Ok - so briefly.
- I had a half share in 2 buy to lets as well as one other property myself.
- The bank demanded sale of all properties a number of years ago when payments when to capital and interest (rather than just interest - was unable to meet the capital also).
- This resulted in high residual debt post sale of properties resulting in my Mother paying out €100k as she acted as a guarantor to that amount at the time of getting mortgages.
The bank has since admitted causal of sale for the 2 buy to lets and as part of the mortgage redress has paid out compensation. (The other property owned only by me comes under the AIB prevailing rate cohort).
Obviously my mother was only acting as guarantor to fill €100k of the hole in the event of sale with big residual debt. But surely she should also be entitled to refund and compensation given AIB have admitted the overcharging was causal to the sale of the properties?
I'm assuming my next step should be simply to approach the bank and request the refund as well as compensation on her behalf? Any thoughts / advice by anyone on this issue would be greatly appreciated.
Its a long story but we assumed the guarantee she signed was attached only to the property under the prevailing rate cohort and therefore not applicable to refund / compensation.
But I have had it confirmed just today by a solicitor that it was attached any residual debt due related to me personally. In my mind, surely that changes everything and this is a slam dunk as such?
I also think the bank should have included guarantors when determining impacted customers. Looks like they have not. But maybe that was naivety by me.
- I had a half share in 2 buy to lets as well as one other property myself.
- The bank demanded sale of all properties a number of years ago when payments when to capital and interest (rather than just interest - was unable to meet the capital also).
- This resulted in high residual debt post sale of properties resulting in my Mother paying out €100k as she acted as a guarantor to that amount at the time of getting mortgages.
The bank has since admitted causal of sale for the 2 buy to lets and as part of the mortgage redress has paid out compensation. (The other property owned only by me comes under the AIB prevailing rate cohort).
Obviously my mother was only acting as guarantor to fill €100k of the hole in the event of sale with big residual debt. But surely she should also be entitled to refund and compensation given AIB have admitted the overcharging was causal to the sale of the properties?
I'm assuming my next step should be simply to approach the bank and request the refund as well as compensation on her behalf? Any thoughts / advice by anyone on this issue would be greatly appreciated.
Its a long story but we assumed the guarantee she signed was attached only to the property under the prevailing rate cohort and therefore not applicable to refund / compensation.
But I have had it confirmed just today by a solicitor that it was attached any residual debt due related to me personally. In my mind, surely that changes everything and this is a slam dunk as such?
I also think the bank should have included guarantors when determining impacted customers. Looks like they have not. But maybe that was naivety by me.
Last edited: