AIB AIB next steps

RealDeal

New Member
Messages
9
I’m just wondering what the next steps will be regarding any possible redress scheme?
Is there anything we need to do to prepare in advance
I’m also wondering what the timeline looks like - based on prior experience is it likely that any payment due will be processed speedily or are we in for another long wait
 

Brendan Burgess

Founder
Messages
39,145
There is nothing to be done for the moment.

The formal legal position is that the Ombudsman has issued a Preliminary Decision.
Either side may make further observations and then the Ombudsman will issue a final decision.
Either side can appeal that to the High Court within 35 days.
After 35 days, if neither side appeals, it becomes legally binding

AIB has not announced any further scheme of redress

If they do announce a further scheme of redress, then we can decide what the next steps are then.

If they do not announce a further scheme of redress, then borrowers will have to take their complaints to the Ombudsman or the High Court as appropriate.

Brendan
 

mwalsh7

New Member
Messages
3
Hi I just came across this forum after reading the article in the Irish Times and listening to the Irish Times business podcast.

I had a split mortgage taken out in 2007split between tracker and 3 year fixed which expired mid 2010 but wasn’t offered a tracker. I wrote to the bank seeking redress but was denied because when I came off the fixed rate I was offered a variable and a fixed I didn’t respond to the letter in 2010 as it said if I did nothing I would automatically revert to the SVR.

In 2018 I received the €1,615 for the service failure. The property was sold shortly after receiving the cheque. I have now written to the AIB tracker redress informing them of my change of address.

Based on what I have read in this forum I would appear to be included in the 5,900.

Sometimes you just need to hear someone say it. perhaps someone might please confirm.

many thanks to Brendan and all involved here is hoping there is a substantial windfall as my SVR loan was about €450,000 for 8 years and based on my calculations using the spreadsheet in the forum it could be about €70,000 (fingers crossed).
 

misstealeaf

Frequent Poster
Messages
48
Hi I just came across this forum after reading the article in the Irish Times and listening to the Irish Times business podcast.

I had a split mortgage taken out in 2007split between tracker and 3 year fixed which expired mid 2010 but wasn’t offered a tracker. I wrote to the bank seeking redress but was denied because when I came off the fixed rate I was offered a variable and a fixed I didn’t respond to the letter in 2010 as it said if I did nothing I would automatically revert to the SVR.

In 2018 I received the €1,615 for the service failure. The property was sold shortly after receiving the cheque. I have now written to the AIB tracker redress informing them of my change of address.

Based on what I have read in this forum I would appear to be included in the 5,900.

Sometimes you just need to hear someone say it. perhaps someone might please confirm.

many thanks to Brendan and all involved here is hoping there is a substantial windfall as my SVR loan was about €450,000 for 8 years and based on my calculations using the spreadsheet in the forum it could be about €70,000 (fingers crossed).
Can I ask where the calculator is? Wouldn’t mind taking a look at it to see my potential impact. Thanks.
 

mwalsh7

New Member
Messages
3
Hi

I was reading through the forums and found it. Sorry can’t find it now but if you read through you should be able to find the excel file.
 

Brendan Burgess

Founder
Messages
39,145
Can I repeat?

AIB has not announced any further scheme of redress

So I have no idea how anyone can produce a calculator to estimate what redress you might get.

Brendan
 

Adobe1

Registered User
Messages
13
Can I repeat?

AIB has not announced any further scheme of redress

So I have no idea how anyone can produce a calculator to estimate what redress you might get.

Brendan
SS calculating the difference in monthly repayments between a 1.5% margin tracker and the SVR since the loan rolled off fixed? It takes a bit of time but shows the amount of over charge. Appreciate there is no one size fits all.....

Then add interest and compensation. Last thing is restore the tracker rate of ECB+1.5% to the loan.
 

Macs 2020

New Member
Messages
2
Hi we have just registered to this now. We are one of the people who received a cheque for 1615. We did not lodge any case about this for various reasons but primarily we had little or no money and thought we would get nowhere with it. Can you advise if this excludes us from any possible redress?
 

tnegun

Frequent Poster
Messages
154
If you got the cheque you should be covered more here
 

Macs 2020

New Member
Messages
2

RealDeal

New Member
Messages
9
Quick question!
in light of the decision to provide for a redress situation, is there any merit in having a solicitor write to AIB setting out the basis to which we feel a claim is warranted, otherwise we are again relying on the banks possible scene and ultimately the appeals panel who haven’t helped us much to date
 

tnegun

Frequent Poster
Messages
154
I would say not as we've no idea what AIB will do yet, redress isn't even guaranteed. It would be best wait another couple of months and see what the outcome is then decided what to do next.
 

LetItBe

New Member
Messages
2
Hi, this is my first time posting as I've just joined. We are one of those who received the 1650 in March, I didn't appeal or take legal action as I was advised by a girl on the aib helpless that I had no case. In light of the recent statement by aib(4th Feb) and the 300million, is there any benefit to contacting one of the many legal firms who are taking the cases to court? Or should I just wait until there is a definite decision by aib?
 
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