AIB AIB Tracker Panel has slightly varied the wording of its reject letter

Brendan Burgess

Founder
Messages
37,663
See attached.

Original version Latest version
The Panel was satisfied that arguably, the Bank was contractually obliged to offer her a tracker mortgage The Panel finds that the bank was in breach of contract...
The Panel noted that the Bank withdrew tracker mortgages as a product The Panel finds that the Bank withdrew tracker mortgages for all customers (old and new)
The Panel notes the contention that had the terms and conditions been clearer as to what would happen in the event that tracker mortgages for new customers were withdrawn, that they may have entered into a tracker mortgage at the time of entering into the contract.
The Panel also noted the suggested alternative wording of a contract relating to the withdrawal of tracker mortgages for new customers.
The Panel has already found that tracker mortgages at the then prevailing rate had been withdrawn for both old and new customers that had not already entered into a tracker mortgage.

The Panel has also found that even if a tracker mortgage at the then prevailing rate had been offered to the borrower at the end of the fixed term period that the borrower would not have suffered any loss.

As a result of these two findings, the the Panel further finds that the borrower's contention regarding the withdrawal of tracker mortgages for new clients does not support of justify her claim for compensation.


It doesn't make any difference to the outcome, but it does appear that, in some cases at least, the Panel is actually reading the appeals.

The last new bit makes no logical sense at all. I have now read it a few times and I can't see how x implies z.
 

Attachments

tnegun

Frequent Poster
Messages
113
It shows we still have a fight on our hands to convince the panel of the true meaning and implications of the term "then prevailing rate" . "Then" is key here as it fixes the point in time to the time we came off the fixed rate not a rate calculated years later or set in 2013.
 

Brendan Burgess

Founder
Messages
37,663
It shows we still have a fight on our hands to convince the panel
Hi gun
To be honest, I don't think we are going to convince them.

People should still appeal and argue their case - especially if they have extenuating circumstances.

Brendan
 

Lady Jane

New Member
Messages
1
Hi. I have just received this letter also. What should be my next step. Is there any particular wording i should submit to the financial ombudsman. I really have no idea how to proceed now
 
Top