Thousands of Irish mortgage holders have been affected by having been denied access to the tracker mortgage rate they signed up for. If you were so affected, you are entitled to be returned to the correct rate, and to redress and compensation.
The Central Bank has provided some useful information about the redress scheme here.
The banks have already contacted or responded to thousands of customers. If you think you should have been included in the scheme, and your bank has not contacted you yet, then we can assist you in assessing your documentation to see whether you are in fact entitled to be included in the scheme.
If you were affected, you are entitled to be returned to the correct rate, of course, and also to redress and compensation. The first of these, the redress, is perhaps easier to measure, as it is the sum that you paid over and above what you would have paid if you had remained on the tracker mortgage rate. The appropriate compensation is perhaps more difficult to assess, as it requires guaging and valuing the impact that the loss of your tracker had on you. If you believe that the redress or compensation that you have been offered is less that what you deserve, then you are entitled to an independent appeal. You are entitled to this even if you have accepted the sum offered.
The requireents for the independent appeals process have been laid out by the Central Bank. The process will also of course be subject to legal standards that affect any non-judicial appeals process in the state, that is to say by the rules of natural justice, and to the protections of the Constitution. It very much remains to be seen whether or to what extent the banks will abide by the very high standards that will be demanded of them in providing for and cooperating with the independent appeals process.
We would be happy to assist you if you have been affected.