aibredress
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Hi All,
Just wanted to run through the situation and have BDO and have come back and rejected our claim for redress. We are under the cohurt of the tracker redress and were given €1,650.00. Our case is slightly different from a lot of people as our fixed-rate changed in October 2008.
Our argument was based on the following:
The bank is trying to state that relevant figure applicable to us is 7.9%, but as noted in the document attached it clearly shows the rate of 5.9% in October 2008 (appendix 1), the time our fixed-rate ended and this is what is applicable to our mortgage. (The document was the note from the booklet issued to us)
The 5.9% figure is made up of the tracker rate plus the ECB rate. The ECB rate was 4.25% (appendix 2), so if we deduct the ECB rate from the rate of is 5.9% it gives us a tracker rate of 1.65%.
5.9% (banks rate)
-4.25% (ECB Rate)
1.65% (Tracker rate)
So far I would deem this be pretty straight forward. I then decided to undertake the following example showing how I was impacted:
Even with all this information, it was still rejected. I even went further and noted down the amounts we were paying the difference, both plus, and minus and worked out how much we are due.
We are really confused about how BDO rejected the claim as they sate that we would have not been any better of.
Any views would be greatly appreciated.
We will be looking to go to the FOBS, but will wait as per the comments from Brendan.
Just wanted to run through the situation and have BDO and have come back and rejected our claim for redress. We are under the cohurt of the tracker redress and were given €1,650.00. Our case is slightly different from a lot of people as our fixed-rate changed in October 2008.
Our argument was based on the following:
The bank is trying to state that relevant figure applicable to us is 7.9%, but as noted in the document attached it clearly shows the rate of 5.9% in October 2008 (appendix 1), the time our fixed-rate ended and this is what is applicable to our mortgage. (The document was the note from the booklet issued to us)
The 5.9% figure is made up of the tracker rate plus the ECB rate. The ECB rate was 4.25% (appendix 2), so if we deduct the ECB rate from the rate of is 5.9% it gives us a tracker rate of 1.65%.
5.9% (banks rate)
-4.25% (ECB Rate)
1.65% (Tracker rate)
So far I would deem this be pretty straight forward. I then decided to undertake the following example showing how I was impacted:
Date Rate change | ECB | AIB Tracker | ||
AIB SVR | 1.65 | Rate difference | ||
5 | 15 October 2008 | 3.75 | 5.40 | -0.40 |
4.5 | 12 November 2008 | 3.25 | 4.9 | -0.4 |
3.75 | 10 December 2008 | 3.50 | 5.15 | -1.4 |
3.25 | 21 January 2009 | 2.00 | 3.65 | -0.4 |
2.75 | 11 March 2009 | 1.50 | 3.15 | -0.4 |
2.5 | 08 April 2009 | 1.25 | 2.9 | -0.4 |
2.25 | 13 May 2009 | 1.00 | 2.65 | -0.4 |
2.25 | 01 January 2010 | 1.00 | 2.65 | -0.4 |
2.75 | 30 March 2010 | 1.00 | 2.65 | 0.1 |
3.25 | 11 August 2010 | 1.00 | 2.65 | 0.6 |
3.25 | 01 January 2011 | 1.00 | 2.65 | 0.6 |
3.86 | 13 April 2011 | 1.25 | 2.9 | 0.96 |
3.86 | 13 July 2011 | 1.50 | 3.15 | 0.71 |
3.86 | 09 November 2011 | 1.25 | 2.9 | 0.96 |
3.86 | 14 December 2011 | 1 | 2.65 | 1.21 |
3.86 | 01 January 2012 | 1.00 | 2.65 | 1.21 |
3.86 | 11 July 2012 | 0.75 | 2.4 | 1.46 |
3.86 | 01 January 2013 | 1.00 | 2.65 | 1.21 |
3.86 | 08 May 2013 | 0.5 | 2.15 | 1.71 |
3.86 | 13 November 2013 | 0.25 | 1.9 | 1.96 |
3.86 | 01 January 2014 | 0.25 | 1.9 | 1.96 |
3.86 | 11 June 2014 | 0.15 | 1.8 | 2.06 |
3.86 | 10 September 2014 | 0.05 | 1.7 | 2.16 |
4.49 | 0.05 | 1.7 | 2.79 | |
4.25 | 0.05 | 1.7 | 2.55 | |
4.25 | 0.05 | 1.7 | 2.55 | |
4 | 1.65 | 2.35 | ||
3.75 | 1.65 | 2.1 | ||
3.75 | 0 | 1.65 | 2.1 | |
3.5 | 1.65 | 1.85 | ||
3.5 | 0 | 1.65 | 1.85 | |
3.15 | 1.65 | 1.5 | ||
3.15 | 1.65 | 1.5 | ||
3.15 | 1.65 | 1.5 |
Even with all this information, it was still rejected. I even went further and noted down the amounts we were paying the difference, both plus, and minus and worked out how much we are due.
We are really confused about how BDO rejected the claim as they sate that we would have not been any better of.
Any views would be greatly appreciated.
We will be looking to go to the FOBS, but will wait as per the comments from Brendan.
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