AIB Was on 0.9%, now AIB restoring it at 3.67%

Discussion in 'Tracker Redress' started by Sleven273, 12 Mar 2017.

  1. Sleven273

    Sleven273 Registered User

    Posts:
    22
    I have just received my final response:

    History of events:

    Fixed
    Tkr of .09(margin)
    Fixed again

    I have Clause 3.2 after fixed with options A, B&C
    They have now offered prevailing tkr @ 3.67%. They also state that they have had this prevailing tkr since 2013.

    As AIB CEO advised the oireachtas committee Re the 3.2 clause "people who had a rate will get the rate"I thought i was a shoein and get offerred the tkr margin i was previously on.however AIB state in their final response that as TKR was not defined in the mortgage contract im only entitled to the 3.67% one. Gutted is not the word.
     
  2. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    37,070
    Hi Sleven

    I think you have a very good case here for getting back the 0.9%. Obviously, it depends on a few more details.

    The contract is pretty clear "AIB will offer you a tracker at the then prevailing rate."
    But AIB did not offer you a tracker.
    What is more , they did not have a prevailing tracker rate.
    They have made one up a few years later.

    I think you have a very good argument, that in the absence of a published prevailing tracker rate, then 0.9% should be used as the prevailing rate in your case.

    Brendan
     
  3. Sleven273

    Sleven273 Registered User

    Posts:
    22
    @Brendan Burgess, I have been added to the cohort of €1615 although I held a tracker of margin ECB+.9% previously. I did not drawdown on a tracker. I only received the notification from AIB in late December 2018. I contacted them to confirm their statement that anybody in this cohort never held a tracker rate on their account. They confirmed same. When I explained I held a tracker on the affected account the operator investigated same, confirmed i did hold a tracker on the account & was unable to understand why i was placed into this cohort. He then said he would send me an appeals pack.
     
  4. Brendan Burgess

    Brendan Burgess Founder

    Posts:
    37,070
    Hi Sleven

    Are you saying you got the €1,615 in December last? Just two months ago?

    That is very odd.

    I am surprised that you have to appeal. It seems that AIB made an error and they should be able to fix that without the necessity of an appeal.

    It might be that the Central Bank is forcing everyone through the appeals process.

    I would start by just writing to them telling them that they made an error and to fix that error. If they insist on an appeal, then so be it.

    Brendan
     
  5. Sleven273

    Sleven273 Registered User

    Posts:
    22
    Hi Brendan, yes letter dated the 20/12/2018 with cheque of €1,615 attached and brochure outlining that rates throughout the years and stating due to the rates there was no financial detriment to me. :(