Has anyone received addittional compensation from Independent appeals panel due to insolvency?


Frequent Poster
I submitted my response to compensation received from AIB. (I felt there had not been enough compensation given)

The overcharging led to the sale of BTL properties which in turn led to insolvency.

AIB acknowledged this in their reply but also stated that when you breakdown the total compensation , €3,800 was for any distress etc. and they felt this was appropriate based on the model they use for calculating .
i.e. both parties agree the course of events - where we disagree is what is the appropriate level of compensation.

(Note I was also given the standard €25k for forved sale of BTL property - but the 3,800 was portion allotted the distress compensation. They referenced this in reply to my direct point re looking for additional compensation due to insolvency)

Needless to say, I do not believe €3,800 to be a satisfactory amount of compensation for distress given it directly resulted in my insolvency. Not to mention the very real financial cost of renting versus being able to get a mortgage while this is on my credit record for next 6 years (I don't own a home)
So it is now with the Tracker panel - awaiting their response.

Has anyone had an experience with the tracker panel re being given additional compensation due to insolvency? And if so, may I ask ballpark how much extra? (Feel free to PM if more comfortable).
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Brendan Burgess

It's impossible to assess this without more information.

Presumably you were in deep negative equity?

So even if you were on the tracker you would have been in deep negative equity.

Of course, you could have been in negative equity and have been able to afford the repayments, had you been on a tracker.

On the face of it €28k for losing everything is a pittance.

But €28k plus a write off of all the negative equity if you were going to lose it anyway, would be a huge benefit.



Frequent Poster
Thank Brendan

The issue is the latter you siuggested i.e. "Of course, you could have been in negative equity and have been able to afford the repayments, had you been on a tracker."

AIB are not disputing this. And I had not gone insolvent at the time of receiving the compensation - but the outstanding debt I was in was still too high so I went insolvent.
MEaning I went back to them with this additional update on my status after insolvency.

But they didn't budge on the compensation amount.

But that's fine - as it now has gone to the independent tracker panel.

In relation to my querying looking for additional compensation due to this new information re my insolvency, they said in their reply that the initial €3,800 for distress, hardship was sufficient as per their methodology, even with this new info.
So in effect I am getting zero extra for the insolvency - as I had received the €3,800 anyway even when they did not have awareness of my insolvency.

BUt as I say - that is fine...it has gone to tracker panel for them to put a figure on this.

So back to my original query - does anyone have any idea what kind of additional compensation the independent tracker panel may suggest for insolvency? Has anyone gone to the tracker panel with a similar situation?
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