# AIB wont give written confirmation re losing tracker



## DublinMum (8 Jan 2013)

Hi All

Like a million others we are drowning in negative equity (owe 320K on a house worth at most 100K).  For many reasons we can no longer keep living in our current property (since had 2 kids, distance to work, anti social neighbours - many many reasons) and as we have no hope of going back into positive equity any time in the next 10 years we have to rent-to-rent.

Anyway, my concern is that we are on a very good residential tracker rate.

I have spoken to both my local AIB branch manager and the manager of the branch where we have our mortgage (not the local one) and both of them have told me that I will NOT lose my tracker if we rent out our house.  

I also read an article in the Irish Times recently where a rep from AIB said in practice they are not taking trackers off people who bought homes as PPRs but now have to rent them out.

This would all be fine, but given the long LONG time I expect to have to own this house for, I dont trust that in a few years AIB wont turn around and try to put me on a variable rate - or worse make me back pay for a variable rate from the time we moved out.

I asked the manager in the branch where our mortgage was would she give me a written confirmation of what she told me and she said NO!  So, basically I have nothing other than my word against hers if it ever came to it!  

Does anyone know the process to get AIB to give to me in writing what 2 separate managers have now told me in person?

I know we could go down the road of just never telling them weve moved out, but again given the long long time until we can sell, Id rather be upfront with them about where we live and our circumstances etc.

Thanks

DM


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## Dr.Debt (8 Jan 2013)

I know this is a bit cheeky but why dont you write to her (registered or recorded letter of course) confirming what she and the other manager have said verbally and when and where they have said it. This will either evoke an immediate response denying everything OR complete silence which will leave you with some ammunition in your armoury. The matter will then be on record, which is exactly what they DONT WANT and you DO.


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## Brendan Burgess (8 Jan 2013)

Hi Mum

You should do what Dr Debt has suggested. 

"Dear Bank

I wish to formally notify you that I am now renting my property. I want to officially record the statement by Mr X on such a date and Ms Y on such another date, that this will not affect the interest rate or my entitlement to retain a tracker" 

In any event, you should read your original mortgage agreement. That will be the strongest argument. If it does not say something definite that "this rate applies while this is your home" then you dont' need to worry.  I understand that the AIB mortgage agreements do not contain this clause.

Brendan


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## DublinMum (11 Jan 2013)

Thanks veye much for the replies - if they dont reply do you think that would be enough to assume its a 'yes your tracker is safe'? Is there anything I should include to force them to reply by post and either acknowledge what they have told me is right or deny it?  I want to have something as physical proof if in, say 10 years, they try to turn around and force our rate up.


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## Importer (11 Jan 2013)

I dont think you can force them to reply but at least you have challenged them to reply and you have a copy of the letter you sent them. That letter will help your case if it comes to a bust up later on.

The banks position on that matter AT THE MOMENT is that they allow you to keep the tracker, however they dont want to back themselves into a corner and their behaviour suggests that they want to leave the door open, to change their policy at some time in the future if circumstances require.


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## GDUFFY (11 Jan 2013)

Send the letter advised above , twice , 1 month apart , Register both and instruct both to be signed for by bank ,include in the letter that if you receive no correspondence in reply to this letter you will assume that what she told you in the meeting, Quote her, is the banks position on the matter.   If no reply , apply under data protection act for all information andcorrespondence the bank holds about you.This will make them sit up and listen. If the registered letters are omitted  you can make a complaint to the data protection commissioner. Wouldn't trust any bank on their word.They will screw you when the Economy and their solvency shows sign of turning.


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## WizardDr (16 Jan 2013)

@DublinMum In simple contract law terms you have an orak contract - which by the way is perfectly valid for million euro contracts - you have a witness and you have copies of recorded delivery letters. I would be happy enough with that.

It does sound a tad unreasonable of the Bank and what you could do is write to the Head of Customer Complaints- state your case.


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## Gerry Canning (5 Feb 2013)

Under a variety of acts AIB must respond to queries. If you keep records of all the letters I would not be in any hurry to complain via any Act ,as there is no advantage in YOU starting a {war}unless AIB get {crankey} sometime in the future. And as previous commentators more than {hinted} DO NOT TRUST THEM.


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## gimp (22 Feb 2013)

Ring them and record the Phone conversation with your bank manager agreeing and then write the letter as suggested.


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