your home, there is a chance that you may not have lost your home if you had been allowed on the correct interest rate.

Go and meet with them. If this is the case there is an upfront payment to be made to you before Christmas. If you are an Ulster Bank customer this payment is €50,000 without prejudice. I'm not saying this to get your hopes up, this is a very real situation. You can accept this payment, and then consider your options afterwards.

Under the Central Bank guidelines for the tracker examination, this payment is the absolute minimum you will receive and it does not prejudice any future appeals, claims, or court orders.

Hear everything the bank has to say. Do not sign any agreements, but go and meet with them before Christmas. This could be something very positive for you.

Fred Swanson

This post has been deleted.

Eoineo

There is nothing stopping you meeting them, taking the information and initial payment away, and then seeking legal advice. Particularly at this time of the year, the payment would be better in your account than yours.

I recommend you call someone like Irish Mortgage Holders for advice to see if they have somebody free to attend with you though. Padraic Kissane has a great record in this area but he does charge a fee. Part of the payment that you will receive as a tracker affect customer will cover independent financial advice. This amount varies from bank to bank. It's as low as €250 for Bank of Ireland customers, and as high as €1,000 for others.

server down

You may be owed more than the repayments and interest if you can show that you lost the house due to not having a tracker - which can be much cheaper.

dudara

Moved to Banking & Insurance & Pensions

dudara

Fred Swanson

This post has been deleted.

server down

Fred Swanson wrote: »

Which you will need legal representation to follow this through.

Nobody doubts that.

unclebill98

Eoineo wrote: »

There is nothing stopping you meeting them, taking the information and initial payment away, and then seeking legal advice. Particularly at this time of the year, the payment would be better in your account than yours.

Be careful with this. Accepting the money can be associated with a "Thats all Folks" kinda clause. Short term gain imho.

Much better to see legal advice. There is no correlation between the mess up and you loosing your house that you've given any indication here of. If there is, then thats a whole different ball game. Seek legal advice.

Eoineo

unclebill98 wrote: »

Be careful with this. Accepting the money can be associated with a "Thats all Folks" kinda clause. Short term gain imho.

Much better to see legal advice. There is no correlation between the mess up and you loosing your house that you've given any indication here of. If there is, then thats a whole different ball game. Seek legal advice.

While in general cases this advice is sound, the guidelines of the Central Bank directed Tracker Examination preclude this from happening.

Upon receiving your compensation and/or redress payment you are then able to appeal the banks' decision. If you're unhappy with the appeals process you can then take your appeal to the Financial Services Ombudsman. All of these options are open to you. The initial payment received from the banks is without prejudice. You will not receive anything less regardless of the appeals process, it cannot impede or influence your options going forward.

Absolutely get qualified financial and legal advice on this. The compensation payments are the minimum set out under the guidelines and payable to all, regardless of their circumstances. In some banks there are varying percentages of compensation depending on how the issue impacted you, and in others it's a flat rate percentage payable to all affected customers.

I say all of the above as somebody who is affected by the Tracker Mortgage issue and who has familiarised themselves with the Central Bank guidelines and customer options at length. You can find them all on the Central Bank hub on their website.

capefear

Don’t take any more phone calls from them tell them you want all further correspondence in email . Ask them to put what ever they want to meet you about in writing and then take it to get legal advice on the matter.

Don’t be pressurised by them.

Best of luck with it.

source

OP this will give you a better understanding of what is happening here. As noted in the link below and in a previous post, you can take the money and still apeal the amount and how the case was handled.

https://www.centralbank.ie/consumer-hub/tracker-mortgage-examination