AIB Aib disputes 100 cases (update : 3,000 cases!)

Skippy1

Frequent Poster
Messages
60
Have same 3.2(c) Contract wording that after any fixed rate period that Customer can choose either fixed, standard variable or tracker (all at prevailing rate).

If other AIB Customers with same contracts were on tracker, changed to fixed and now those customers receiving redress and tracker back at correct margin......how do their contractual rights vary to people who signed to the exact same conditions and agreements for the lifetime of the mortgage. I never signed up to avail of tracker margin such time that:

- AIB decide to remove feature of contract, or
- AIB fabricate a tracker margin to suit their commercial position

As a customer, who suffered like everyone else during these post-downturn times, I spent large periods of time overseas away from my wife and young family, primarily to pay my bills. I take responsibility for buying when I did, but AIB should also be held accountable to honour their past commitments and pay back the stolen money....
 

Spike67

Registered User
Messages
22
Hi Skippy

I am in the same cohort of customers like yourself who had been in a fixed rate from 06 to 09 but have clause 3.2 in my letter of offer. Strength in numbers. Do you think we have a case to be answered as I firmly believe we have a contractual right with the contract that we signed with the bank and they have not acted with due diligence and have mis appropriated our money.
 

Skippy1

Frequent Poster
Messages
60
...I'm in a slightly different cohort. Fixed in late 06 for year. Our letter sent by AIB to different address (old address) rather than actual house in '07 (despite contract saying notice to be served to mortgaged house address or not served).

Got letter from old address month later at which time had defaulted to SVR and we would have been 0.25% better off with tracker.....we were up literally up the walls at time renovating the house and kicking ourselves when saw letter. Thought not an issue as there for next time came off fixed rate. Didn't fix again until after '08 though.

I believe the Responsibility is with lender, in accordance with Consumer Protection Code to:

- clearly highlight any hidden extras at time of contract, like AIB being allowed to make up tracker margins in future

- offer best options available to Customer, not AIB

Removing tracker as option is a breach of contract as not agreed with customers.

3.2.1 of CB review calls for:

"where the underlying mortgage agreements provided for contractual rights to or options for Tracker Interest Rates at any stage during the term of the agreements."

My understanding is that everyone with option of tracker in contract throughout mortgage term should be assessed. Not just those who happened to be on trackers before they were pulled.

@Spike67 you should PM @bungaro

I'm fearing there is a Goldilocks zone, where banks made hurt and CB satisfied. I may be sleeping on the ground myself with no porridge :(
 

Skippy1

Frequent Poster
Messages
60
Never on one but in contract should have been able to at any stage of mortgage term after fixed period. Only realised this recently.

Always kicking myself (since 07) that missed out. Notwithstanding that, should have been available to existing customers with this contract.

My own chances of success may be slim, but I'm going to argue that have been impacted by being denied right. Paying through nose offsetting AIB'S losses. I certainly feel impacted.
 

Spike67

Registered User
Messages
22
Hi moneymakeover
Don't know if your question was to me or skippy 1 but I never had a tracker also. Fixed from start of mortgage but had 3 options at the end offering me one option of a tracker but bank took tracker off market..now offering me a tracker of 3.67????
 

Spike67

Registered User
Messages
22
Cheers skippy1 ..i have been following this thread and others for some time now so hoping cb will see that this cohort should be included and with boi news yesterday and with government share in this bank we will succeed..hope that all starts to gather momentum
 
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