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Tracker Loan Compensation - Loan Analysis Solutions

A tracker mortgage is a type of home loan where the interest rate charged on the tracker loan compensation. Call at 045 832 863 anytime for more information. Visit here: https://bit.ly/2TasTx4

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Tracker Loan Compensation - Loan Analysis Solutions

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  1. Tracker Loan Compensation - Loan Analysis Solutions

  2. A tracker mortgage is a type of home loan where the interest rate charged on the loan tracks that of another publicly available rate, typically the interest rate set by the European Central Bank. In 2015 the Central Bank of Ireland decided to carry out an industry-wide review of tracker mortgage accounts. Since 2010 they have been identifying and pursuing most Irish Banks in relation to tracker loan compensation related issues. These include borrowers who switched from their tracker rate and/or lost their right to revert to a tracker rate when they came to the end of a fixed-rate period on their mortgage.

  3. Approximately 40,000 mortgage holders have been identified as being victims of the tracker scandal at the end of 2018. Central Bank compensation statistic on tracker loan compensation Redress cases only: 10,759 customers have received between €10,000 and €50,000. 2,226 customers have received between €50,000 and €100,000. 450 customers have received more than €100,000, including 11 customers in excess of €500,000.

  4. Compensation Calculation: The banks cannot determine the amount of compensation an individual should be paid without a detailed understanding of the circumstances. Compensation can only be determined on a case by case basis as the amounts overcharged and effects of the overcharging vary from borrower to borrower. In essence the compensation amount should redress the situation so that the customer will be returned to the position they would have been in if the correct rate of interest had been applied. The compensation headings should include such issues as; Health, Consequential Losses, damaged Credit Rating, Loss of property, Professional Fees, Loss of business opportunities.

  5. For a free initial assessment of your tracker mortgage compensation request a callback. Tracker Mortgage Compensation Q and A’s Your lender will contact you if you are affected by the Examination. As the Examination covers all mortgage accounts that had, or may have had, an entitlement to a tracker loan compensation rate, you don’t need to take any action in order to be added to the Examination’s scope.

  6. Under the Framework set down by the Central Bank for conducting the Examination, lenders are required to write to affected customers when they are identified and rectify their mortgage interest rate to prevent further detriment. It should be noted that rate rectification may not be applicable in some cases. For example, where the mortgage has been redeemed or closed there is no open account with the lender to amend the incorrect rates of interest being charged.

  7. Contact us- Loan Analysis Solutions Locations : Naas, Kildare, Ireland Email : contact@loananalysissolutions.ie Website : www.loananalysissolutions.ie

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