EBS EBS giving 500 people back their trackers!

fixxation

Registered User
Messages
7
A *very* promising development yesterday for us- I checked our EBS online banking Manage Accounts area and noticed our new monthly repayment had dropped by several hundred euro. I phoned the Redress helpline and also my local branch to get confirmation - and it was confirmed by both, that we have been put back on a tracker rate of 0.99%! Paperwork to follow in the post in the coming week or two. No mention of compensation as of yet, but this has definitely checked the box for the first step in the process. Massive sigh of relief, after 9 years of waiting! :D:):D
 

Brendan Burgess

Founder
Messages
37,457
Update 19th June

I understand that EBS has deemed 500 people as impacted, who fit into the following categories:

1) They started off on a tracker mortgage.
2) As well as completing the ordinary mortgage application form, they completed a tracker application form with the following wording:
upload_2018-6-19_11-47-32.png

3) They later fixed.

The following are still deemed not impacted:
  • People who started on an SVR and moved to tracker and later fixed
  • The Variable Base Rate cohort
 
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RajR

Frequent Poster
Messages
56
Congratulations fixxation. That's great news! As Brendan said, it would be very helpful if you could share some details around your case and if EBS provided any details on how your account is deemed impacted now.
 

fixxation

Registered User
Messages
7
Thanks, still finding it bit hard to believe it actually happened after all this time.

We took out the mortgage in 2006 for our family home. Initially we were on a tracker, but like many others, we switched to a fixed rate for a few years, assuming we would go back to the tracker after the end of the fixed term. When we tried to switch back, we were told we couldn't and that was the end it, I remember the standard variable being presented at the time as the only option, unless we wanted to fix yet again. There were references to the documentation we signed and it was pointed out to us that couldn't switch back to the tracker, so seeing that, we didn't push any further and just accepted that it was gone.

It wasn't hugely frustrating at that exact time, it only became frustrating over the years ahead as the ECB rates dropped more and more each year, realising the loss and what a huge mistake it was, as well as feeling quite cheated that it wasn't clear that we couldn't switch back.

After seeing a lot of headlines in the papers about EBS earlier this year, I rang the Redress helpline to see if our account was one of the affected accounts. We were told it wasn't. At that stage I made a formal written complaint to EBS head office.

I'm almost certain that we were off the list of "affected accounts" all this time, it's only a recent change that seems to have taken place which is just unfolding now. It was only a few months ago when the helpline said we were not an affected account.

So that's it, eagerly awaiting the letter in the post at this point!
 

Brendan Burgess

Founder
Messages
37,457
Hi fixx

Thanks for that. So there aren't any circumstances peculiar to your case? You had the normal wording in your contract "If you fix, you lose your tracker"? They must have changed their mind on this.

Brendan
 

RajR

Frequent Poster
Messages
56
Thanks fixxation. That's a promising development and comes as a ray of hope for many other EBS customers in similar situation. so, thanks for sharing. Our case is exactly similar to yours. Took out home loan on tracker in 2006 and then fixed for 3 years in 2007. We were rolled to SVR at the end of fixed term. Our first complaint was in 2012 that was turned down citing the signed "application for a tracker mortgage rate" form and the fixed rate conversion forms. We have made several complaints since and all were turned down with same reasons and the recent one from Dec 2017 is still open. I presume you had signed the same "application for a tracker mortgage rate" form and the fixed rate conversion forms?
 

fixxation

Registered User
Messages
7
Yes Brendan, RajR- I've seen all the scanned documents posted here, mine was no different from those - exactly the same situation as everyone here and nothing different in my case. As you were saying Brendan, I'm pretty sure EBS have changed their mind on this as well. My contract was identical to the ones posted here, exact same wording.

So I think this is great news for everyone in this boat, finally- I'd say there will be a lot of happy/relieved EBS customers in the weeks ahead... I haven't even received the official letter but I know it IS happening... from what I saw online yesterday in my internet banking followed by the confirmation calls to TWO different people said it all.

If anyone else has access to their EBS account for online banking, it's definitely worth checking the "Manage Accounts" section to see if the next repayment is significantly lower than normal.
 

RajR

Frequent Poster
Messages
56
I spoke to the tracker review helpline yesterday and was told that, as per system records our account was still not deemed impacted and the review is still ongoing. He did say that, AIB is due to release a statement to the media next week and advised me to look out for this in the media. Hoping it will bring good news for EBS customers still waiting to know...fingers crossed!
 

EbsLoannotrafor

Frequent Poster
Messages
83
Many thanks ,
fixation for your post . Hopefully we will hear news . I think it is so kind of those who are redressed to help others in the forum with this news , when you have no obligation . I suspect we are the people who through thick and thin paid the mortgage or the interest throughout the crisis ,kept the country going and finally having been badly treated will get justice ...at least I hope . Just spend a day running around on public transport as we had to give up second car because of the cost of mortgage .. so heartening to hear some good news .
 

Brendan Burgess

Founder
Messages
37,457
I understand that a few people have been called in the last couple of days by EBS to say that they are now classified as impacted.

Brendan
 

Bikini Widow

Frequent Poster
Messages
76
I understand that a few people have been called in the last couple of days by EBS to say that they are now classified as impacted.
Hi Brendan,

This is interesting as based upon OP I would make assumption our cases are very very similar. Yet when I called EBS helpline during the week they stated clearly not impacted.

Can you possibly elaborate on what you heard about EBS callbacks over last couple of days?

Many thanks
BW
 

Truffade

Registered User
Messages
45
Li
Hi Brendan,

This is interesting as based upon OP I would make assumption our cases are very very similar. Yet when I called EBS helpline during the week they stated clearly not impacted.

Can you possibly elaborate on what you heard about EBS callbacks over last couple of days?

Many thanks
BW
Likewise very interested! Went on tracker in Nov 2005 (ECB + 1.05%) and switched to 5 year fixed in Nov 2006. No offer of getting tracker back when fixed term ended and have been on SVR ever since....
 

EbsLoannotrafor

Frequent Poster
Messages
83
First off , I want to say a huge thank you to all you ( in some ways ) anonymous people for keeping my spirits up and just being there with simliar stories , my husband and I were lucky despite difficult times we weathered the storm and kept going that didn’t mean we did not have to make difficult choices and at times due to financial pressure our relationship was frayed ... but we kept our hearts open as much as we could .
Today my rate is 1.1 % , I would urge you to ring the ebs tracker helpline ( now run by Aib) and ask not if you are impacted but what the interest rate is on your account , mind dropped from 3.5 to 1.1 , this means to me I can finally have some time with my children rather than working nonstop . I am looking forward to the paperwork and happy years to come .
I hope you all have the same result . I would also like to thank Padraic kissane for his endless work on this .
 

haveaniceday

Frequent Poster
Messages
134
Hi There EbsLoannotrafor,

Are you saying you just found out today - out of the blue that your rate was dropped down to 1.1 ?
can you just give some idea of the situation you were in, did you have a tracker and fix. was your tracker on your loan documents called ecb+xx% or was it called a variable base rate - also briefly how your progressed your compliant


Big congratulations - I can just imagine how good you are feeling right now!

Cheers:)
 

EbsLoannotrafor

Frequent Poster
Messages
83
It is a strange feeling , mixture of relief but anger a little and regret that those years were so difficult . I use to be so carefree and optimistic about people now I have a cynical layer added thanks to ebs .
I had a ecb plus 0.99 % on origunal tracker mortgage taken out in 2006 , fixed 2007 and then told when fixed period over that no longer entitled to tracker , so fixed again , the tracker application form was quoted As the reason when I complained a few years back and fixed conversion form also for not getting tracker back . Phrase “Tracker for the life of the loan “was in my agreement too .
I have not got documentation yet but following on the threads above I rang to ask this morning what was the interest rate on my account and told 1.1 % , the lady said she could not confirm I was impacted as documentation not yet in my file . The interest rate was from 06/06 date changed and on 08/06 I got a 28 day letter with usual pater complaint still open etc but she said that the complaint is the last thing to be finalized and it is separate to tracker redress issue , she said although she could not confirm it looks like I am impacted but to wait for documentation . I would recommend you ring !
 

EbsLoannotrafor

Frequent Poster
Messages
83
Also I had to keep reopening complaint as they kept closing it , this group kept me going on doing that , also did fso and central bank complaints too .
My husband and I developed and are now experts in complaint letter writing ! Suggest you ring them!
 

PadKiss

Frequent Poster
Messages
215
Hi all
I am pleased to confirm that homeowners who held a tracker rate with EBS and subsequently fixed their interest rate are being restored to their tracker rate of interest. This has been a long fought challenge for me and I am pleased it has resulted in being a cohort that is deemed impacted by the Investigation. The rate will be adjusted and then there will be communications issued as well as the redress letters. The time frame for this will be the coming weeks but some of that timing will be outlined by AIB in the coming days. I cannot express loudly enough that I had always thought I was right on this issue and that similar to other tracker matters it has taken too long but at least we have got there. I will be in contact directly with all of you who have been with me some for over 6 years. Padraic
 

RajR

Frequent Poster
Messages
56
Today my rate is 1.1 % , I would urge you to ring the ebs tracker helpline ( now run by Aib) and ask not if you are impacted but what the interest rate is on your account , mind dropped from 3.5 to 1.1
Congratulations EbsLoannotrafor! Likewise! I just checked our account on EBS online banking portal and the interest rate has been changed to 1.25% (margin as per the loan offer) on 6th June! rang the tracker review helpline who confirmed the interest rate change, but advised that account is still not classed as "impacted" as per system records and to wait for updates due to come out from AIB this or next week. I hope all others too find their accounts restored to correct rates soon.

This wouldn't have happened without the relentless effort and fight from Padraic!
 
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