AIB A template for a complaint to the Ombudsman on the AIB Prevailing Rate issue

[Brendan Burgess]

A few people have asked for help with making a complaint to the Ombudsman, so I have drafted the attached template which you can use.

It is based on the simple argument that AIB did have a prevailing tracker rate - it's just that they did not offer it to customers who were entitled to it.

This is for a complaint where there are no individual circumstances. If, for example, you had some communication from AIB saying that you would get the tracker rate prevailing at the date of draw-down, then you will have an entirely different complaint.

There is no need to stick to the template. Feel free to make other arguments as you see fit.

It is based on a person who drew down a mortgage with an LTV > 80% when the prevailing margin was 1.5%.

Here are the prevailing margins for other groups and you will need to adapt your complaint accordingly.

Brendan

 

[Brendan Burgess]

This is the argument which I think is fundamental and which should succeed.

There are other arguments and it would be very helpful if other people made them. It does not matter which argument succeeds as long as one of them succeeds and it applies to everyone in the cohort.

Here are some of the other arguments I have seen

1) In the absence of a prevailing rate, the rate prevailing on drawdown should be used.
2) of course the prevailing rate would be different when the fixed rate ended because the ECB rate would have changed. But the margin prevailing at drawdown would not change. That is what a tracker margin is.
3) AIB should not be allowed to compensate for their breach of contract by making up a prevailing tracker rate 9 years later.
4) The contract is an unfair contract under the EU Unfair Terms and Conditions and so the contract is void.
5) AIB's suggestion that the margin would have been as high as 8% is a joke.
6) The prevailing rate should be the average margin on offer to all existing customers on trackers

This thread is not to discuss these issues. But feel free to discuss them in other threads.

Brendan

 

[Brendan Burgess]

I will set out one other argument which is doing the rounds and it would be particularly helpful if someone submitted a claim to the Ombudsman based on this. I have no idea why it has been discussed so much, yet no one seems to have got their act together on it.

Again, please don't take this thread off topic discussing this argument. I just want to record it here for completeness.

The contract says

I assumed therefore that I had a tracker mortgage with a margin of 0% as set out in Part 1.

The two previous sections said:

In these cases they used the words "in the case of...". But as there was no such wording in Section 3.6, I assumed that I had a tracker mortgage.

 

[coolaboola12]

Thanks a million

 

[trillium]

This is so helpful. Thank you.

 

[Redser]

Thanks again for all your work Brendan

 

[Carrigd]

Thanks Brendan.

 

[gcarey75]

Thanks Brendan everyone needs to send in some sort of complaint a decision will be made after Christmas by ger deering and the more people that write to ombudsman will put pressure on him ps Brendan do we need to ring ombudsman for form or can we just write in complaint

 

[zxcvbnm]

Thanks a lot Brendan. Seems a strong argument.