# AIB Early Tracker - Letter of Offer question



## marchflowers (18 Feb 2017)

Hi All,


Just got our 'decision' from AIB this week. Not giving us tracker back. They did state, however, that ‘*we are looking at the accounts of customers under an industry-wide Tracker Mortgage Review, which the CB has asked all banks to do. This review is ongoing and should new information emerge that affects your account, we will contact you*’.


Their key reason in not reinstating our tracker is clause:

*3.2 Further Fixed Interest Rate Options/Choice
The Bank in its sole discretion, at the end of any fixed rate period, may provide any further fixed interest rate period, but if it elects not to do so or the Bank offers the customer a fixed interest rate choice at the end of any fixed interest rate period and the customer fails to exercise this choice then the mortgage loan will convert to a variable interest rate Mortgage Loan.*


We were an early tracker, took it out in 2004. We got a copy of all documentation relating to our mortgage and I can't see any mention of the clause 3.2 anywhere in the Letter of Offer or in any other documents. Does anyone on here have an early tracker letter of offer where it shows this paragraph?


Thanks.


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## mister32 (18 Feb 2017)

What I say to that is

A variable interest rate mortgage loan is a tracker

Give it back please Aib!

They are chancers.

The entire contract wording describes two possible conditions: the original variable rate (tracker) and the fixed rate.

There is an option to switch between the two.

Now Aib is conveniently interpreting the variable rate to mean Standard Variable Rate. 

The apology by Aib rings hollow when they are claiming this.

And they other example is the 3.67%rate they are offering other customers.

Bring on the politicians. John Mc Guinness, Michael Mc Grath


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## marchflowers (18 Feb 2017)

mister32 said:


> What I say to that is
> 
> A variable interest rate mortgage loan is a tracker
> 
> ...



Well, I won't argue with you! Chancers is putting it mildly. Am absolutely disgusted that they can rob my family of tens of thousands down to a dodgy interpretation of a paragraph. Blood is boiling.

And again, just to ask where I might find said clause 3.2??? I have our original letter of offer and a copy of all our mortgage documentation and I cant find it anywhere?


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## mister32 (18 Feb 2017)

I have that in my contract. And got a similar response.


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## Brendan Burgess (18 Feb 2017)

Hi March 

Focus on your case.  If that clause is not in your contract, then it's not relevant to your case.  Nor is it relevant if it's in someone else's contract.

You should describe the circumstances in which you lost your tracker and why you think you lost it incorrectly and what arguments you made to AIB and maybe someone else will be able to make some suggestions.

Brendan


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## mister32 (18 Feb 2017)

For information, this thread has the 3.2 clause wording
http://www.askaboutmoney.com/thread...act-fixed-not-getting-my-tracker-back.200891/ see Nov 29 post by BB


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## marchflowers (18 Feb 2017)

Brendan Burgess said:


> Hi March
> 
> Focus on your case.  If that clause is not in your contract, then it's not relevant to your case.  Nor is it relevant if it's in someone else's contract.
> 
> ...



Hi Brendan,

Thanks. Here's a timeline of events:

Aug 2004 - Signed for AIB Tracker Mortgage (ECB + 1.25%)
April 2006 - Fixed for 1 Year
May 2007 - Fixed again for 5 years. (Tracker was listed on the options letter)
May 2012 - Letter of options did not include tracker, so we've been on SVR since.

The gist of the decision letter is that the 'Terms and Conditions' did not allow for tracker rates to be offered, due to clause 3.2. They state that 'at their discretion', they offered the tracker rate to us in 2007, which we didn't elect for. 

Like I've said, I can't see any reference to this clause 3.2 in any of our documentation. I'm just trying to figure out where this clause should be in our documents. I have the original letter of offer and a copy of all docs that we requested from AIB...


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## Brendan Burgess (18 Feb 2017)

Forget their response for the moment. It is probably wrong. 

You have to look at the actual wording in 2004. 

And the wording when you fixed in 2007.  Did it say that by fixing, you would lose your tracker? 

Brendan


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## marchflowers (18 Feb 2017)

Brendan,

Nothing I can see. The 2007 letter states 'will be revised on its expiry in accordance with the rate then applicable'. 

I've been in touch with Padraic about our case, so will see if I can contact him next week and get his thoughts. I'll post back if there's any info that might help others...


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## marchflowers (21 Feb 2017)

Just to update my mystery of no clause 3.2 in my mortgage docs.... 

I submitted a data access request to AIB last year (prior to any contact with them in relation to losing my tracker) for all and any mortgage-related documents and therefore *thought* I had all of my documentation. On recieving their decision letter last week, along with a copy of my full Loan Offer document, I can now see that they omitted pages from my file, some of which included the T&Cs. Hence my confusion at not being able to find said clause...


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## mister32 (22 Feb 2017)

Sounds like you are in same boat as me.

Specifically mentioned by Padraic in finance committee earlier.

Do you want to get in touch?  

We can consider legal action if required? Or support another customer legal action


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