AIB Tracker Review

tnegun

Not sure still digesting mine! There is a cover letter from BDO then mine has 14 pages of a Case Summart and Response then a ton of docs relating to the mortgage. The bit about the appeal being in scope was it in the cover letter or the longer Case and Summary section?

everlast75

tnegun wrote: »

Not sure still digesting mine! There is a cover letter from BDO then mine has 14 pages of a Case Summart and Response then a ton of docs relating to the mortgage. The bit about the appeal being in scope was it in the cover letter or the longer Case and Summary section?

Oh right! Only got the AIB letter. It was in that. You are probably further along the process than me

tnegun

Ah get you now sorry assumed you had the response!

tnegun

AGM is today also Charlie Weston has a piece in the indo
https://www.independent.ie/business/personal-finance/aib-under-pressure-at-agm-over-refusal-to-add-6000-customers-to-tracker-redress-programme-38045255.html

tnegun

Few more mentions in the Press


https://www.independent.ie/business/irish/aib-costs-to-increase-as-a-result-of-tracker-mortgage-scandal-38069784.html


https://www.rte.ie/news/business/2019/0501/1046761-aib-trading-update/

dermatrov

New facebook page set up on this topic. https://www.facebook.com/fairmortgagemyarse/

everlast75

Got a reply on 22nd May with AIB's "response".

I was given 10 business days to respond.

Are we to send a reply?

Edit - go to askaboutmoney thread for draft reply. Good bit of work in it. If you are short for time ring and ask for an extension

everlast75

How to respond to AIB's second reply...


https://askaboutmoney.com/threads/how-to-respond-to-aibs-2nd-response-to-appeals-panel.213013/page-2#post-1616057

everlast75

Re-upping this thread as I received a reply from BDO, enclosing a response from AIB.
They ask that I reply within 5 working days in default of which, they will proceed with the appeal.
It concludes that the Bank had no prevailing rate on the date we rolled off the Fixed Rate and states that our claim is to a rate that was not available on the relevant date and that we don't have a contractual entitlement to a historical interest rate.
Did anyone else get this reply?

tnegun

Am abroad but sounds similar to the reply I got. Did you check against the ask about money threads? AIBs claim is BS the last rate they set in 2008 is the prevailing rate simple as and by setting a new one in 2013 that no-one in their right mind would choose they have confirmed this with their actions. Effectively closing the stable door after the horse has bolted.

everlast75

tnegun wrote: »

Am abroad but sounds similar to the reply I got. Did you check against the ask about money threads? AIBs claim is BS the last rate they set in 2008 is the prevailing rate simple as and by setting a new one in 2013 that no-one in their right mind would choose they have confirmed this with their actions. Effectively closing the stable door after the horse has bolted.

Will check there but wanted to check here first.

Cheers

BattleCorp

everlast75 wrote: »

Re-upping this thread as I received a reply from BDO, enclosing a response from AIB.
They ask that I reply within 5 working days in default of which, they will proceed with the appeal.
It concludes that the Bank had no prevailing rate on the date we rolled off the Fixed Rate and states that our claim is to a rate that was not available on the relevant date and that we don't have a contractual entitlement to a historical interest rate.
Did anyone else get this reply?

I think we received more or less the same response. The bank gave me a lengthy response saying that the bank withdrew the tracker interest rates in October 2008 so therefore there was no prevailing tracker interest rate at the time that my fixed rate interest period ended. The bank are claiming that since there was no prevailing tracker interest rate to be offered at that time, they are saying that there was no contractual or other obligation to offer a tracker interest rate. Obviously I disagree with this statement.

They are claiming that the words 'then prevailing' meant 'available at the time'.

The bank are admitting to a service failure until a court rules otherwise. The bank are sticking to there being no breach of contract.

There's other stuff in their reply but that's their main point.

everlast75

Any update on this folks?

Still have not received my letter from the mediation place turning down my appeal. I understand it is imminent.

I contacted P Kissane but was told its best that I wait until I get the formal rejection. He charges the fee you received by way of compensation from AIB for a consultation. Has anyone any experience of him bringing a case home, so to speak?

tnegun

I'm in the same boat awaiting the rejection by the appeals panel, so he charges €600 or there abouts? To look over everything?

everlast75

tnegun wrote: »

I'm in the same boat awaiting the rejection by the appeals panel, so he charges €600 or there abouts? To look over everything?

Yep, that's basically it. I don't know if he has taken many of the banks to task and it what circumstances can he get a result, if any of our type cases have yielded a result at this stage.

BattleCorp

I got the fcuk off letter from the appeals tribunal. Haven't read it properly but my options are to tick a box to say I'm done or to take further action. I'll read it properly when I get home.

deeks

https://www.rte.ie/news/business/2020/0204/1112982-aib-makes-300m-provision-over-tracker-mortgage-affair/

Does this re-open things?

bungaro79

We just have to wait for the final ruling from the Financial Ombudsman but fingers crossed...

everlast75

bungaro79 wrote: »

We just have to wait for the final ruling from the Financial Ombudsman but fingers crossed...

And what then?

Do we all seek legal advice in order to try and recover monies from the 300m set aside?

bungaro79

If the Financial Services Ombudsman finds in our favour, the only option AIB has is to take the decision to the High Court which we hope wouldn't happen.
If they find in our favour, then the ruling would apply to all cases affected. What happens next?? Who knows but I'd assume that there will be a compensation package offered hence the 300m put aside. Will people be put back on the tracker? Again who knows but a lot more will be clear once the FSO makes his ruling

tnegun

Didn't AIB say at the finance committee that if the Ombudsman found in favor of a Prevailing Rate complaint they would apply it to all customers affected? So that should make it a bit easier to be compensated/refunded.

everlast75

I haven't heard from BDO in months. I guess I should call them up and see where things are

Heres Johnny

I got an AIB mortgage in 2010, does anyone have any idea if I should have been offered a tracker or not? I was first time buyer

tnegun

everlast75 wrote: »

I haven't heard from BDO in months. I guess I should call them up and see where things are

Got a letter 2 weeks ago to say it was still getting attention think that was the 6th one!

Heres Johnny wrote: »

I got an AIB mortgage in 2010, does anyone have any idea if I should have been offered a tracker or not? I was first time buyer

They didn't exist then so I doubt it but did you get a cheque in March 2018?

trigger26

Heres Johnny wrote: »

I got an AIB mortgage in 2010, does anyone have any idea if I should have been offered a tracker or not? I was first time buyer

Trackers were gone at that stage I'm afraid, it was round Nov 2008 they stopped doing them, you would have got a letter to say your account was affected

everlast75

trigger26 wrote: »

Trackers were gone at that stage I'm afraid, it was round Nov 2008 they stopped doing them, you would have got a letter to say your account was affected

So if you received a payment, it is "likely" your account is within the catchment that may be eligible for a payment?

tnegun

What will be important is if this was a fixed rate from the beginning of the mortgage and if they had the 3.2 clause offering a choice of tracker when the fixed rate term expired also if they got the cheque AIB deemed them impacted so it would apply.

deeks

Does anyone know what the timeframe is likely to be as to when the Ombudsman will issue his final ruling?

xalot

deeks wrote: »

Does anyone know what the timeframe is likely to be as to when the Ombudsman will issue his final ruling?

The end of this month according to this

https://www.fspo.ie/documents/Statement-on-Publication-of-Decisions.pdf

everlast75

I take it no news as of yet?