AIB AIB restoring my tracker - but at 3.67%!

Ninibopp

Registered User
Hi Rangemaster
We are in the same boat I think. It states the fixed rate of 5.25% with 0% margin. Not really sure what this means and whether it relates to a tracker etc. Have you had any contact with Padraic Kissane or AIB at this stage? We are included in the review but any time I contact aib they have nothing new to tell us.
 

Rangemaster

Registered User
Hi ninibopp.
Don't know how to. Don't know who to contact regarding this. Who is Padraig kissane? It reads to my husband and I that the margin stated in part one is the margin which makes up the tracker. It is the only margin mentioned in part one.
 

el chapucero

Registered User
From my experience of the the Clause 3.2 offers (c) conversion to a tracker interest rate Mortgage Loan at the Bank's then prevailing tracker rate appropriate to the mortgage loan.
This prevailing rate was not defined anywhere in the documentation. Neither was a tracker margin. The bank would argue that this prevailing tracker rate means a current and available interest rate. Can the tracker rate appropriate to the mortgage loan be a tracker rate typical of the tracker rates widely offered when the mortgage loan was taken (2006) , as opposed to a tracker rate of ECB+4.9% which was never envisaged anywhere in any country for a tracker rate ?
 

Neverever

Frequent Poster
thanks for the pm ninibopp. i have added your details to the group. our group have been told that we will have an update by the 21st of november so we will reassess out situation then
Hi Bungaro, hows you?

Did you ever get an update that they told you would receive by 21st November?
 

Ninibopp

Registered User
It's getting so frustrating reading all the posts from people who were originally on trackers getting their redress. No one seems to know anything about those of us who were on fixed rates with clause 3.2. I've had no contact from either AIB or Padraic Kissane but I'm starting to feel doubtful that we will receive anything. There seems to be no focus on this cohort at all unfortunately!
 
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scotracker

Registered User
Hi Everyone,

Been following this thread for a while.

Got a letter in from AIB offering a tracker rate of 3.22% last week. We originally fixed in 2007 when there was a tracker on the table. That was the last I heard of tracker rates on my loan until now.

We are coming out of fixed term next month, so we were offered the usual option of SVR or another fixed term. A week or two later the tracker letter arrived stating under the "terms of our Letter of Offer". It was like a total afterthought and no mention made of anything else, as if this tracker scandal wasn't happening. We have not signed form as it's higher than SVR as it stands, but wrote back to them saying we were "delighted to be offered our tracker back", but that rate was not our tracker. Also copied in CB and local politicians.

I hope the fact that CB is now investigating the AIB work will yield results. I suppose we just have to sit tight for a while? Get the feeling AIB are in for a BOI scenario when thousands of customers are unearthed as being overcharged after CB force their hand?
 

Ninibopp

Registered User
Received our holding letter from the complaints dept in AIB today simply stating that they are still investigating the the issue and apologising that it is still not resolved. They will update us again in another 28 days. Hard to know whether they have even looked at our file or not or perhaps they have and haven't decided if we are entitled to anything. So frustrating!!
 

bungaro

Frequent Poster
Hi Everyone,

Been following this thread for a while.

Got a letter in from AIB offering a tracker rate of 3.22% last week. We originally fixed in 2007 when there was a tracker on the table. That was the last I heard of tracker rates on my loan until now.

We are coming out of fixed term next month, so we were offered the usual option of SVR or another fixed term. A week or two later the tracker letter arrived stating under the "terms of our Letter of Offer". It was like a total afterthought and no mention made of anything else, as if this tracker scandal wasn't happening. We have not signed form as it's higher than SVR as it stands, but wrote back to them saying we were "delighted to be offered our tracker back", but that rate was not our tracker. Also copied in CB and local politicians.

I hope the fact that CB is now investigating the AIB work will yield results. I suppose we just have to sit tight for a while? Get the feeling AIB are in for a BOI scenario when thousands of customers are unearthed as being overcharged after CB force their hand?

scot, do you have the same 3.2 clause as the rest of us? and did you ever query getting on a tracker at any stage before now?
 

scotracker

Registered User
Bungaro,

I requested my documentation from the bank a fortnight or so ago. Expecting the paperwork before Xmas within the 40day window. On the expiry of our 1st Fixed Term in 2010 we were told the trackers were gone. We had been speaking to the bank (with no joy, but plenty pain), but not specifically about the tracker rate.

I heard nothing more until letter signalling CB involvement in summer and then an offer of tracker after I had submitted data request last month. I am not absolutely certain about Clause 3.2 until I get paperwork. The whole situation is a mess and the bank are still trying to duck their responsibilities in the same way BoI did until last month IMHO.
 

cbyrne

Registered User
I too received the prevailing tracker rate letter @ 3.67%

But ... here's where it gets complex. I actually did a self-build, financed by a housing loan facility in early 2008. The terms from AIB stated that once the house was built I would be moved onto a tracker. When the house was complete in Oct. 2008 and was converted to the mortgage the tracker was not made available.

I've applied to AIB recently to be included in the tracker review, so I'm going through the motions.

Has anyone any thoughts on this?
 

cbyrne

Registered User
Brendan,

Thanks for the feedback. I would have thought that the terms I was offered for the housing loan where linked to the terms for the mortgage? I read about this offer, what's the consensus? Is it an opening salvo from AIB?

BTW - Does everyone who raises a query get the letter to say they will be included in the review?
 
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jodyanne

Registered User
Bungaro sent you a pm - completely new to askaboutmoney so it sure if it was done correctly hopefully so! We are included in the review and standard letter came yesterday. And would like to be added to any group of people pooling resources/info
 

kopkidda

Frequent Poster
Hi, I was part of the AIB tracker review and received letter today offering €1650 for compensation and to be put back onto tracker of 3.32% + margin.

I was on variable for 2 months and then fixed in oct 2008 for 3 years. Have clause 3.2 in contract.

Argued to bank and FSO for approx one year in 2011/12 that I should of been offered tracker when my fixed ran out in 2011. A lot of back and forth but FSO found in my favour that I indeed should of been offered tracker in 2011. AIB then came back that I could go on tracker of 5.5% ,needless to say I stayed on variable.

Now they come back with this today and offer of 3.32% tracker.

What to do next?Seen as FSO has dealt with me before.
 

RangerJoe

Registered User
Also in same boat as most. Letter out of the blue this week, rate offered 3.32, compo €1615 for not offering tracker at the end of fixed rate.

Mortgage for self build started drawdown 2008.

Not sure what to do as their calc seems low based on my recollection of rates. They say I did not lose out financially as the average rate on tracker since 2011 would have been higher than what I was on.
Bungaro you might add me to your list.
 

reggie3234

Registered User
Hi folks, first time poster. I've been reading the posts here after getting letter for compo last week for 1615 also. I drew down mortgage in July 2008 on a 3 year fixed, there was no reference to a specific tracker mortgage but it did have the 3.2 clause. I cant believe the bank are dragging there heels still but am glad to see some stories of people able to get on with their lives again having received proper compensation.

Bungaro - if possible I would like to join the group pooling resources too if not too late.
 
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Moelle

Registered User
I am also in the same fortunate/unfortunate situation.

Bungaro - if possible I would like to join the group pooling resources too (if not too late)
 

Balfour

Frequent Poster
hi all
for anyone who has been affected and would like to join our group, can you please email us at aibtrackergroup@gmail.com so we can keep track of who is in the same boat and more importantly, who would like to take this further. anyone who has sent a pm to Bungaro already or any new people, can you please let us know in the email what your username is as well as your normal details.
strength in numbers
thanks
 

bungaro

Frequent Poster
hi all
for anyone who has been affected and would like to join our group, can you please email us at aibtrackergroup@gmail.com so we can keep track of who is in the same boat and more importantly, who would like to take this further. anyone who has sent a pm to Bungaro already or any new people, can you please let us know in the email what your username is as well as your normal details.
strength in numbers
thanks
just to reiterate what balfour said above, please email the above email address if you're interested in joining the group. there are too many posts on here to be checking who is requesting to join so drop us a quick email, with your username, and we will get back to you
 
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