Trying to get Aib tracker back

C

chocolatecake

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Brief summary of my situation:
Mortgage 1: drawn in 2002 on a variable rate
Mortgage 2( top-up): drawn in 2004 on variable rate
Mortgage 3 (top-up): drawn in 2006 on tracker rate

The three mortgages were amalgamated into one a/c and one repayment in 2006 on a 3year fixed rate but no new documents signed in solicitors - just a letter via the bank requesting amalgamation.

In 2009 refixed again for 3 years. Was not offered tracker at this point.

In 2012 and 2013 fixed for one year and have remained on variable since 2014.

However, in 2014 received a letter from aib stating i should have been offered tracker in 2009 and they are now offering tracker plus margin of 4.95 percent.

Aib refuse to send me the general conditions attached to my mortgages upon signature. They have sent me letters of offer without general conditions.

Any advice on my next step? Do i have any chance of regaining my tracker?
 
You should have addressed this in 2014, when you got the letter. As this was 2009, you are in or around the 6 year time limit. From what date were you given that rate?

Make a complaint immediately and request your tracker back at a "normal" rate or a Final Response Letter. You need to lodge your complaint with the Ombudsman immediately after you get that letter.
 
@Brendan Burgess : do you have any sample wording i could follow? I know i should have followed up in 2014 but there was alot of other stuff happening at the time and it got inadvertently left aside. Do you think i have a chance of getting tracker back?
 
Ask Aib for a final response letter

Then raise a complaint to the ombudsman

Also I would recommend engaging Padraic Kissane financial expert in these matters
 
I have received final response letter offering tracker of ecb plus 3.67 which I won't be accepting. Any advice on where to go from here?
 
Did you raise it with the ombudsman?

If Aib are conceding the tracker to you (despite the high rate) you are in strong position to get a proper tracker back when the central bank does thereview
 
Worth a shot with the ombudsman, but my guess is its not in black and white in your contract what the tracker margin is when you come off a fixed period.

In my view if there is ambiguity then the benefit of that ambiguity should fall on-behalf of the consumer.

The FSO won't see it that way and rely completely on what is in the contract regardless of any ambiguity.

Shame on AIB, this is not putting things right with the customer. AIB does like to rely on clever terms and conditions regardless of what the CEO says.
 
I would have a chat with Padraic Kissane first.
Problem (up to now) with Ombudsman is that if you don't make your case - they only appear to go on what you raise.
 
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