Bank of Ireland tracker mortgage % increase

rate_hike

PS the fee is per client not per Mortgage I did ask & Justin confirmed this.

rate_hike

To make a complaint to the FOS you have six months in which to do so from date on receiving letter, ( 25 Feb ).
OFT complaints must be made within three months of the marketing communication,s appearance.
So for those who wait to see what the outcome is before they act you may miss the boat, Just a thought.

BR_Landlord

rate_hike wrote: »

To make a complaint to the FOS you have six months in which to do so from date on receiving letter, ( 25 Feb ).
OFT complaints must be made within three months of the marketing communication,s appearance.
So for those who wait to see what the outcome is before they act you may miss the boat, Just a thought.

You mean three months after the letter 25 Feb? that's in a couple of weeks.

Will OFT actually look at each case individually though? I cant get my head round that.

BR_Landlord

Thrugelmir wrote: »

Doesn't the fuller version of this article suggest that individuals file their own complaints in the first instance?

I havn't seen the full version.

Just another little nugget:

according to The Unfair Terms in Consumer Contracts Regulations 1999 the term
" "consumer" means any natural person who, in contracts covered by these Regulations, is acting for purposes which are outside his trade, business or profession;"
so for the purposes of Buy to Lets the holder must be something other than just a landlord, you have to have another occupation. That could make the direction towards OFT unsuitable for some people.

rate_hike

BR Landlord
I got time details from OFT web page not sure when the date starts from, sure its ok otherwise we would of been told.


It does cover everyone theres 3 categories, depends which one you come under. If landlord is not your only source of income you will have a different case than someone just being a Landlord, then you have the Residential side.

BR_Landlord

Just when I think I have a grasp on the situation I find something like this from the Property 118 site:


QUOTED
Response letter from OFT:

Re: Bank of Ireland
Thank you for your email of 5 March 2013, to the Office of Fair Trading (OFT) concerning the above company. From your correspondence, I understand that you would like to complaint about the Bank of Ireland which has apparently replaced your tracker mortgage with a variable rate mortgage.
The bank apparently says that under the terms and conditions of the mortgage, it isallowed to terminate the original tracker and replace it with a variable because of adversemarket conditions. You state that this was not made clear to you when you originally setup the mortgage and you consider this misleading and unfair. You believe that this is a
breach of the advertising rules and a breach of contract. You also feel that the Bank ofIreland did not give you enough notice to get your finances back on track. You have madea complaint to the bank and have now referred the matter to us.
By way of background the primary duties of the OFT include the enforcement of competition law, and the application of consumer protection legislation in respect ofmatters that adversely affect the collective interest of consumers. However, the OFT has
no power to intervene in individual disputes or seek redress on behalf of consumers, andtherefore we are unable to assist you directly in this matter.
Given the nature of your complaint, we suggest you contact the Financial Services Authority (FSA). The FSA is an independent and non-governmental body given statutory powers to regulate most financial services markets, exchanges and firms in the UK,
including banks and building societies, mortgage and insurance brokers and advisers. It can be contacted at the address below:
The Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Tel: 0845 606 1234
Website: http://www.fsa.gov.uk
We are grateful to you for bringing your concerns to our attention and I hope the information we have provided is helpful. The OFT is keen to ensure that markets work well for consumers and the complaints we receive are used as intelligence to inform us about markets, and the activities of companies within them. In this context, the details of your
complaint have been logged on our database and we will incorporate your concerns when considering areas for future investigation or study.
Yours sincerely,
Alan Sullivan
Enquiries and Reporting Centre
Office of Fair Trading

rate_hike

BR Landlord
Where did you find that on 118 ? i cant seem to locate it.

Denise2007

BR_Landlord wrote: »

Just when I think I have a grasp on the situation I find something like this from the Property 118 site:


QUOTED
Response letter from OFT:

Re: Bank of Ireland
Thank you for your email of 5 March 2013, to the Office of Fair Trading (OFT) concerning the above company. From your correspondence, I understand that you would like to complaint about the Bank of Ireland which has apparently replaced your tracker mortgage with a variable rate mortgage.
The bank apparently says that under the terms and conditions of the mortgage, it isallowed to terminate the original tracker and replace it with a variable because of adversemarket conditions. You state that this was not made clear to you when you originally setup the mortgage and you consider this misleading and unfair. You believe that this is a
breach of the advertising rules and a breach of contract. You also feel that the Bank ofIreland did not give you enough notice to get your finances back on track. You have madea complaint to the bank and have now referred the matter to us.
By way of background the primary duties of the OFT include the enforcement of competition law, and the application of consumer protection legislation in respect ofmatters that adversely affect the collective interest of consumers. However, the OFT has
no power to intervene in individual disputes or seek redress on behalf of consumers, andtherefore we are unable to assist you directly in this matter.
Given the nature of your complaint, we suggest you contact the Financial Services Authority (FSA). The FSA is an independent and non-governmental body given statutory powers to regulate most financial services markets, exchanges and firms in the UK,
including banks and building societies, mortgage and insurance brokers and advisers. It can be contacted at the address below:
The Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Tel: 0845 606 1234
Website: http://www.fsa.gov.uk
We are grateful to you for bringing your concerns to our attention and I hope the information we have provided is helpful. The OFT is keen to ensure that markets work well for consumers and the complaints we receive are used as intelligence to inform us about markets, and the activities of companies within them. In this context, the details of your
complaint have been logged on our database and we will incorporate your concerns when considering areas for future investigation or study.
Yours sincerely,
Alan Sullivan
Enquiries and Reporting Centre
Office of Fair Trading

So FSA/FCA are not interested ....
It would appear the OFT are not interested
The FOS are not interested in BTL .....

I think the best approach is for a residential mortgage holder to appeal to the FOS and if the FOS are in agreement the terms are unfair and to be reversed to legally push for the same decision for BTLers through the court if necessary.

Though saying that Justin and the barrister must have a reason for suggesting the OFT ...

rate_hike

It doe,s seem strange that a barrister would get something as simple as that wrong. ?

Denise2007

rate_hike wrote: »

BR Landlord
Where did you find that on 118 ? i cant seem to locate it.

Look for posting by Maria on the 6th March on the 118 website