AIB Being offered AIB prevailing rate of 3.67% - should I accept or fix?

Spoke with AIB yesterday and they confirmed that letters regarding redress would be issued to the customers with the 3.2 clause in their contracts in March.

My fixed term is about to expire; any thoughts on whether not accepting the 'tracker' option would affect future potential for redress. My thought at the moment is to let fixed contract lapse and automatically move onto variable rate.

By taking “prevailing” rate offered now, contractually could be viewed that you accepted this higher tracker margin.

I would write to AIB choosing fixed/SVR and state that what’s on offer now is an unacceptable altered version of a tracker, in comparison to what was available when you entered into contract.

Completely disagree!

If you’re offered the Tracker, grab it and the fight goes on regarding the rate!

If you don’t, and choose fixed or variable, then that’s it forever more!

This is a very difficult issue and AIB will need to clarify. We have not seen the wording of the letter with the options yet.

First of all, you can cash the cheque without affecting your right to appeal.

You will be facing a choice of 3.67% tracker or potentially 2.75% LTV


You will have to wait until you get the letter to decide what to do.

Will accepting the 3.67% mean that you are stuck on it?

Will opting for 2.75% mean that you are conceding on the tracker?

Neither is satisfactory.

Brendan

Skippy1 I like your idea of writing to them as choosing variable rate while acknowledging tracker is my preference but that rate is unacceptable. Tracker letter I received mentioned offer being open for 12 months so hopefully that leaves some leeway.