AIB restoring my tracker at original rate

Balfour

Registered User
Messages
193
Hi Sarenco

No, it wasn't out of the blue, I sent them various letters requesting that I should have been offered a tracker rate based on the conditions of my contract ie Clause 3.2 (c) conversion to a tracker rate Mortgage Loan.
 
No this letter came out of the blue, my fixed rate ends next wk so I got the letter with the different rates available to me. If I didn't reply I would automatically be put on the variable which is now 3.4% then a few days letter I got the same letter you seem to have got offering the prevailing rate of 3.67%. I took it out in June 2008 and I wasn't offered a tracker by the looks of my loan offer document.... Is everyone that wasn't offered a tracker getting these letters? I don't want to ring aib until I know what I am talking about...
 
Hi Balfour

AIB's argument in that letter seems to turn on whether or not a tracker rate was "available" when your fixed rate period expired in 2013.

I would argue that trackers were in fact "available" in 2013 - thousands of AIB borrowers were on trackers at that time - they simply weren't offered to new borrowers or as a roll-off option for fixed rate borrowers. If AIB had meant that trackers had to be generally offered by AIB to new borrowers or as a roll-off rate when your fixed term expired for this option to be applicable, then AIB should have explicitly said so in their contract.

However, even if the word "available" should be read to mean "offered to new borrowers or as a roll-off rate", I think you could argue that by failing to offer a tracker rate as a roll-off option, AIB unilaterally changed an inherent and fundamental feature of the loan product, without your prior agreement.

I would definitely appeal AIB's decision to the FSO, with a copy to the Central Bank.

Hope that helps.

Thanks very much for all your comments

Just one last thing, is there a lot involved in making a case to the FSO
 
Before you can submit your FSO complaint you need to request the bank to formally indicate this is their "final response".


Include the final response with your FSO complaint
 
Yes, I was simply describing the process - I didn't mean to imply that due care shouldn't be taken in framing the complaint or collating appropriate supporting documentation.

As notabene says it is also important to be clear as to what remedy is being sought.
 
Hi All

I have just done my letter to AIB going to reg post it today. all the advice here is great.
 
Hi All

I have just done my letter to AIB going to reg post it today. all the advice here is great.

If you haven't printed it - I would suggest giving them a deadline, perhaps ten working days - otherwise potentially they could be a while replying
 
i rang padraic kissane's office today and he is currently busy with the pstb tracker issue but he will get back to me once he can, so kim and balfour i will let you know what he advises.
 
letter is gone now by reg post, I asked them to reply within 14 days, thanks to all of ye for the useful information.

Bungaro, that would be great, thanks very much........and in the meantime I'll wait patiently for my reply from AIB :rolleyes:
 
That's great Bungaro, thanks for that. We will discuss our options on how we proceed once Padraic comes back.
 
Hello,
Came home from our hols today. Good news awaiting us. Letter from Aib restoring our tracker to our original rate! Mortgage payments reducing immediately. Will be in touch again. Standard letter I think. We fixed and broke in 2008. Lost tracker. Complained to fso. On hold pending review.
 
Hello,
Came home from our hols today. Good news awaiting us. Letter from Aib restoring our tracker to our original rate! Mortgage payments reducing immediately. Will be in touch again. Standard letter I think. We fixed and broke in 2008. Lost tracker. Complained to fso. On hold pending review.

excellent news for you, particularly coming home from holiday, well done!
 
No this letter came out of the blue, my fixed rate ends next wk so I got the letter with the different rates available to me. If I didn't reply I would automatically be put on the variable which is now 3.4% then a few days letter I got the same letter you seem to have got offering the prevailing rate of 3.67%. I took it out in June 2008 and I wasn't offered a tracker by the looks of my loan offer document.... Is everyone that wasn't offered a tracker getting these letters? I don't want to ring aib until I know what I am talking about...
Hi Kim,
Can I ask how your case with AIB is going? I'm pretty much in the same boat, got the letter from AIB the other day offering 3.67 tracker. Did the bank come back to you in the end?
 
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