# AIB Tracker redress for loss of property, but no compensation?



## MsBinky (29 Mar 2017)

We too were told to sell or voluntary surrender our property in 2013 , despite no arrears,  just on the back of a standard financial statement requested by EBS when we requested a further extension of the interest only option we were on. It was an investment property,  rented and at no point in arrears.  Cutting a long story short, we were unable to sell due to lack of cooperation from them despite being sale agreed on a few occasions and ultimately voluntary surrendered late 2014. There was a negative equity situation of about 20k.  We were contacted by AIB in July 2016 informing us that we were impacted. 

We had always told them that we would sell as the market recovered sufficiently for us to be out of negative equity. 

We have been addressed but with no consideration that this was a loss of property despite being overcharged at the time of their insistence on selling/ surrendering the property and indeed for a few years prior. Any refund of overpayment,  which was significant prior to us falling into arrears was used to clear the subsequent arrears.  Their actions lost us an excellent tenant due to their insistence we sell while placing us on full capital and interest payments despite their assertion that we couldn't afford the payments. All the time aware that they were overcharging us.

We feel that we lost this house through their actions.  Wonder how many more like us?


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## Andy836 (29 Mar 2017)

MsBinky said:


> We too were told to sell or voluntary surrender our property in 2013 *, despite no arrears*,  just on the back of a standard financial statement requested by EBS when we requested a further extension of the interest only option we were on. It was an investment property,  rented and at no point in arrears.  Cutting a long story short, we were unable to sell due to lack of cooperation from them despite being sale agreed on a few occasions and ultimately voluntary surrendered late 2014. There was a negative equity situation of about 20k.  We were contacted by AIB in July 2016 informing us that we were impacted.
> 
> We had always told them that we would sell as the market recovered sufficiently for us to be out of negative equity.
> 
> ...



Which is it - either you were in arrears or your weren't.


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## Brendan Burgess (29 Mar 2017)

I have seen one case of a person who lost their investment property.  They got very generous compensation. I was astonished by it. 

They did not agree, and are planning on looking for more.

Brendan


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## MsBinky (29 Mar 2017)

Andy836. No arrears ever until they refused interest only extension and when we tried to do as asked and put the property on the market our tenant left.  We couldn't get another tenant while on the market and repayment increase was substantial at capital and interest  .

Apologies for the confusion, difficult to do a quick synopsis


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## MsBinky (29 Mar 2017)

@Brendan Burgess . Were they redressed as a loss of home by their bank or did they have to appeal to get it recognised as such?

As far as our lender is concerned we are not as our redress is complete.  We need to look at the appeal route


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## Sarenco (29 Mar 2017)

MsBinky said:


> No arrears ever until they refused interest only extension ...



Did you go into arrears when the bank exercised their contractual right to the scheduled principal repayments?  

If you can demonstrate that you would have been in a position to meet the scheduled principal repayments if a lower tracker rate had been correctly applied to the loan, then you might have grounds to argue for increased compensation.  

However, that may prove to be a pyrrhic victory if you still owe the bank money.


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## Brendan Burgess (29 Mar 2017)

MsBinky said:


> Were they redressed as a loss of home by their bank or did they have to appeal to get it recognised as such?



It was never their home. It was an investment property.

It was sold with a shortfall.

The shortfall was written off 
*and *
They got compensation. 

I told them that they were lucky that they were encouraged to sell. They are in a far better position than if they had been on a tracker all along.

Brendan


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## MsBinky (29 Mar 2017)

@Sarenco , yes we did. You are correct, they had the right contractually to refuse and they did. We weren't that far away from negative equity and rents were increasing dramatically.  We just needed a little extra time to be in a saleable position, with an account in good stead.

That said, by overcharging us, hadn't they already broken the contract?

In terms of owing them money, a significant amount was refunded to the account, from redress overpayment   which more or less cleared any arrears owing before the voluntary surrender


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