Tracker Loan Compensation - Loan Analysis Solutions

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Tracker Loan Compensation - Loan Analysis
Solutions
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• A tracker mortgage is a type of home loan where
  the interest rate charged on the loan tracks that
  of another publicly available rate, typically the
  interest rate set by the European Central Bank.
• In 2015 the Central Bank of Ireland decided to
  carry out an industry-wide review of tracker
  mortgage accounts. Since 2010 they have been
  identifying and pursuing most Irish Banks in
  relation to tracker loan compensation related
  issues. These include borrowers who switched from
  their tracker rate and/or lost their right to
  revert to a tracker rate when they came to the
  end of a fixed-rate period on their mortgage.

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• Approximately 40,000 mortgage holders have been
  identified as being victims of the tracker
  scandal at the end of 2018. Central Bank
  compensation statistic on tracker loan
  compensation Redress cases only
• 10,759 customers have received between 10,000
  and 50,000.
• 2,226 customers have received between 50,000
  and 100,000.
• 450 customers have received more than 100,000,
  including 11 customers in excess of 500,000.

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• Compensation Calculation
• The banks cannot determine the amount of
  compensation an individual should be paid without
  a detailed understanding of the circumstances.
  Compensation can only be determined on a case by
  case basis as the amounts overcharged and effects
  of the overcharging vary from borrower to
  borrower. In essence the compensation amount
  should redress the situation so that the customer
  will be returned to the position they would have
  been in if the correct rate of interest had been
  applied. The compensation headings should include
  such issues as Health, Consequential Losses,
  damaged Credit Rating, Loss of property,
  Professional Fees, Loss of business
  opportunities.

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• For a free initial assessment of your tracker
  mortgage compensation request a callback.
• Tracker Mortgage Compensation Q and As
• Your lender will contact you if you are affected
  by the Examination. As the Examination covers all
  mortgage accounts that had, or may have had, an
  entitlement to a tracker loan compensation rate,
  you dont need to take any action in order to be
  added to the Examinations scope.

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• Under the Framework set down by the Central Bank
  for conducting the Examination, lenders are
  required to write to affected customers when they
  are identified and rectify their mortgage
  interest rate to prevent further detriment.
• It should be noted that rate rectification may
  not be applicable in some cases. For example,
  where the mortgage has been redeemed or closed
  there is no open account with the lender to amend
  the incorrect rates of interest being charged.

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Contact us-

• Loan Analysis Solutions
• Locations Naas, Kildare, Ireland
• Email contact_at_loananalysissolutions.ie
• Website www.loananalysissolutions.ie