# AIB tracker redress



## PFS7979 (1 Dec 2016)

hi..
I was left with no option but to sell my house a couple of years ago due to being unable to afford repayments.

Bank have now been in touch to say my case is being reviewed due to failure to offer a tracker rate.

pretty certain i could have kept house if left with tracker.

any thoughts on what to expect here from the bank


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## mister32 (2 Dec 2016)

Did you take out tracker originally?

Were you before or after march 2006?


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## PFS7979 (2 Dec 2016)

mister32 said:


> Did you take out tracker originally?
> 
> Were you before or after march 2006?


was Sep 06 and had an initial low fixed rate.


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## Brendan Burgess (2 Dec 2016)

PFS7979 said:


> pretty certain i could have kept house if left with tracker.



1) You are being reviewed. But that does not mean that AIB has agreed that you lost your tracker unfairly.
2) If you lost your tracker unfairly the compensation will depend on whether that was the reason you lost your house

Most people who lost their house were paying nothing, so the interest rate was irrelevant. You will get compensation - probably the write off of any mortgage shortfall. 

If you were making payments which would have been adequate to cover the correct mortgage repayment, then you will get substantial compensation. 

Brendan


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## PFS7979 (2 Dec 2016)

Brendan Burgess said:


> 1) You are being reviewed. But that does not mean that AIB has agreed that you lost your tracker unfairly.
> 2) If you lost your tracker unfairly the compensation will depend on whether that was the reason you lost your house
> 
> Most people who lost their house were paying nothing, so the interest rate was irrelevant. You will get compensation - probably the write off of any mortgage shortfall.
> ...


we engaged with the bank all way through and paid what we could... kept up full payments for a long time.. years in fact


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## Brendan Burgess (2 Dec 2016)

Then you would be in a good position for a good lump of compensation. We won't know the details until it's announced. 

But again, it's important to stress that a review might well conclude that you did not lose your tracker unfairly. 

Brendan


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## PFS7979 (2 Dec 2016)

thank you.


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## Bronte (2 Dec 2016)

PFS7979 said:


> I was left with no option but to sell my house a couple of years ago due to being unable to afford repayments.
> 
> pretty certain i could have kept house if left with tracker.



What makes you say you possibly would have been able to keep the house if you had a tracker.  While I believe this is true in some cases it will not be true in all cases.  For example, the repayments you actually did make to the bank, were they continuous and were they the same amount you would be charged with a tracker?

Also are you going it alone on dealing with AIB or have you consulted an expert?


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## PFS7979 (2 Dec 2016)

I have full clarity on this now. thanks for your interest in clarifying matters.

this now boils down to them being fair and equitable in their redress scheme. Its made me bitterly angry that we've gone through so much worry over the years and acted in full good faith in paying what we could and cooperating all way through with them. One assumes the PTSB scheme will act as their benchmark.


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## Bronte (2 Dec 2016)

You must not let your anger consume you.  It can also blind you to the truth.  It's also true to say many people bought homes that were way too expensive and that left them in a very precarious position with repayments if anything at all happened such as a loss of a job, a reduction in pay, a new child, an interest rate increase.


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## PFS7979 (2 Dec 2016)

with respect, my reaction is based in facts and not assumptions as to our particular circumstances. no need for you to worry about our being "consumed"  by anything.

whilst your comments may be true in some circumstances, they are not relevant to ours.

the bank will be in a precarious position if they try to adopt a retrospective credit assessment on the original lend. remember, they lent the money in first instance


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## peteb (2 Dec 2016)

PFS7979 said:


> with respect, my reaction is based in facts and not assumptions as to our particular circumstances. no need for you to worry about our being "consumed"  by anything.
> 
> whilst your comments may be true in some circumstances, they are not relevant to ours.
> 
> the bank will be in a precarious position if they try to adopt a retrospective credit assessment on the original lend. remember, they lent the money in first instance



Hang on.  Your reaction isn't based in fact to your particular circumstance.  You came here asking whether you should be on a tracker, which is where a portion of your bitterness arises.  And the likelihood is that you probably werent entitled to a tracker.  And thus will end any issue over redress.  Credit assessment wont form part of anything.


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## PFS7979 (2 Dec 2016)

your right in that I made an initial post here yesterday whilst in the dark on the contractual circumstances.

You have obviously missed my further post this morning, in which I have updated that I am now aware of the contractual position and the status of our review. was entitled to tracker as acknowledged in writing and verbally by the lender.

Curious as to why you are jumping into this discussion, when at 9:47 am i posted a thankyou to some helpful feedback and confirmed that I had successfully established the facts of our position with the lender.

We await proposals from the lender in early months of next year as regard payment


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## Brendan Burgess (2 Dec 2016)

Guys 

The original poster is clearly does not appreciate hearing anything other than what he wants to hear. 

I wouldn't waste any further time with him. 

Brendan


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## peteb (2 Dec 2016)

You mean the one line where you had answered "was Sep 06 and had an initial low fixed rate".? I didnt think it really clarified that you had begun on a tracker.   Or did you mean the line where you said you now have full clarity?  

It's an internet forum.  People get to comment on the matter at whatever time takes their fancy.  Nothing stops them from commenting.  In the same nothing stops you from just ignoring anything going forward and not feeling then the need to question my motives.  

Anyway I digress.


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## PFS7979 (2 Dec 2016)

really not seeking to waste anybodys time here. 

I was thankfully able to establish the facts of our position this morning and made a polite comment to close out my query and express thanks for some useful feedback last night and early this morning.

I've established that details of the lenders redress proposals will be communicated to us in before end of May 17 at the latest.


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## PFS7979 (2 Dec 2016)

Brendan Burgess said:


> Guys
> 
> The original poster is clearly does not appreciate hearing anything other than what he wants to hear.
> 
> ...


Thanks Brendan, I actually thought you were referring to me. Been difficult few days but having received clarification from the lender this morning I'm much happier. lets see outcome now in coming months.


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## peteb (2 Dec 2016)

He was!


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## PFS7979 (2 Dec 2016)

was tongue in cheek peteb.

final comment here:   Lender confirmed our account in scope and they are preparing redress offer. this was confirmed this morning


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## mister32 (2 Dec 2016)

Hey well done

Great to hear you're getting it back

Hopefully the rest of us will be equally fortunate


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## PFS7979 (26 Apr 2017)

Bronte said:


> You must not let your anger consume you.  It can also blind you to the truth.  It's also true to say many people bought homes that were way too expensive and that left them in a very precarious position with repayments if anything at all happened such as a loss of a job, a reduction in pay, a new child, an interest rate increase.


Compensation payment received today. Being rightfully angry didnt blind me to the truth Bronte


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## PFS7979 (26 Apr 2017)

Brendan Burgess said:


> Guys
> 
> The original poster is clearly does not appreciate hearing anything other than what he wants to hear.
> 
> ...


Compensation received (original poster)


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## Threadser (26 Apr 2017)

PFS7979 said:


> they are preparing redress offer. this was confirmed this morning


 It will be interesting to see how long it takes AIB to prepare the redress offer. I was identified by Bank of Ireland as being an affected customer last December. It's almost May now and still no sign of Bank of Ireland paying me a cent in redress. It is maddening that there doesn't seem to be any pressure on these banks to repay (in my case) 9 years of overcharge.  A clear time scale for the redress process should be set out by the central bank.


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## Sir Iowealot (27 Apr 2017)

Hi PFS7979, I was wondering if you are happy with the compensation amount you received as you did not say if you were.


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## PFS7979 (27 Apr 2017)

Lowealot,

I'm puzzled how they came up with the particular amount. The communication and articulation as to how AIB came up with the sum in question leaves a lot to be desired given complexities of my case. Falls short ( in my opinion) of equitable settlement but this requires independent review through appeals process.


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## Sir Iowealot (27 Apr 2017)

Thank you for the reply sorry to hear that it does not compensate you fully I assume therefore it is not at PTSB levels? I would suggest you seek a data request before you submit the appeal in case there is something in your paperwork which would strengthen your appeal.  Best of luck with it.


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## PFS7979 (2 May 2017)

Sir Lowelot,

 May I ask what ptsb levels are for loss of a property?


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## Sir Iowealot (2 May 2017)

Papers stated that it was 25K for buy to let and €50K for PPR but I am sure that was in cases where loss of home was proven due to tracker error only.


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