AIB Tracker Review

deeks · 12-03-2018 2:45pm #1

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 · 13-03-2018 10:22pm

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

D5girl · 14-03-2018 6:16pm

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

trigger26 · 14-03-2018 6:26pm

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 · 14-03-2018 6:37pm

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 · 25-03-2018 1:01am

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 · 26-03-2018 10:19am

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 · 26-03-2018 10:22am

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 · 26-03-2018 10:28am

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 · 26-03-2018 10:33am

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 · 26-03-2018 10:38am

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

everlast75 · 26-03-2018 10:39am

peteb2 wrote: »

You aren't

Correct. I was mistaken.

everlast75 · 26-03-2018 11:42am

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 · 26-03-2018 11:47am

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 · 27-03-2018 10:25am

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

bungaro79 · 27-03-2018 3:19pm

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 · 27-03-2018 5:07pm

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

bungaro79 · 01-04-2018 3:00pm

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

Johnnywaters · 01-04-2018 3:12pm

I thought I fixed during that time

Has everyone got compensation?

everlast75 · 19-04-2018 2:06pm

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 · 23-06-2018 12:43am

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

peteb2 · 23-06-2018 1:04am

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

charlie_81 · 12-07-2018 1:12pm

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 · 21-02-2019 10:33am

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 · 21-02-2019 12:52pm

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 · 21-02-2019 12:53pm

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 · 21-02-2019 12:55pm

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 · 21-02-2019 7:50pm

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 · 04-03-2019 2:41pm

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 · 04-03-2019 2:42pm

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 · 13-03-2019 2:37pm

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

AIB Tracker Review

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