# Tracker redress query...



## premier2017 (6 Nov 2017)

Hi All,

First time poster grateful for any advice. 

I took out a tracker mortgage in 2005. In September 2006 I split the mortgage into two: (i). one half remained on the tracker and (ii). the second portion went onto a fixed rate for three years.

In September 2009 when my fixed rate expired I attempted to go back on my tracker rate on my second mortgage but was told I couldn't as they (AIB) had ceased trackers (new ones) and this would not be possible. I then went onto a standard variable rate for this portion of the mortgage. Back in 2006 when I split the mortgage and got the fixed rate, I was under the impression I could revert to a tracker rate when the time elapsed (as I still had an existing tracker). Unfortunately I don't think I ever got this in writing I can't find anything in my records (maybe I lost it though).

Do you think I have a genuine case for redress? Am I wasting my time going any further with this? If I might have a case what are my first steps?

Regards,
B.


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## Thomas (6 Nov 2017)

See below from fso 2011 case studies - has similarities to your case and may assist. 


The Complainants took out a mortgage with the Bank in October 2006. In October 2007 the Complainants decided to reduce the period of their mortgage and fix the interest rate for a period of 3 years on a portion of their mortgage.

Towards the end of their fixed interest rate period, the Complainants approached their branch of the Bank to enquire as to what options were open to them at the end of their fixed interest rate period. 

The Bank informed the Complainants that three options were provided in their loan agreement and these were: take a further fixed interest rate term, switch to a variable interest rate or a switch to a tracker interest rate. The Bank pointed out the loan agreement stated this choice was subject to the prevailing interest rates.

The Bank went on to advise that it had ceased to offer tracker interest rates in 2008 and that consequently, the Complainants could not switch the portion of the mortgage on the fixed interest rate to a tracker interest rate as the tracker interest rate was not a prevailing rate.

The Complainants were unhappy with this decision as they felt contractually entitled to avail of a tracker rate.

While the Ombudsman accepted that the Bank was entitled to stop offering tracker rates as a product, he noted that the Complainants had only switched a portion of their mortgage to a fixed rate. The remaining portion of the Complainants' mortgage had remained on a tracker interest rate. Consequently, as part of the Complainants' mortgage was subject to a tracker interest rate, the Ombudsman was satisfied that this was a prevailing rate within the terms of the loan agreement.

Accordingly the Ombudsman directed the Bank to place the relevant portion of the mortgage onto the tracker rate currently applicable to the remaining portion of the mortgage, backdated to expiry of the fixed interest rate term.


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## premier2017 (6 Nov 2017)

Thanks Thomas that is certainly encouraging.

What should I do next. Should I seek a copy of the loan agreement for my fixed term mortgage from my bank? Should I do this via the phone or with a letter?
If it mentions three options like the above case I assume I too have a case. Do I lodge a complaint with my bank or directly with the Ombudsman?


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## Thomas (6 Nov 2017)

Get your documents first - from your solicitor, the bank  or if bank won't play ball then do a freedom of info request to the bank.  Also call bank and see if you are included in the review (if they don't tell over the phone  then put it in writing).  Once you have everything (docs and response re central bank review) you can take next step - you are in the review or if they say no then make a complaint to fso or go to someone like Padraic Kissane to see what your options are.


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## premier2017 (7 Nov 2017)

Thanks Thomas for the guidance much appreciated.


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## Omega143 (7 Nov 2017)

Read your initial contract


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## TrackerThieves (7 Nov 2017)

You should ask for a Subject Access Request, it will have a lot of information and documents regarding your account. 
i have copied the passage below from the AIB
"Under the Data Protection Acts you have the right to see the personal information we hold about you. Our fee of €6.35 for this is currently being waived. To get a copy of this information, write to your local AIB branch or to: the Subject Access Request (SARS) Unit, Allied Irish Banks, p.l.c., 4th Floor, Adelaide Road, Dublin 2."

I also copied this from an independent article from 2013
"The 1988 and 2003 Data Protection Acts give anyone the right to access personal information held on file by a private business or state institution simply by making what is called a Subject Access Report request.
Under the little-known law, any customer can get these details.
One small business owner in Tipperary said he gained access to more than 20 years of his bank account files, including internal letters sent between managers inside the bank that he had never seen before by using the Data Protection law.
The cheap right of access had been a "game changer" in helping him to uncover historic overcharging of interest that he said amounted to tens of thousands of euro.
He asked not to be named because he has not yet reached a settlement with his bank over the true sum owed.
The price of accessing bank account information using the data protection rules can be a fraction of the cost of ordering copies of historic statements."


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