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Tracker Mortgage Redress - Time Value of Money

rjp123 · 2018-02-07 12:00:45

Hello, I have recently received my redress and compensation offer in respect of their overcharging of mortgage interest on a now closed account (sold house). They carefully explain the interest corrections however the interest on that (what they term Time Value of Money) has absolutely zero transparency and having looked…

07-02-2018 12:00pm

#1

rjp123

Registered Users, Registered Users 2 Posts: 175 ✭✭

Join Date: December 2008

Posts: 156

Hello,

I have recently received my redress and compensation offer in respect of their overcharging of mortgage interest on a now closed account (sold house). They carefully explain the interest corrections however the interest on that (what they term Time Value of Money) has absolutely zero transparency and having looked at the numbers appears to be simply 5% applied to the overcharged total. I don't believe this has been done correctly - I think interest should be calculated against each individual monthly overpayment and that they should demonstrate and present this in the same level of detail. By way of example, lets say they took 100$ from me in Jan 2008 and are only offering it back now in Jan 2018. That is 10 years or 3650 days that I have not had that money at my disposal. Accordingly each day a daily interest rate (commercial debts c.8% I think / 365) should be applied. Or am I missing something? Either way it is far from transparent.

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