AIB Mediation with Ombudsman unsuccessful

Milkof

Registered User
Messages
33
We opened a complaint with the Ombudsman, just finished mediation and AIB wont budge. They are however offering €500 for omitting our proper T&C's during the data request and making it very difficult to collect our paperwork. This offer is in full and final settlement of entire tracker claim so needless to say we wont be accepting.
We now have the option to pursue legal action or go with for determination by the Ombudsman....holding off to see what direction others want to take.
 

Brendan Burgess

Founder
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38,435
Milkof

That is very interesting.

Was that the normal prevailing rate issue or was it something else? In at least one other case, AIB refused mediation, so I wonder why they opted for it in your case.

Brendan
 

Milkof

Registered User
Messages
33
Yes completely normal prevailing rate issue, no extra details apart from my compliant about receiving incomplete documentation. I opened the separate complaint about incomplete T&C's a year ago so maybe that's why it went through mediation first...
 

zxcvbnm

Frequent Poster
Messages
270
Ok - so just to clarify, you are part of the 6,000 that received the €1,615 from AIB yes?

And if so, can we therefore as a group deduce that the ombudsman will not be of assistance on this issue - leaving us with no other option of the high court? Or am I jumping the gun here?
 

Brendan Burgess

Founder
Messages
38,435
Z

You can judge nothing from this.

The ombudsman has not ruled. An attempt was made to reach agreement by mediation and that failed.

Now it goes for a formal investigation
 

Milkof

Registered User
Messages
33
I now have a deadline approaching about whether to pursue High Court Action or continue with Ombudsman.
We have rejected the 500 compensation offer from AIB.

Wondering what those who had appeals denied plan to do next?
 

kopkidda

Frequent Poster
Messages
134
Go with FSO, least it gives you time.

Its gone very quiet on the prevailing rate issue thats for sure!
 

verywhys

Frequent Poster
Messages
108
Go with FSO, least it gives you time.

Its gone very quiet on the prevailing rate issue thats for sure!
I would imagine that there are a lot of appeals still under review so it is a waiting game at the moment. It is only when it is investigated by the FSO that there might be real results on the prevailing rate issue. The appeals panel seem to have made it clear that they are happy with AIB's position on the prevailing rate.
 

kopkidda

Frequent Poster
Messages
134
I took this prevailing rate issue to FSO in 2011/12 and they ruled in my favour about getting tracker back but in banks favour that it was up to their commercial discretion as to what this rate should be!! Feel the high court is only place for this now!
 

verywhys

Frequent Poster
Messages
108
I took this prevailing rate issue to FSO in 2011/12 and they ruled in my favour about getting tracker back but in banks favour that it was up to their commercial discretion as to what this rate should be!! Feel the high court is only place for this now!
That's disappointing......can't believe that when the tracker prevailing rate actually existed between 2008 and 2013. Did you argue that the rate already existed or that you should get whatever it was on drawdown of the mortgage?
 

kopkidda

Frequent Poster
Messages
134
The FSO had made their judgement that AIB could set whatever rate they wanted to at their commercial discretion, I disagreed and was told that that was the end of the matter.
 

Brendan Burgess

Founder
Messages
38,435
Just to clarify

1) That decision was made by the former Ombudsman. Each case is judged on its merits and the current Ombudsman might see it differently.

2) The Key Argument is that they did actually have a prevailing rate. That is the strongest argument.

3) No one disputes that the bank has the right to set the prevailing rate. But we would challenge that they have the right to set it retrospectively.

In summary, just because the former Ombudsman rejected a case it does not mean that the current Ombudsman will reject all cases.

Brendan
 

kopkidda

Frequent Poster
Messages
134
Valid point Brendan and in my case I didn't get the chance to argue that they did indeeed have a prevailing rate.
 

KurtKasino

Registered User
Messages
23
That's disappointing......can't believe that when the tracker prevailing rate actually existed between 2008 and 2013. Did you argue that the rate already existed or that you should get whatever it was on drawdown of the mortgage?
I don't think there is any case to be made that the rate should be set back to whatever it was on drawdown of the mortgage. The contracts state that at the end of the fixed rate period we are entitled to a tracker at the then prevailing rate. I think arguing for anything else plays into the hands of the Bank
 

verywhys

Frequent Poster
Messages
108
I don't think there is any case to be made that the rate should be set back to whatever it was on drawdown of the mortgage. The contracts state that at the end of the fixed rate period we are entitled to a tracker at the then prevailing rate. I think arguing for anything else plays into the hands of the Bank
i agree....was just wondering what argument Kopkidda had made but looks like Kopkidda didn't get the opportunity to make any argument so the FSO is still a good option for the OP
 

Brendan Burgess

Founder
Messages
38,435
I think arguing for anything else plays into the hands of the Bank
+1

The arguments are very strong and should not be diluted with "rate prevailing when the mortgage was taken out" argument.

Bizarrely even when this argument is not made, AIB challenges it as if the borrower had made the argument.

Brendan
 

KurtKasino

Registered User
Messages
23
+1

The arguments are very strong and should not be diluted with "rate prevailing when the mortgage was taken out" argument.

Bizarrely even when this argument is not made, AIB challenges it as if the borrower had made the argument.

Brendan
Yes, and also Bizarrely the appeals panel don't refer to the argument made at all when explaining their decision
 
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