AIB I got €1,650 but should I have?

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coolaboola12

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My situation looks a little strange, i got the letter last year saying i should have been offered a tracker rate and got the 1600 compensation but i have read my letter of offer this morning that i got from my solicitor and it said i was fixed for 3 years and then variable for 27, there is no mention at all of a tracker in it !

Any ideas if i was actually affected or should i have gotten the 1600 at all :)

Maybe the terms and conditions they are talking about are in the contract and not the mortgage offer document
 
Took it out in Nov 2007 and fixed rate expired in Nov 2010 so the dates match the tracker removal by AIB etc.
I am readying the offer of loan letter and there is no mention of a tracker in the terms and conditions but i presume the actual contract is a different document ? I dont have that im afraid

Whats interesting is the fact that on the first page they have a crudely inserted table saying 3 years fixed and 27 years on variable, even though in Nov 2007 there was trackers still available, why did they assume i was going to take a variable rater after the fixed was up ? They probably knew at that stage that trackers were going to be removed so didnt put it on the offer letter

Is the contract a seperate document ?

Anyway AIB sent me the cheque and said i was affected so i presume i am :)
 
I think the issue here is that when the fixed term is up AIB should have offered you a tracker rate which they discontinued in 2008, which is probably in the terms of the contract. You should ask for an appeals package and follow the instructions and complain to the panel ( as per Brendan's post). You can still cash the cheque and it will not affect the appeal. The reason for appealing is that there is a high court case pending and if you do not appeal the decision it may affect your ability to have any decision affect you ( however I personally doubt this but why take the risk).
 
Cooloboola , your original Letter of Offer of Mortgage Loan must have had the 3.2 Clause in it which said you should been given the option of a tracker rate at prevailing rate at the end of your fixed rate term . That is why you were included . Its def not a mistake by AIB - many of the 6000 affected were totally unaware of this clause too
 
My 3.2 clause mentions nothing about interest rates. I have attached it here

I have submitted the appeal anyway so i presume everyone here is talking about the actual contract document and not the offer of loan document
 

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I'm the same, definitely not in my letter of offer or any material the bank sent me. But I got the cheque and also put in an appeal on the basis that they've told me they should have given me a tracker. No harm in trying.
 
Hi there, our AIB mortgage was taken out in mid 2006, fixed for 3 years and then moved to the "prevailing rate" which was the SVR, in mid 2009. No mention of tracker rate in any of the original documents and no recent correspondence from AIB to say we should have been offered one. I wonder should we get in touch with them seeing others in a similar situation seem to have been offered redress? Any advice much appreciated.
 
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