It seems now that the Tracker Mortgage Scandal  has not yet run its course and the extent is far wider than anyone initially thought. Currently we are being asked to advise clients on the redress package offered to them by the Banks where they have had a tracker mortgage and lost same.  

Finance Minister Paschal Donohoe said the five banks ( AIB, BOI, KBC, PTSB, Ulster Bank) are making compensation and redress payments in line with the Central Banks framework, which is supposed to mean fair treatment is assured for all customers whose tracker mortgage was taken from them.

The Central Bank on its website says that so far 33,700 customers have been affected with €297 million paid out to date.

So what is the bank to do? Well firstly it is to return all the money you have overpaid and secondly pay you compensation and acknowledge any distress caused due to losing the valuable product that is a tracker mortgage.

Then you can either accept that sum offered and cash the cheque or appeal the decision to an independent panel.

We will advise you on the terms of the settlement offered and the agreement presented to you and whether depending on your particular circumstances appeal to the independent panel.

Please get in contact today if you need help on this or anything else in respect of the tracker mortgage scandal.