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compensation letter from BoI re tracker

  • 14-11-2017 2:52pm
    #1
    Stovepipe
    Registered Users, Registered Users 2 Posts: 2,984 ✭✭✭


    Hi all,
    Got a letter in the door from BoI, offering an apology for ripping us off to the tune of about 3500 Eu (extra interest charged) over nearly eight years. The compensation offered is to get the 3500 back plus EU 154. I don't think it's much of an offer after eight years of them dipping into our wallets. What do you think?


Comments

  • #2
    maccydoodies
    Registered Users, Registered Users 2 Posts: 368 ✭✭maccydoodies


    :eek: Cheeky buggers


  • #3
    endacl
    Registered Users, Registered Users 2 Posts: 22,412 ✭✭✭✭endacl


    If they'd loaned you that sum over 8 years, what would they have charged you?

    That's what they should pay.


  • #4
    Turnipman
    Closed Accounts Posts: 789 ✭✭✭Turnipman


    Stovepipe wrote: »
    Hi all,
    Got a letter in the door from BoI, offering an apology for ripping us off to the tune of about 3500 Eu (extra interest charged) over nearly eight years. The compensation offered is to get the 3500 back plus EU 154. I don't think it's much of an offer after eight years of them dipping into our wallets. What do you think?

    Did you get any TRS on the €,500 extra interest that you paid? If so, are you going to offer to pay it back to Revenue? :p

    Seriously, I suspect that Revenue is going to come sniffing around everyone who gets a refund from the banks, asking them to pay back the extra TRS that they got. Could be fun when this dawns on people!


  • #5
    source
    Registered Users, Registered Users 2 Posts: 5,303 ✭✭✭source


    Did they show or explain how they came to €154?


  • #6
    Stovepipe
    Registered Users, Registered Users 2 Posts: 2,984 ✭✭✭Stovepipe


    The letter states that the TRS has been subtracted for forwarding to the Revenue. So instead of it being EU 3800, for example, it is listed as Eu 3800-TRS=3500. Their explanation for concluding that Eu 154 was adequate was rather vague. It was essentially computed as a minute percentage of the extra interest.... They also added a sub note to the effect that if the compo was less than Eu5, they would, with their big hearts, bring it up to Eu 5.


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  • #7
    Turnipman
    Closed Accounts Posts: 789 ✭✭✭Turnipman


    Stovepipe wrote: »

    The letter states that the TRS has been subtracted for forwarding to the Revenue. So instead of it being EU 3800, for example, it is listed as Eu 3800-TRS=3500.

    That's very interesting, thanks.

    (I am helping a friend in a similar situation to chase Ulster Bank for an interest refund and was wondering whether and how the TRS issue would be addressed.)


  • #8
    Stovepipe
    Registered Users, Registered Users 2 Posts: 2,984 ✭✭✭Stovepipe


    endacl wrote: »
    If they'd loaned you that sum over 8 years, what would they have charged you?

    That's what they should pay.
    well, a loan calculator on the BofI website suggests that a 5 yr loan of 3500 euros would cost Eu784, so I might have to ask them for at least Eu 784, as compo for unrestrained pickpocketing ;-)


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