Bank of Ireland tracker mortgage % increase

BR_Landlord

Thank you rate hike in pointing us to this from Property118:

Justin Selig says:
17/05/2013 at 17:53
LEGAL ACTION UPDATE:

We are finalising our submission to the Office of Fair Trading, which will go out early next week. The submission is also being sent to the Financial Conduct Authority and the Financial Ombudsman Service. It is very detailed (approximately 40 pages long plus exhibits) and contains the legal arguments we have identified to show that BOI is not entitled to impose the increases in the differential.

We believe we are putting forward a number of very strong arguments and we hope that one of these bodies agrees to take this forward. In the event that they do not, we still believe we have a strong case which we will pursue through the courts.

If anyone would like us to include them in our action, please contact me as soon as possible at justin@lawdepartment.co.uk

rate_hike

If the opinion is if one gets off then all get off, then why is he asking if anyone would like to be included in the action, then contact him asap

rate_hike

Theres an artical in the Mail on Sunday stateing the BOI may of acted illegally. Justin is acting on behalf of 100 mortgagees.

Jaketake

I have seen the article in the mail today. If it is illegal then who is responsible for getting that sorted? How long will the process take? I a reply from some treasury committee is due out in the next week or so and this should be dealt with as part of that. It is causing a lot of unnecessary hassle and stress for everyone with these unfair clauses. If Bank of ireland get away with this, it paves the way for other banks and the housing market is in then in jepopardy.

bigadaj

Jaketake wrote: »

I have seen the article in the mail today. If it is illegal then who is responsible for getting that sorted? How long will the process take? I a reply from some treasury committee is due out in the next week or so and this should be dealt with as part of that. It is causing a lot of unnecessary hassle and stress for everyone with these unfair clauses. If Bank of ireland get away with this, it paves the way for other banks and the housing market is in then in jepopardy.

Housing market will be fine, whether that means going up, down or level. The number of mortgages here are minimal with the wider market so no significant effect.

Also others have done what boi have doen and got away with it, as to whether they should be able to do it this easily is more of the question.

There will be no unique precedent set here, it sup to individuals whether they want to sign up to the class action law suit and risk significant sums that way, or accept a move and absorb additional mortgage costs.

Darrell_G

Has Andrew Tyrie had his reply yet?

rate_hike

Darell G

Dont think they care, its the same old story passing the buck as they now have more powers to do so.
FOS not able to help BtoLts as not regulated, but now say they will look at them, I look at jobs does,nt mean ill take them on.
OFT does,nt look at individual cases, those who have bought a doggy car from a dealer they go to OFT as an individual ?
Expect the OFT will pass us onto the courts.

Think the Goverment need to make more cut backs.

ILW

rate_hike wrote: »

Darell G

Dont think they care, its the same old story passing the buck as they now have more powers to do so.
FOS not able to help BtoLts as not regulated, but now say they will look at them, I look at jobs does,nt mean ill take them on.
OFT does,nt look at individual cases, those who have bought a doggy car from a dealer they go to OFT as an individual ?
Expect the OFT will pass us onto the courts.

Think the Goverment need to make more cut backs.

Or people should read contract before signing them.

rate_hike

ILW

You must be such an expert on contracts

ILW

rate_hike wrote: »

ILW

You must be such an expert on contracts

If I am not certain I get someone who is to look at it. Pretty standard business practise.

If the !!!! up they will be liable to pay me damages from their PI insurance.