AIB I was offered a tracker but got €1615

[Gilliangillian]

Hi Brendan, I received an appeal pack today, I’m just not sure if I should appeal or not. I was offered a tracker in Sept 08 and then received a call few weeks later to say that they are no longer offering this product and they will offer me a very competitive rate. I drew down in June 09 on a variable rate. I did received the letter and a chq for €1615 on March 20th 2018. I’m just not sure what to do? Any help would be really appreciated

 

[zxcvbnm]

Hi Brendan, I received an appeal pack today, I’m just not sure if I should appeal or not. I was offered a tracker in Sept 08 and then received a call few weeks later to say that they are no longer offering this product and they will offer me a very competitive rate. I drew down in June 09 on a variable rate. I did received the letter and a chq for €1615 on March 20th 2018. I’m just not sure what to do? Any help would be really appreciated

Definitely appeal. You were supposed to be offered a tracker but you weren’t. Therefore you appeal. Nothing to lose anyway.

 

[tnegun]

Did you take a fixed or variable when you drew down the mortgage? If you fixed you're entitled if you had the 3.2 clause offering at tracker once the fixed term expired.

 

[Brendan Burgess]

There are two separate issues here.

1) You had a contract which said that you would be offered a tracker at the then prevailing rate at the end of any fixed rate period. So at some stage, you must have fixed and they did not offer you a tracker. So based on that, you would be entitled to appeal.

2) However, I think your case has particular circumstances which strengthen your case even further. If you were offered a tracker and they encouraged you not to accept the tracker but go for something else, then I think that they deliberately tried to trick you.

If you were offered a tracker, you were contractually entitled to a tracker and they should not have proactively encouraged you not to avail of it. That is the contract, but it is also supported by their press release at the time they withdrew trackers. (see attached.)

Have you got your letter of offer still?

The problem is that it was probably valid for only 6 months. So if you got it in Sept 2008, it probably expired in March 2009.

Brendan