BDM Boylan Solicitor urges tracker mortgage customers to engage a lawyer

Cork firm BDM Boylan Solicitors has urged customers affected by the tracker mortgage scandal to engage a solicitor as soon as they learn they have been affected.

Solicitor William Hanly said: “The most important step a customer can take once they learn they have been affected is to engage a solicitor who will be able to comment on the adequacy of any offer put to them and to advise on the available steps on obtaining redress and what timelines apply to taking these steps.”

Mr Hanly (pictured) warned that banks may underestimate the amount of compensation due through the “complicated” redress process.

He said: “The compensation figure will be based on a per cent figure of the interest overcharge plus a per cent figure of the Time Value of Money – or an appropriate minimum amount, whichever is higher.

“This is a very subjective assessment and is likely to be an area where differences of opinion could arise as the full financial and personal impact of the failure of the bank may not be fully understood by the bank when making their assessment of this compensation figure.

“If you have lost your home or property and if your circumstances were impacted to the extent that you suffered personal and economic hardship as a consequence of the actions of the Bank in the treatment of your mortgage, then it is possible for you to seek a higher level of compensation under the appeals process than you may have been awarded through the bank’s own review process.”

“It’s important that you can ‘evidence’ this impact to support any appeal that you may decide to undertake. Independent professional advice is something that should be considered by anybody choosing to pursue an appeal and any reasonable costs for this advice will be paid under the appeals process.

“Any appeal will not impact on the redress and compensation amount already offered which can be accepted at time of offer.”