Tracker compensation: Should I accept or should I appeal?
Banks will fight initial legal actions, so affected customers should inform themselves before acting
AIB chief executive Bernard Byrne: he told an Oireachtas committee last week that the bank had paid out €133m so far of an expected €190m to impacted customers. Photograph: Cyril Byrne
“While customers may be grateful that they have finally started to receive their offer letters and cheques, the question for many may be “is this enough, or should I appeal?” File photograph: Getty Images
“Typically, offers are calculated on a simple mathematical basis, and don’t take into account the personal impact of overpaying a mortgage for a long period of time.” File photograph: Getty Images
Some eight years since the tracker scandal first broke, many homeowners are only now receiving offers of redress and compensation: others have yet to receive anything.
The scandal, which saw thousands of mortgage customers either denied access to a tracker, or charged an incorrect rate on their tracker mortgage across 11 banks operating in Ireland, is expected to impact more than 33,000 customers by the time it finally wraps up, hopefully later this year.