AIB AIB Prevailing Rate and arrears

R

Redman

Registered User
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Our mortgage reduced by just over €45k,great news at last,fair play to Brendan and all who have kept this fight going for all of our benefit.
Quick question,we slipped into arrears of circa €9k around the 2012/2013 time frame which probably would not have happened if we were able to avail of the tracker rate we were told we could have after our fixed term ended at the end of 2010,the bank added the arrears to the capital in order to get us out of arrears,anyone else had this done and how will it affect the redress ?
Thanks again Brendan
 
This should not affect anything.

Forget about arrears for the moment.

You had a mortgage balance of €300k. You were due to make a repayment of €2k and you didn't . Your mortgage balance did not change. You still owed €300k. But you got a letter saying your arrears balance was €2k.

When you paid the €2k, your mortgage balance dropped to €298k and your arrears went to zero.

So they didn't "add the arrears to the capital". They just wrote off the arrears figure which was just a notional figure.

You can now argue that the arrears would not have arisen if you had been given a tracker from the start. Check your credit record to make sure that it's no longer impacted.

You might also seek additional compensation for the stress caused by these false arrears.

Brendan
 
Ok thanks Brendan will wait for the letter to arrive and see what the next steps to take.
 
Hi Redman, very similar happened me in 2012, I went a few months not able to pay and when I started working again I asked the bank could I put 3 months on to the term of my mortgage. No way was the reply I had to restructure and pay the arrears plus interest over the remainder of the Mortgage so my payments went from €1500 to €1700 a month. If I’d had a tracker I’d have had some chance of keeping the payments. I’d confess to not been the most savvy around these matters but my word I’ve opened my eyes the last few months and seeing other people in similar situations made me feel not so foolish and actually more angry at the likes of AIB..
 
Hi money,we were the same,pretty clueless and struggled for a few years,only for Brendan and all the people on AAM we would have givin up hope,it’s great to finally get it over the line and look forward to reduced payments and a few bob,enjoy your windfall it’s been a long time coming
 
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