AIB Step by step guide to making an appeal on the AIB €1615 tracker

tnegun

Frequent Poster
Messages
168
I can't believe you got out FOC I paid >10k to break in 2010 and did so on bad information. I was on interest only at the time, I asked for my options and they quoted me the new repayments on SVR at Interest Only too. It looked like a nobrainer to break based on those figures and I did then after 2 months the initial Interest Only period expired, I reverted to full capital payments making breaking far less sensible. Bank and Ombudsman apologised that Interest Only was quoted but I should of known from the figures that it was too good to be true and told me to basically suck it up.
 

coolaboola12

Frequent Poster
Messages
81
That sounds like another failure on the banks part there not to give you the full SVR repayment amount and only quote interest only....

I didnt get out of the fixed rate, in my documentation they say they rang and left me a voicemail saying that i could get out of fixed rate free of charge if i wanted. I didnt get any voicemail saying that , not saying they are lying but if i had heard a VM saying i could break out of fixed rate for free then i would have called them back :)

I rang them a few months later asking about the charges to get out of fixed rate and they said it was 6k and wouldnt waive it.

So either they rang and left a VM in a total panic as they thought that all their mortgages would be bad unless they let people out of fixed rate free of charge to reduce their payments or else they are telling porkies
 

coolaboola12

Frequent Poster
Messages
81
just reading it again there and they say that on 11th Dec 2008 they informed me by phone that there was no charge of exiting the fixed rate but it says i asked them again on 7th Jan 2009 and the breakage cost was then 7k. how it went from zero to 7000 in the space of 2-3 weeks is beyond me ....

I drew down the 3 year fixed rate in jan 2008 and according to them they were willing to let me out of it for free just 12 months later but then changed their mind !
 

sponzebob

New Member
Messages
3
hi folks,
First of all a huge thanks to all in the forum and Brendan for all the information and the Appeals groundwork so far.
We too appealed for our mortgage taken in 2009 and got back prompt responses from BDO and the last one was yesterday with full details of our mortgage rate and application, etc.
Now we have 10 days to appeal the AIB refusal response.
Has anyone appealed to this yet please?
@Brendan - Any advise if we need to send a response to the AIB now within this 10 day deadline? if so any advise on the content for the next appeal would be very helpful for which we have just 8 more days left!

Regards,
Sponzebob
 

gcarey75

New Member
Messages
7
hi Brendan
is it okay to go on a fixed rate while we are appealing the tracker rate? as it lower than the rate we are on at the moment.
 

Brendan Burgess

Founder
Messages
39,607
Yes. If you win your appeal, you will be able to claim the difference between the tracker rate you should have been on and whatever rate you pay.

If you lose your appeal, you are better off on the lower rate.

Brendan
 

robertpender

New Member
Messages
3
Did anyone win an appeal with AIB?

I got this letter back in 2018 and missed the part that there was only 1 year to respond or appeal?

Do i have any recourse now? I have contacted the bank and they have said its too late to either switch to the tracker OR appeal.
My own fault clearly but the prevailing rate was higher than SVR rate so it seemed like a counter productive move ?

To find out that i and others have been unfairly treated is very upsetting.

Any advice would be very much appreciated

Regards

Robert
 
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zxcvbnm

Frequent Poster
Messages
300
Did anyone win an appeal with AIB?

I got this letter back in 2018 and missed the part that there was only 1 year to respond or appeal?

Do i have any recourse now? I have contacted the bank and they have said its too late to either switch to the tracker OR appeal.
My own fault clearly but the prevailing rate was higher than SVR rate so it seemed like a counter productive move ?

I have slaved on this mortgage for over a decade now and to find out that i and others have been unfairly treated is very upsetting.

Any advice would be very much appreciated

Regards

Robert
You mean you got the letter like the rest of us for 1615?
If so then I can’t imagine the deadline having any significance.
That’s the official stance aib took before the prevailing rate argument decision was overruled by the ombudsman a fortnight ago. (And is still the official position from aib until the ombudsman’s decision becomes final - assuming aib don’t challenge the ombudsman in the high court - which may be another 2 months or so)
 
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robertpender

New Member
Messages
3
Thanks for the prompt response.

Yes i got that letter with the cheque attached for "compensation" and "legal fees" etc. I lodged it into the Credit union and have never touched it since thinking that one day i might be forced to pay it back.

It all seemed so fishy at the time and while i was being offered a tracker higher than my current SVR - members of my friends and family had experienced similar issues with their own banks and received tens of thousands in compensation.

So just to confirm: Nothing has been awarded or additionally compensated since then for anyone in this group?
 

Brendan Burgess

Founder
Messages
39,607
So just to confirm: Nothing has been awarded or additionally compensated since then for anyone in this group?
Correct. Apparently one person out of all the people who appealed had some unusual personal circumstances and they got some further redress. But everyone else who appealed got a template letter dismissing their appeal.

You do not need to do anything at this stage. Wait until we see how it develops.

Brendan
 

elizdark

New Member
Messages
3
Hi, just to reconfirm I have done nothing since receiving my cheque which I cashed other than keep paying my monthly mortgage. Do I need to ask AIB for redress pack and submit it by the deadline do date?. I'm confused as previous reply was not to do anything but wait for news. Off I don't contact AIB will I lose out?
 

tnegun

Frequent Poster
Messages
168
There is nothing to do yet but wait for the Ombudsman decision to be published. More here
 

tnegun

Frequent Poster
Messages
168
Another your Appeal is receiving attention letter from BDO today(Same as all the others since last August), think I'll call them tomorrow and see what they say.
 

tnegun

Frequent Poster
Messages
168
Called the BDO this morning and they said the panel is very busy with appeals and meets once a month to review the cases!! This is hardly it once a month to review?? Also I asked was the announcement re the provision for further redress being taken into account and they just said the panel was aware of it and it would factor in to their decisions and I could expect a further hold letter or update by mid March! So I guess we're back to just wait and see
 

Megafan

Registered User
Messages
27
Called the BDO this morning and they said the panel is very busy with appeals and meets once a month to review the cases!! This is hardly it once a month to review?? Also I asked was the announcement re the provision for further redress being taken into account and they just said the panel was aware of it and it would factor in to their decisions and I could expect a further hold letter or update by mid March! So I guess we're back to just wait and see
Can I ask if there is anything unique about your mortgage over the masses? We have gotten the same reply as yourself for a long time now also.

I was wondering whether AIB via the panel would have picked certain types of mortgages within the wider cohort to see if there was arguments against redress (what I mean here is that if the panel reached out to AIB, AIB might sit on responses). For instance, our mortgage is a new mortgage from that time (very late 2008, early 2009) (and a frowned upon mortgage type no longer offered) so conceivably redress could be significant. For instance, I don't know if LTV would impact on our mortgage in terms of a possible tracker rate or does 3.2 supersede everything.

There are a lot of ifs and buts in above, the whole premise of it would be that AIB knew from the start this was coming down the tracks, it is a bit of a conspiracy theory on my part in an information vacuum. I just find the whole thing odd at this stage. If nothing else it is compounding cost on top of cost from AIB's perspective but nothing is final I suppose until everything is final.
 

tnegun

Frequent Poster
Messages
168
I think mine is pretty straight forward, drew down in late 2008 and fixed for 3 years but broke from the fixed rate and absorbed the cost in late 2009. I do have grounds to claim for further redress and put that in my appeal so that may factor into it at some stage.
 

Redman

Registered User
Messages
22
My opinion is that AIB knew this was coming down the tracks,as Brendan has always maintained this was black and white,a clear breach of contract on AIB’s part,we drew down on our mortgage a week before they pulled trackers off the market for new customers and never got any contact from the bank while we were in the process of getting the mortgage that this was about to happen(they had to have known)but kept this from us,I reached out to a solicitor and his response to my argument that they made fundamental changes to our our contract without our knowledge was that it was in the news that trackers were off the market,my response was,so I have to rely on the media or a third party for information regarding my contract,
After multiple emails back and forth regarding my issue with this breach of contract and him saying we have no case and we would be wasting our money to pursue this with him I got an email from his office the day after the news broke of AIB setting 300 million aside for possible redress for this cohort saying”he was very happy to have got this result and will be in touch with people on an individual basis as it progresses”,my understanding reading these threads that it was Brendan burgess that has being on this for circa 10 years and in my opinion this would not have happened without his persistence,
I personally fell AIB put this cohort on the back burner knowing they could drag it out in the hope the ECB rates would start rising and people would start fixing their mortgage’s.
Sorry for the long winded text but would be interested to hear if anyone is in a similar position
Thanks
 

Emlyn C

Registered User
Messages
17
My opinion is that AIB knew this was coming down the tracks,as Brendan has always maintained this was black and white,a clear breach of contract on AIB’s part,we drew down on our mortgage a week before they pulled trackers off the market for new customers and never got any contact from the bank while we were in the process of getting the mortgage that this was about to happen(they had to have known)but kept this from us,I reached out to a solicitor and his response to my argument that they made fundamental changes to our our contract without our knowledge was that it was in the news that trackers were off the market,my response was,so I have to rely on the media or a third party for information regarding my contract,
After multiple emails back and forth regarding my issue with this breach of contract and him saying we have no case and we would be wasting our money to pursue this with him I got an email from his office the day after the news broke of AIB setting 300 million aside for possible redress for this cohort saying”he was very happy to have got this result and will be in touch with people on an individual basis as it progresses”,my understanding reading these threads that it was Brendan burgess that has being on this for circa 10 years and in my opinion this would not have happened without his persistence,
I personally fell AIB put this cohort on the back burner knowing they could drag it out in the hope the ECB rates would start rising and people would start fixing their mortgage’s.
Sorry for the long winded text but would be interested to hear if anyone is in a similar position
Thanks
Redman, check out the thread I just posted. Am I reading they pulled the the Tracker on you at draw down in 2008?
 
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