Hi TS
I moved it from this thread I assume:
AIB's Appeals Panel standard rejection letter on prevailing rate issue
I am not sure that the context is lost by moving it. But if you think that there is some post which is needed in this thread, post a link to it and I will copy it to this thread. And it's an important issue worth highlighting in a separate thread.
First of all, if you have had your appeal rejected by the Appeals Panel, then their reasons don't really matter. If you decide to go to the Ombudsman or the High Court, the views of the Appeals Panel are as irrelevant as the views of the Central Bank. The Ombudsman will judge the case on its merits.
AIB has not made this argument about it being equal. They have always claimed that the tracker rate would have been much higher than the SVR. So there is no point in challenging the "equalled" view with the Ombudsman.
But if you still have an appeal with the Appeals Panel should you make this argument?
Let's think how you might word it.
"I note that the Appeals Panel has rejected other appeals on this issue on the basis that the
The Panel was satisfied that, ha been offered a tracker mortgage in February 2011, when their fixed rate period came to an end, the prevailing rate of such a tracker mortgage at that time would have equalled or exceeded the standard variable rate or fixed rate. Accordingly, the Panel determined that .......suffered no loss...
It occurs to me from reading this that the Appeals Panel does not understand how tracker mortgages work.
My primary argument is that AIB did, in fact, have a prevailing tracker rate. If the Appeals Panel dismisses this argument, then you have to decide what the rate might have been. We have already argued that AIB always made the tracker rate less than or equal to the SVR. Now you see to have agreed that the at that time, the tracker mortgage rate "would have equalled or exceeded the SVR". Well if it had equalled the SVR, the tracker rate in February 2011 would have been 3.25% at a time when the ECB rate was 1%. So the margin on my loan would have been 2.25%.
As you can see from this, the tracker rate would have been marginally higher up to July 2012, but after that the SVR was way higher, so I did lose out"