AIB Tracker Review

deeks

Received a letter in the post today from AIB with a cheque for €1’615. Apparently it’s compensation for not being offered a tracker when my fixed rate mortgage ended sometime between 2008 and 2013. Apparently they weren’t offering trackers at the time and even if they were the rate would have been higher than I was paying but they apologize for their error and give compensation.

It also offers the option to now go to a tracker but with a margin of 3.32% which is actually higher than the standard variable of 3.15% so that makes no sense anyway.

Anyone else get one of these? Any reason not to lodge the cheque? Is it possible it’s being offered to avoid people chasing them for potentially more money?

March11

We got the same today, am wondering what's best to do? Should we appeal?

D5girl

Got the exact same... cheque for the same value which is odd unless we have identical mortgages!

trigger26

D5girl wrote: »

Got the exact same... cheque for the same value which is odd unless we have identical mortgages!

Yes got one too, thought I was getting offered tracker then read the plus bit. I’d be thinking there is a case for taking this further.

I was in fixed 3 year mortgage took out middle of 2008,

trigger26

D5girl wrote: »

Got the exact same... cheque for the same value which is odd unless we have identical mortgages!

Yes got one too, thought I was getting offered tracker then read the plus bit. I’d be thinking there is a case for taking this further.

I was in fixed 3 year mortgage took out middle of 2008,

everlast75

Got this too.

I won't be lodging that cheque without getting professional advice. Cash it and more than likely you're signing away your claim for more.

Given the history of how banks have behaved in the past, I doubt 1000e is all we might be entitled to

I understand there is a court case being taken against AIB about this at the moment too

BattleCorp

I'm in the same boat.

Where are the bank getting the tracker rate that we are being offered?

Should we not be offered the prevailing tracker rate that would have been in place on the date or fixed rate mortgage ended?

peteb2

everlast75 wrote:

I won't be lodging that cheque without getting professional advice. Cash it and more than likely you're signing away your claim for more.

You aren't

trigger26

Hi folks,

There's a lot more info on this on askaboutmoney under tracker redress. Looks like 4000 of us who were on a fixed and then should of got a tracker are scratching their head.

Charlie Weston wrote in the Independent on Saturday that AIB look to be misleading and waffling with this letter they sent us.

xalot

Firstly by lodging the cheque you do NOT lose your right to appeal. There's a very thorough thread on the ask about money website about this. There are 4000 people affected. Basically your mortgage contact had clause 3.2 which says that at the end of any fixed period you have the right to a tracker rate.

AIB never offered this option and so they are offering a fixed amount of compensation (1000) plus money for independent legal advice (615). I'd recommend you request a copy of all your paperwork from AIB - but be cautious they deliberately (I believe) sent me the wrong paperwork - luckily I retained all my original documentation.

There are a group of people on askaboutmoney who have pooled their money together to raise a case as we believe that the 'prevailing' rate AIB are quoting has been pulled from thin air and does not reflect the rates at the time. In my personal situation, I believe if we'd had the option of the correct rate of tracker then we would have paid 20k less over the course of a ten year mortgage so the 1000 is nowhere close to what I should be getting and I intend to pursue them.

xalot

https://www.independent.ie/business/personal-finance/property-mortgages/aib-accused-of-misleading-customers-on-mortgages-36739165.html

everlast75

peteb2 wrote: »

You aren't

Correct. I was mistaken.

everlast75

xalot wrote: »

Firstly by lodging the cheque you do NOT lose your right to appeal. There's a very thorough thread on the ask about money website about this. There are 4000 people affected. Basically your mortgage contact had clause 3.2 which says that at the end of any fixed period you have the right to a tracker rate.

AIB never offered this option and so they are offering a fixed amount of compensation (1000) plus money for independent legal advice (615). I'd recommend you request a copy of all your paperwork from AIB - but be cautious they deliberately (I believe) sent me the wrong paperwork - luckily I retained all my original documentation.

There are a group of people on askaboutmoney who have pooled their money together to raise a case as we believe that the 'prevailing' rate AIB are quoting has been pulled from thin air and does not reflect the rates at the time. In my personal situation, I believe if we'd had the option of the correct rate of tracker then we would have paid 20k less over the course of a ten year mortgage so the 1000 is nowhere close to what I should be getting and I intend to pursue them.

Are you or will you be getting involved in the litigation? Do you know which Solicitor/firm is representing the AIB customers?

xalot

everlast75 wrote: »

Are you or will you be getting involved in the litigation? Do you know which Solicitor/firm is representing the AIB customers?

Yes I am, only joined it in the last 6 months, some people have been fighting for redress for years! We haven't assigned representation yet - waiting for all members to get their compensation first. The members are from all over the country.
Take a look at this link and see if you're interested.
https://www.askaboutmoney.com/threads/i-just-got-a-letter-from-aib-offering-me-%E2%82%AC1-615-and-a-tracker-at-3-32-what-should-i-do.207734/

deeks

Interesting. I be following this and the askaboutmoney thread with interest.

bungaro79

hi all
its myself and a few others who are coordinating the group looking into taking this further. if people are interested in joining then please set up a username on askaboutmoney (reason for this will become clearer later) and then email us with your details at aibtrackergroup@gmail.com
thanks

deeks

Thanks Bungaro79. What kind of details do we need to submit on the e-mail?

bungaro79

hi deeks
just your name and a brief overview of the details of your mortgage

Johnnywaters

I thought I fixed during that time

Has everyone got compensation?

everlast75

Hey,
I've drafted my letter to AIB to request the docs. Does this cover what I need?

".....

I hereby request all documents concerning and leading up to our 3 year fixed rate mortgage which expired on the ******* and all letters/documents from AIB to our house from that point in time to the present date.

I would also be obliged for a complete statement in relation to our mortgage account, from its inception to date. "

everlast75

I picked up all docs yesterday from AIB. Any advice on what to do next please?

peteb2

If you don't know where to start spend the money and go visit a professional like Padraic kissane.

charlie_81

Hi

I tried to post on the askaboutmoney butit says i do not have sufficient privileges
I was just wondering if anyone has contacted IBIG about the AIB tracker redress? They were all over the radio and internet a few months ago. I finally got all the info from the bank and revenue they were looking for and was reading through the terms and conditions. It says in their that their fee is 20%. Is this very high? Just wondering if anyone else was using them and if the 20% is normal?

Cheers in advance

tnegun

If you haven't appealed you should do so now step by step guide here

https://www.askaboutmoney.com/threads/step-by-step-guide-to-making-an-appeal-on-the-aib-%E2%82%AC1615-tracker.211551/ also spread the word the more people who appeal the better chance this has of gaining some traction.

BattleCorp

tnegun wrote: »

If you haven't appealed you should do so now step by step guide here

https://www.askaboutmoney.com/threads/step-by-step-guide-to-making-an-appeal-on-the-aib-%E2%82%AC1615-tracker.211551/ also spread the word the more people who appeal the better chance this has of gaining some traction.

I requested the appeal pack over the phone today. I was told it would take 5 working days. My wife actually downloaded an appeals pack a few minutes ago so I'll get working on that and have the info ready to go back to them once the original appeals pack arrives.

I've also popped them a GDPR data request too, so we'll see how that goes.

https://aib.ie/dataprotection/right-of-access-to-information

everlast75

I requested the pack last week and am awaiting it.

I missed the GDPR data request info - can you please elaborate Battlecorp?

Thanks in advance

BattleCorp

everlast75 wrote: »

I requested the pack last week and am awaiting it.

I missed the GDPR data request info - can you please elaborate Battlecorp?

Thanks in advance

The link is on this page. It's not absolutely necessary but I'd like to know that all the paperwork they have on file is correct. I've heard stories about people getting copies of their mortgage contracts that had certain pages missing etc. I've all my original paperwork so I'll be going after them if they send me out stuff with pages missing.

https://aib.ie/dataprotection/right-of-access-to-information

tnegun

Just to give this a bump and an update I've contacted my local TD to try raise awareness of this issue over the next week or too if anyone else on here wants to do the same

tnegun

Just in case anyone comes across this thread it takes 5 days fro BDO to acknowledge your appeal so should be submitted at least 5 days before the 12 month deadline to be safe.

BattleCorp

tnegun wrote: »

Just in case anyone comes across this thread it takes 5 days fro BDO to acknowledge your appeal so should be submitted at least 5 days before the 12 month deadline to be safe.

Registered post is a great thing.

tnegun

Gentle reminder and thread bump deadline for most is Friday 15th

everlast75

tnegun wrote: »

Gentle reminder and thread bump deadline for most is Friday 15th

Cheers mate.

I sent in the form weeks ago but got nothing back.

Will ring them in the morning

tnegun

Do I got confirmation of mine after 5/6 days. You can get them at 1800 800 110

everlast75

tnegun wrote: »

Do I got confirmation of mine after 5/6 days. You can get them at 1800 800 110

Rang and left a message as no one available to take the call

tnegun

I had the same and got no call back when following up on mine, try again and see do you get someone I did and they took my details and called back a couple of hours later confirming receipt

tnegun

Still getting attention thankfully



https://www.independent.ie/business/personal-finance/property-mortgages/banks-fight-thousands-of-disputed-tracker-cases-37927006.html

everlast75

lads,
I'm working from home today and my notes are in work.
I placed 2 phone calls and left messages to advise that my appeal may be late. I posted it by reg post on the 15th (thursday) and it was delivered on the 19th which was the monday.
I have not received an acknowledgement and am concerned somewhat.
Can someone please post the number for the BDO (?) or whoever you have to ring about the Appeal?
Thanks so much

tnegun

I got them on this no 1800 800 110 if it goes to VM don't bother and just call back a few mins later till you get someone

everlast75

Thanks a mill.

Rang them this morning.

Apparently they received approximately 300 appeals (she didn't say recently but that was the implication) hence the delay in replying.

She confirmed that it was received and that i would get an acknowledgement letter in the next day or so.

The bank have 50 days to respond.

I get 20 days to reply to that, or longer if requested.

Then both submissions are put to the panel for their consideration.

The process will take between 6-9 months.

The BDO will write out every 20 days with an update to all appellants.

tnegun

300 is still quite a poor figure given 6000 were affected

everlast75

tnegun wrote: »

300 is still quite a poor figure given 6000 were affected

It might be that those 300 were last minute applicants (like me).

It'd make you wonder. Would the fact that there are less people in the process make them more likely to pay out given there would be less financial exposure with the possible low numbers relative to the positives in terms of P.R., or less likely to pay out as there are less voices calling for compensation.

Hard to know.

tnegun

I'm not sure probably as much for it as against it Lets wait and see what April 11th brings the Central Banks responses yesterday were disappointing

bungaro79

Does anyone on here own shares in AIB? If so, it would be great to get in to the AGM where we can make sure the prevailing rate issue is questioned a lot as they tried to fob off our case last year.

sunnyday1234

tnegun wrote: »

I'm not sure probably as much for it as against it Lets wait and see what April 11th brings the Central Banks responses yesterday were disappointing

what were the responses ?

tnegun

Brendan covers it here



https://www.askaboutmoney.com/threads/dates-for-the-next-finance-committee-meetings-with-the-banks.212176/#post-1606650

tnegun

FYI potential meeting being held on this PM me for details

tnegun

AIB will in front of the Finance Comittee on Thursday at 11am. Myself and a couple of others are going but are looking for numbers. Anyone here interested in attending? Its in Leinster House its and to show that we're serious and not going away.
https://www.askaboutmoney.com/threads/anyone-free-next-thursday-11th-april-for-a-couple-of-hours.212390/

tnegun

Any ideas how to raise publicity of this? There are 6000 affected but seem to only be a handful of those active.

BattleCorp

I sent off the appeal in plenty of time. Yesterday I received a letter from BDO stating that the bank had advised them that my signature does not match the Bank's signature mandates so I've to resign Section 4 of the appeal form in line with the Bank's signature mandates.

For fcuk sake, my signature has changed lots in the last 10 years.

This is acting the boll1x of the highest order.

tnegun

Reminder AIB in front of the Finance Committee this morning

everlast75

tnegun wrote: »

Reminder AIB in front of the Finance Committee this morning

I wanted to go in too this morning but couldn't get out of a meeting at work.

Fingers crossed something good comes of it