If there was even one or two instances where AIB gave a tracker rate between 2008 and 2011/2015 that was .5% or .75% or thereabouts it would be a very difficult case for AIB to defend that the prevailing rate would have been 7.9%. Even without that, it must be a very difficult position to support.
I have contacted the fspo today and asked for clarification that taking a case with them will not at all prevent any customer from being eligible to be part of a high court action on the matter. My understanding is you can’t take a case that was legally decided on already to the fspo but I think the opposite is not true I.e. that taking the fspo complaint cannot bar you from the outcome of a high court action for all customers. I await clarification however and will post the reply once received.
Attached is an appeal form for AIB. You just need to post to the attached address - write "Freepost F5183" on the envelope and you won't need a stamp.
The appeal pack does also include some information, (10 pages), of its "Terms of reference and Panel Rules", however if you are using the format that Brendan is suggesting then just print the attached appeal form and away you go.
This appeal pack is for the IRPA panel within AIB - It is for people who have not lost houses either through voluntary sale or not because of the Tracker debacle.
You don't have to wait for an appeal pack from AIB.
Folks, I have sent this email to politicians, mortgage brokers and others who might well know people affected by this. Perhaps you could do the same.
Subject: Do you know anyone who got €1,650 tracker compensation from AIB?
6,000 AIB borrowers had a right to be offered a tracker at the "prevailing rate" when their fixed rate ended. AIB did not do this, and so were forced by the Central Bank to give them €1,650 compensation for their "service failure". AIB has also offered them a tracker at ECB +3.32% margin.
If anyone has told you that they got a letter out of the blue from AIB with a cheque for €1,650 please forward them this email.
They have a right to appeal this and I am encouraging everyone to do so, so that AIB will know that this particular tracker issue has not gone away.