AIB AIB has calculated the refund on tracker from the wrong date!

Jimmy s

New Member
Messages
9
Hi while preparing appeals pack I only noticed how the bank calculated interest overcharge. I had fixed in May 2008 for 2 years at 4.85 per cent but in financial summary they have also calculated interest over payments from April 08 to March 18.
1. Has Bank made mistake as mortgage was fixed from May 08 for 2 years. The overcharge is as if I was on tracker.
2.Has Bank realised something was wrong with this procedure and are trying to brush it away. I did sign paper requesting going back on tracker rate when fixed period up but form "was not to be found anywhere"
3. Has Bank done this with everyone
 

Trackman

Registered User
Messages
24
Hi

Yes they did this with my account. Slightly different as I had never fixed. Started on a tracker in 2006 and moved without our knowledge to an SVR in 2008. They are calculating the redress and compo from 2006 in order to avoid fraud charges imo. They contend we were never on a tracker in the first place.ie placed on a wrong product. The CBI is obviously swallowing this tripe
 

Jimmy s

New Member
Messages
9
Thanks Trackman.
I feel the same.I don't believe bank made a mistake they are covering fact they all knew I should have been put back on tracker in 2010 only someone made paperwork disappear.
Its now like they are saying we compensated you during fixed period so you were never on fixed period so we don't need any paperwork,whats the issue.
 

Bronte

Frequent Poster
Messages
13,248
Of course the bank can make a mistake in the calculations. My bank, Ulster refunded me a five figure sum for incorrectly applying my interest rate about 5 years ago. And they went me a cheque for a four figure sum in the last few weeks as I'm one of 18,000 of us who they incorrectly tried to change our mortgage terms as regards a particular definition.
 

Brendan Burgess

Founder
Messages
37,501
It is always better to assume incompetence before assuming a conspiracy.
But even before assuming incompetence, is it possible that they have done it correctly?

I had fixed in May 2008 for 2 years at 4.85 per cent but in financial summary they have also calculated interest over payments from April 08 to March 18.
From what you are saying, it seems that in April 2008, you should have been given a tracker mortgage but you were not.
If you had appreciated the value of the tracker and opted for this tracker rate in April 2008, then you would not have fixed in May 2008.
So, they have assumed that you would have opted for the tracker as that is in your interest.

In these cases, they assume that the borrower would not have fixed and so they refund them the difference between the fixed interest rate they paid and what the tracker would have been.

Brendan
 

Jimmy s

New Member
Messages
9
Brendan,
I was on tracker in April 08 and opted to fix in May for 2 years.
I specifically asked to be put back on tracker when this period was up and I believe I signed form to say such.
Since then I have continuously looked for said form only to be told the only paperwork regarding fixing of mortgage is hand written letter signed asking to fix rate which also had to be given then.
There is no other paperwork.
 

Jimmy s

New Member
Messages
9
Of course the bank can make a mistake in the calculations. My bank, Ulster refunded me a five figure sum for incorrectly applying my interest rate about 5 years ago. And they went me a cheque for a four figure sum in the last few weeks as I'm one of 18,000 of us who they incorrectly tried to change our mortgage terms as regards a particular definition.
Bronte,
When I got put back on tracker rate they said it was due to administrative error. Do you honestly think that they have overpaid me with another one?
 

Brendan Burgess

Founder
Messages
37,501
I was on tracker in April 08 and opted to fix in May for 2 years.
So did anything happen in April 2008?

Give the actual chronology?
x/2006 took out a mortgage on tracker rate
May 2008 - fixed for 2 years
May 2010 - put on SVR
etc.

Brendan
 

Jimmy s

New Member
Messages
9
Brendan.
As far as I can see nothing happened in April 08 the refund is 4.75 %instead of 5.25%.
I would have first went into bank in April 08 to ask about fixing mortgage.
1 took out mortgage in 04 fixed for 1 year and then tracker for. 75%over ecb.
2 fixed mortgage may second 08 for 2 years
3 Put back on svr when time up
 

Jimmy s

New Member
Messages
9
Brendan.
As far as I can see nothing happened in April 08 the refund is 4.75 %instead of 5.25%.
I would have first went into bank in April 08 to ask about fixing mortgage.
1 took out mortgage in 04 fixed for 1 year and then tracker for. 75%over ecb.
2 fixed mortgage may second 08 for 2 years
3 Put back on svr when time up
Also I fixed for 2 years at 4.85 % as in next 2 years mistake was from 4.75 % in May 08 down to 1.75% in April 10 which was last month. Then I was put to svr 2.75%
 

Brendan Burgess

Founder
Messages
37,501
So you were on a tracker of 5% (ECB +0.75%) in May 2008 and you fixed for two years at 4.85%

The ECB rate fell so the fixed rate was much higher than you would have paid if you had stayed on a tracker.

You made a free decision to fix. So you should be compensated only from May 2010.

So AIB has made a mistake in your favour.

They make mistakes all the time, and contrary to the perceived opinion, they make them in both directions - in their own favour and in the favour of the customer.

Brendan
 

Jimmy s

New Member
Messages
9
So you were on a tracker of 5% (ECB +0.75%) in May 2008 and you fixed for two years at 4.85%

The ECB rate fell so the fixed rate was much higher than you would have paid if you had stayed on a tracker.

You made a free decision to fix. So you should be compensated only from May 2010.

So AIB has made a mistake in your favour.

They make mistakes all the time, and contrary to the perceived opinion, they make them in both directions - in their own favour and in the favour of the customer.

Brendan
Brendan
What about April 08 . That really is a lot of mistakes.
Its a funny one if I question it to much it costs me or do they hope I ride into sunset.
Or for some reason should I never have been on a fixed rate in first place.?
Is there other paperwork you sign to fix your mortgage ?[/QUOTE]
 
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RedOnion

Frequent Poster
Messages
3,045
I'm completely lost.
Have I understood correctly: they've put you back on a tracker, but in calculating redress they made a mistake, in your favour, and you're questioning it? Or am I missing something?
 

Mehaul

Registered User
Messages
12
Are you saying we should stoop to the banks' level and take everything we can whether entitled to it or not? Let all the other customers pay for it and it's okay cause it wasn't noticed?
 

Jimmy s

New Member
Messages
9
I'm completely lost.
Have I understood correctly: they've put you back on a tracker, but in calculating redress they made a mistake, in your favour, and you're questioning it? Or am I missing something?
I don't believe it's a mistake there is a reason.
I'm assuming that was directed at me?
No, I'm not suggesting that. It reads like the OP isn't happy, because there's a big conspiracy, and the bank is trying to buy his silence by making a deliberate mistake.
No I didn't say that I believe there is a reason its not a mistake. Maybe procedure with setting up fixed rate
 

Brendan Burgess

Founder
Messages
37,501
Jimmy

Please clarify as this is getting ridiculous

1) Do you understand that the bank has done something which means you are much better off? You are getting a refund of something you should not be getting a refund for?
2) I think it's a mistake.
3) You think deliberate by the bank to hide something else?

Brendan
 

Majabu

New Member
Messages
1
Hi All,

Thanks so much Brendan and everybody for all your help.

I also received the cheque, sent my first appeal and received the rejection from AIB giving me 10 days to reply. Unfortunately I cannot seem to locate the response to use in reply. Could somebody please repost this.

Thanks a million
 
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