Losing property due to Domino effect of other properties on Tracker

zxcvbnm

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Out of curiosity - has anyone here received compensation for losing a property that was not directly impacted by the tracker scandal?

I had 2 other properties that were directly impacted - but the bank (AIB) analysed the properties on a portfolio basis (as per a letter they sent out) and decided the portfolio was unsustainable. (Note interest only had been applied for 9 years at this stage on all 3, and they figured this could not go on indefinitely so forced sale)
The consequence of this was this other one also was a forced sale along with the 2 that were directly impacted.
As stated above, interest was successfully being paid on all 3 properties. And repayment mortgages were largely affordable for other 2 had the tracker by being an issue. (Bank have paid out compensation for those 2.)

My argument is if the bank forced sale based on their analysis on a portfolio basis (as they clearly told me in a letter), then if the other 2 were paying back interest and most (or all) of the capital, then given this was paying the interest only, then they would never have requested sale of that one by itself.

I appealed to the bank with this argument and they replied to the BDO saying they were not even going to credit my appeal with a response. I'm not sure if that's a good sign or a bad sign - but seemed surprising to say the least. BDO are reviewing my case on the 24th September.

So in summary - has anyone gotten compensation for a loss of property, albeit not directly impacted, but impacted due to 'domino' effect of tracker scandal?
 
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cremeegg

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I have read your post twice and I have only a vague understanding of the circumstances. I hope your appeal to the bank was better laid out.
 

zxcvbnm

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The knock-on effect of having 2 properties overcharged resulted in a 3rd - (not overcharged) - being unaffordable resulting in forced sale of all 3 properties. May I ask out of curiosity what your understanding of my post was?
 

Jim Stafford

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It was rare for the banks to initially send out compensation cheques that took into account all consequential losses, such as the type you have outlined. You should bear in mind that the Central Bank applied pressure on the banks to get out compensation cheques as soon as possible, and thus teams of accountants were employed to calculate the "straightforward" compensation on tracker loans.. These teams of accountants did not consult with the customers affected to determine what, if any, consequential losses that they suffered.

Any customers suffering consequential losses that were not covered by the compensation cheque can make an appeal setting out their losses.

We have successfully assisted clients to make such consequential loss claims.

Jim Stafford
 

zxcvbnm

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265
Ok - thanks all. It was just a curiosity really as to whether there was a precedent for such cases as it is with the panel on September 24th. Although I'm still unsure as to why AIB refused to even reply to my appeal. (Or should I say, they replied by stating they won't be giving a reply - which I thought was unusual) Anyway....time will tell.
Thanks
 
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