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Tracker Mortgage reduction not passed on

Michael from Dublin wants to know about a tracker mortgage which was supposed to have fallen by €200 per month or a full percentage point, but his building society have failed to pass on the saving to him via his bill. Can he take the building society to the Small Claims Court?

Hi Michael.  Did you approach the building society about this?  If so, what was their answer?  If you have not already done so, you should raise this question in writing with them so that you can get a written reply from them, so that they will be bound by their answer and cannot bring up other issues at a later time.  Make it clear to the building society that they are obliged to give you reasons for their refusal and if you don’t get this or if you are dissatisfied in any way the best course of action is to make a complaint to the Financial Services Ombudsman – www.financialombudsman.ie

 

If there are complicated charges and structures involved in the calculations you should think about engaging the services of a forensic accountant.  He or she will look at your letter of loan approval, your mortgage, mortgage statements and other documentation, including the reasons for the refusal by the building society and point out exactly where the error is. 

 

If the Small Claims Court considers this to be a consumer complaint, then they will allow the claim be filed.  My own personal opinion is that the Financial Services Ombudsman should be considered first and if you get a ruling from him and still don’t have any satisfaction, go to the Small Claims Court.

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