AIB Has anyone been compensated by AIB

M

marymidlands

Registered User
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14
Hi there
Have been put on tracker mortgage since August and have had my mortgage reduced by 10,000. 20,000 was taken out of mortgage and 30000 put in. Was told I would receive compensation in December of 20,000 refund. Just wondering how much that might be and how people are spending? Are they putting against mortgage and reducing years left?
 
I'm with Aib and got letter mid August to say I should have been on tracker. Mortgage repayments were reduced by €300 so was delighted. Was informed by bank
I'm embarrassed to say. (Imagine I'm not the only one) I opted for cheaper fixed rate even though originally was on tracker. I should have been offered tracker rate in 2009 when year was up and I wasn't. Early in October my mortgage account was made correct to what it should have been if I had been on tracker. Of course I wasn't informed by Aib and had to contact them. That's when I was told the date of December.
 
Got a tracker mortgage in August 08 but when we went into bank to sign for final time we were offered a one year fixed which was cheaper. We never actually were on tracker but should have been offered it when year was up as it was mortgage we'd been given. Hope that makes sense. We didn't think we were entitled to anything as we had signed for fixed.
Does anyone know whether you can keep compensation and then also appeal. Whilst we didn't lose our home I did have to sell another property that I had bought with late husband. The property was mortgaged with Kbc and I made a huge loss with sale.
Struggled for way too long trying to pay two mortgages before I sold other property. Not sure whether I should just accept and put behind me or appeal (fear of further stress)
 
marymidlands said:
Does anyone know whether you can keep compensation and then also appeal.
Click to expand...

Yes, you can.

First of all, the refund of the overcharge is yours automatically. This is your money they are giving back to you - in a combination of reducing your balance and actual cash.

You will also get 15% of the amount overcharged as compensation. This is an automatic payment. Most people will be happy with this, but if you don't consider it adequate, you make your case to AIB and they might give you more. If they refuse you, you don't lose the 15%.

If they refuse your appeal, you can go to the Ombudsman or the Court and look for more.

Brendan
 
Thanks Brendan
Is that 15% of combined figure. In my case €10,000 reduction in mortgage plus almost €20,000 in refunded overpayment. Is it 15%of 20 or 30 thousand. Think there is additional legal fees of €500.
 
marymidlands said:
Got a tracker mortgage in August 08 but when we went into bank to sign for final time we were offered a one year fixed which was cheaper. We never actually were on tracker but should have been offered it when year was up as it was mortgage we'd been given. Hope that makes sense. We didn't think we were entitled to anything as we had signed for fixed.
Does anyone know whether you can keep compensation and then also appeal. Whilst we didn't lose our home I did have to sell another property that I had bought with late husband. The property was mortgaged with Kbc and I made a huge loss with sale.
Struggled for way too long trying to pay two mortgages before I sold other property. Not sure whether I should just accept and put behind me or appeal (fear of further stress)
Click to expand...

Great news that you got your tracker reinstated.

Did your fixed rate offer specify what type of mortgage it would revert to, once the fixed year was up?

Did in mention the ecb at all?
 
Sorry Todo AIB contacted me that I was included mid August last. Have no idea of what was on forms. Have requested all documents but haven't received yet.
If AIB hadn't contacted me I wouldn't have known any different. Not sure why I've been put on lower rate than others on here but I'm definitely not going to complain.
I also fear that there may be others that should be part of redress.
 
marymidlands said:
Sorry Todo AIB contacted me that I was included mid August last. Have no idea of what was on forms. Have requested all documents but haven't received yet.
If AIB hadn't contacted me I wouldn't have known any different. Not sure why I've been put on lower rate than others on here but I'm definitely not going to complain.
I also fear that there may be others that should be part of redress.
Click to expand...

Thanks for the response, it would be interesting to know what the offer said when you get it. Enjoy your tracker!
 
15 per cent of overcharge not close to enough I thought I read of 25000 euro compensation regardless of amount I would think closer to 50000 would be fairer due to reward to bank if they had got away with theft
 
Sounds like we will be lucky to get 15% and tracker restored, in comparison to some people fighting tooth and nail and getting 3.67 tracker. Will be contacting them tomorrow to get an update on things.
 
Hi marymidlands, just wondering what tracker rate they put you on when you got the tracker restored and when you got the tracker restored? the prevailing rate that is now been offered now is ridiculous.
 
Sorry was not online. I'm at 1.10% tracker. Friend had similar issue to me but on 3.67%. I'm not going to complain.
 
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