BOI Cashback Offer 2020

Aurelian

I received 2% cashback from BOI when I drew down my mortgage from 2020. I'm sure there was an offer of a further 1% after 5 years. I cant see it in my loan docs but maybe it was only on the marketing materials.

It's 5 years now and I want to try and get it. Any ideas? Thanks

tnegun

Do you have the marketing materials? Call them and ask for it. If they refuse, submit a complaint to them, and if they refuse again, and you have the marketing evidence the FSPO upheld several tracker complaints based on what banks had in their marketing vs the contract the customers signed.

cal naughton

https://www.boards.ie/discussion/comment/123914374#Comment_123914374

Wow do you always hit the nuclear option?

No need to contact the Fpso .

https://www.bankofireland.com/about-bank-of-ireland/press-releases/2016/bank-of-ireland-launches-new-mortgage-cashback-plus-august/

exiledawaynothere

https://www.boards.ie/discussion/comment/123914499#Comment_123914499

Maybe because some Banks have form in this which has already necessitated a lot of complaints - I think we can all recall how they were getting bailed out by the State and at the same time shifting the goalposts on offers.

Aurelian

They haven't done anything wrong yet. I just don't seem to have the specifics of the offer from the time.

DisgustedTunbridgeWells

There was definitely an offer of 1% cashback when I drew down my mortgage in 2018 and I received it in 2023 - I cannot recall whether I contacted the bank myself at the time, I think I received it automatically

tnegun

https://www.boards.ie/discussion/comment/123914499#Comment_123914499

I did say that, the poster asked for ideas, and I just gave the steps required for the best chance to get their 1% and gave the advice that if it's not in their contract, promises made in marketing materials have been upheld in the past, so that they didn't just take no for an answer.

td2008

From my loan offer letter, November 2020 - this was the 5 year green mortgage (i actually moved after a year so didn't get the 1% myself)

C: CASHBACK PLUS: Where thisOffer Letter provides for the Loan to be drawn down in stages: (a) the full amount of the Loan referred to on page 1 of thisOffer Letter must be drawn down within 18 months of the first drawdown to obtain either the 2% Sum or the 1% Sum; and(b) the 1% Sum will be paid within 45 days of the fifth anniversary of the last drawdown (provided all conditions concerning its payment set out in these special conditions are met). The total cost of the Loan is not changed by theCASHBACK PLUS offer. This means the Cost of this Credit shown at point 6. in Part 1 of this Mortgage Loan Offer willnot change if the Borrower avails of the CASHBACK PLUS offer or not. The advantage of availing of the CASHBACKPLUS offer is that the Lender will pay the Borrower money under it if the Borrower meets the conditions of the offer. If theBorrower chooses not to take up the CASHBACK PLUS offer or does not meet the conditions of the offer, thedisadvantage to the Borrower is that the Lender will not pay the Borrower money under the offer; and the Lender does nothave to provide an alternative offer to the Borrower. The Borrower may wish to seek independent advice prior to availingof CASHBACK PLUS.

Henry Ford III

Take it up with the lender.

p.s. Aren't cashback mortgages a bit of a false economy?

copacetic

they will wait the entire 45 days from the 5 year anniversary of full drawdown to pay it and they won’t contact you otherwise.

Aurelian

https://www.boards.ie/discussion/comment/123923127#Comment_123923127

No need to hijack the thread to be unhelpful.

There are informative posts from @td2008 and @copacetic who I thank.