Bank Of Ireland ERC Claimants-are They Settling Out Of Court?

[lickthewallfatboy]

sending off my SAR to get the redemption penalty details on a mortgage redeemed around 1997-can't remember how much it was,but it should be healthy enough

[paddym]

good luck LTWFB,

I HAVE JUST SENT OFF MYSELF FOR DETAILS OF A MORTGAGE I HAD WITH ANOTHER COMPANY AND WAS REDEEMED IN 1998 SHOULD BE INTERESTING AS I WAS YOUNG AND FOOLISH AT THAT TIME AND INCURRED LOADS OF CHARGES WHICH NOW HOPEFULLY I GET BACK

[zootscoot]

Having read the relevant sections in the Limitation Act I'm not sure you will be successful

 

The relevant provisions of the Limitation Act 1980 is as follows

 

s.20(1) No action shall be brought to recover -

 

(a) any principal sum of money secured by a mortgage or other charge on property (whether real or personal) .. after the expiration of twelve years from the date on which the right to receive the money accrued.

 

(5) Subject to subsections (6) and (7) below, no action to recover arrears of interest payable in respect of any sum of money secured by a mortgage or other charge or payable in respect of proceeds of the sale of the land, or to recover damages in respect of such arrears shall be brought after the expiration of six years from the date on which the interest became due.

 

An ERC is not a principle sum of money secured by a mortgage. Therefore you are likely to be limited to the 6 years. Unless of course you are willing to invoke s.32(1)(b) relating to deliberate concealment of the facts giving rise to the cause of action or s.32(1)(b) money paid in the mistaken belief that the charge was lawful.

 

Zoot

[lickthewallfatboy]

to be honest Zoot,this would just be the icing on the cake-I'm not too annoyed either way.If I can get it back,great.If not,I've had plenty of success so far...

 

but I'll keep what you said in mind!!

[zootscoot]

If its under 5K it may still be worth a shot. Others have claimed back bank charges beyond the 6 yrs without challenge....and I can see you like a little bit of a risk lol

 

Provided you know the score and what your taking on so that you can assess the risk yourself and not be too disappointed if it doesn't work out.

 

All the best

 

Zoot

[lickthewallfatboy]

I think it probably will be under £5K-I've nothing to lose since they are long in the past....a bit of risk never hurt anyone!!

[zootscoot]

Go for it!

 

I've just won!

 

Zoot

[lickthewallfatboy]

Go for it!

 

I've just won!

 

Zoot

 

 

?????

 

TELL ME MORE!!!!

[zootscoot]

The Halifax are paying back my ERC see my thread here

 

http://www.consumeractiongroup.co.uk/forum/mortgage-companies/19501-zoot-halifax-mortgages.html

 

All the best

 

Zoot

[bach]

Hi, We had a mortgage with the Bank of Ireland in 1993 got in to difficulties in 1995 due to redundancy, A representative came to he house a forced me to hand over our endowment policy and made me write a letter to say that I had handed it over of my own free will, as we were so close to losing the house I was terified, we finally sold the house and also had to pay a redemption penalty I think it was £4 000 When I get some money back from Woolwich Im going to have ago at them

Wish you all the luck.

[lickthewallfatboy]

I've got all my data back from BoI Mortgages in respect of a mortgage redeemed in Feb 1996.Upon redemption,we were charged an "interest penalty" of £4082 plus an administration fee of £40.

 

What are your opinions on the viability of pursuit of these after 10 and a half years?I have seen mention of a mortgage being a sealed document, and as such it is possible to go back 12 years.

 

The fact that it is itemised as an interest penalty is interesting......there must be a fair interest on that amount of money!!

 

Help appreciated.......

[ryjayel]

In my somewhat ill-educated opinion I say go for it. Its worth trying...

 

The Statute of Limitations is not final, it allows for discovery of the truth and I believe Alanfromderby is taking a case through the courts where this is part of it.

 

The interest on that sum would be astronomical!

[lickthewallfatboy]

In my somewhat ill-educated opinion I say go for it. Its worth trying...

 

The Statute of Limitations is not final, it allows for discovery of the truth and I believe Alanfromderby is taking a case through the courts where this is part of it.

 

The interest on that sum would be astronomical!

 

 

£3481.22 to be exact.....

[ryjayel]

Holy cr*p thats more than my ERP total!

 

Go for it, it doesnt hurt to see what happens...

[paddym]

LTWFB i think that is a question for Zootscoop our resident ERC specialist ! I myself think i read on some threads that you can claim your charges back 12 years because they are added on to your mortgage but ERC is only 6 years however im led to believe that if you didnt know the facts or they were hidden from you there is a section that you can apply under ! vague i know but Zootscoop will let you know the full limitations act and if its worth going ahead with !

[lickthewallfatboy]

what would we all do without her,eh?

[purplefile]

Go for it with B of I though I think paddym is correct in that the interest part is only "active" for 6 years.

Though I remember not too long ago thinking that there wasnt much could be done about bank charges!!

 

ps . . . what are you going o do when you run out of banks?

[zootscoot]

Not sure if you have the same statute of limitations in Ireland? I'll see if I can find out.

[paddym]

zoot northern ireland comes under uk statute law !

[lickthewallfatboy]

I've had all my data sent to me,and I have sent off this morning a Request for Repayment of an ERC in the amount of £4122 for a mortgage redeemed in 1996.

 

I know about the "6 year rule",but I have seen threads discussing the ability to go further back because all the facts were concealed.....

 

 

let's see what happens!

[Shelty]

Do you have any contact details for BOI so I can write to them please ? I've checked my records quickly and they charged me £145 redemption fee, £3916 ERC, and then £776 in "nominal interest" 3 years ago when I switched from them, all of which I'd like back !

Thanks in advance.

[lickthewallfatboy]

no problem

 

BoI Mortgages Ltd

Plaza West

Bridge Street

Reading

Berks

RG1 2LZ

[Shelty]

Thanks for that, I saw on one of your other threads that you'd managed to work out the interest due. How did you do that, as I can't find a template which is specific to mortgages interest in the templates library?

[lickthewallfatboy]

I used one of the spreadsheets on here,stuck in the figure for the ERC and the date it was levied-ie the date of redemption,and hey presto!!

[Shelty]

OK tried that, but the interest only comes up at the 8% calculation, which if I'm right only applies when you get to the court stage? I was trying the excel template in the library section....are you using another format or am I missing something?