# AIB tracker refund arrived today



## lollipop67 (7 Dec 2016)

Ok, so the cheque arrived in the post.  Includes amount overpaid, interest to compensate for not having access to money during period (time value of money), compensation at 15% and amount of €615 for independent financial advice. Very detailed set of documents which will take a while to digest.  But I guess we can un cancel Christmas   Hope some other people got cheques too.


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## mister32 (7 Dec 2016)

What was interest rate for time value?


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## lollipop67 (7 Dec 2016)

It doesn't give the rate and I'm not sure what figure they are basing.  It's described as the 'best one year fixed savings rate the AIB Group offered in each applicable month'.


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## FOODLOVER!! (8 Dec 2016)

lollipop67 said:


> Ok, so the cheque arrived in the post.  Includes amount overpaid, interest to compensate for not having access to money during period (time value of money), compensation at 15% and amount of €615 for independent financial advice. Very detailed set of documents which will take a while to digest.  But I guess we can un cancel Christmas   Hope some other people got cheques too.


  omg delighted for u fingers crossed mine arrives soon too... enjoy ur Christmas... do u mind me asking was the compensation on the full amount including interest over paid or just the overpayment if that makes sense... trying to work out how good of a Christmas I'll be having!!!


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## lollipop67 (8 Dec 2016)

The 15% interest is calculated on the interest overcharged i.e. the bigger amount.  Also, my Time Value of Money amount came to €441.95 based on an interest overpayment of €16,681.  Hope your cheque arrives soon.  It's interesting that they say that acceptance and cashing of the cheque does not affect your right to appeal.


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## FOODLOVER!! (8 Dec 2016)

lollipop67 said:


> The 15% interest is calculated on the interest overcharged i.e. the bigger amount.  Also, my Time Value of Money amount came to €441.95 based on an interest overpayment of €16,681.  Hope your cheque arrives soon.  It's interesting that they say that acceptance and cashing of the cheque does not affect your right to appeal.


 thanks for the reply... didn't hear anything about the time value of money before... would there be any point in appealing it if I could get the cheque i'd be happy!!
happy shopping!!


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## Wardy7 (8 Dec 2016)

lollipop67 said:


> The 15% interest is calculated on the interest overcharged i.e. the bigger amount.  Also, my Time Value of Money amount came to €441.95 based on an interest overpayment of €16,681.  Hope your cheque arrives soon.  It's interesting that they say that acceptance and cashing of the cheque does not affect your right to appeal.



That was the same as PTSB.


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## Gumb69 (10 Dec 2016)

Congratulations on getting your money back. I'm anxiously waiting for ours. I hope ours comes before Christmas. We've been overcharged €54,000 (40,000overpayments)so it will be interesting to see what we get. 

Does post come on a Saturday in a December

Have a great Christmas.


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## colm2005 (11 Dec 2016)

Hi all
I would seek legal advice before cashing your cheques. I got mine Friday and a Friend advised cashing it is in a small way saying your happy with the poultry 15%  I for one would say 50% is more like it. If your your boss robbed 400 a month of you for years. Would you call the guards sure you would. Keep that in mind they robbed us


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## Brendan Burgess (11 Dec 2016)

You do not need to take legal advice. Just cash your cheque. 

You are in no way limiting your ability to 

appeal for more 

appeal to the FSO 

take a court case. 
Brendan


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## Bronte (12 Dec 2016)

Many of you are going to be so delighted with getting the money that you will not appeal.  But you all should think about what difference this overcharge made to your lives in the last few years and than you should appeal.  It will of course not apply to every case but there are some of you who split up, who had terrible Christmas's, missed family holidays, and worse, etc etc.


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## colm2005 (12 Dec 2016)

Here here 
The timing of payments should also be questioned just before Christmas when people would take any money they can . Insurance companies do the same trick. Brendan quick question you say cash the cheque but by doing so are you not going to weaken your hand. 
Banks 
we did our best we got you YOUR money in time to save Christmas so we didn't ruin another Christmas for you. All your pain and suffering ended when you cashed your cheque and now your just being greedy looking for more. 
Why did the banks send a cheque for the 15% when they could have sent the over payment first with the offer of 15% because there looking out for us that's why .if you want your over payment back you must also take our 15% and you never know you might just leave it at that. 
Something to think about before cashing out early


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## peteb (12 Dec 2016)

colm2005 said:


> Here here
> The timing of payments should also be questioned just before Christmas when people would take any money they can . Insurance companies do the same trick. Brendan quick question you say cash the cheque but by doing so are you not going to weaken your hand.
> Banks
> we did our best we got you YOUR money in time to save Christmas so we didn't ruin another Christmas for you. All your pain and suffering ended when you cashed your cheque and now your just being greedy looking for more.
> ...



Colm, your mate that advised you not to cash the cheque, was he a solicitor or just some fella making pub chat that said it would weaken your position?


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## colm2005 (12 Dec 2016)

Claims manager for a large insurance company. I for one will take his advise and get legal advice before cashing my cheque but I also understand some people do not have the luxury of waiting until they get advice


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## geri (12 Dec 2016)

Has EBS started issuing tracker refund cheques yet?


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## Brendan Burgess (12 Dec 2016)

colm2005 said:


> Claims manager for a large insurance company.



I used to work in an insurance company and all claims cheques were issued in full and final settlement.

This is what the Redress Letter from AIB says:






But if you want to further enrich the legal profession, off you go. 

Brendan


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## Wardy7 (12 Dec 2016)

colm2005 said:


> Claims manager for a large insurance company. I for one will take his advise and get legal advice before cashing my cheque but I also understand some people do not have the luxury of waiting until they get advice



Colm, I'm PTSB so I got cheque for OP and compensation in August 2015. Cheque lodged/cashed immediately.  My appeal is currently in process.

No need to hold off!!


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## Dubhlin (14 Dec 2016)

HI Wardy7

We received our appeal compensation yesterday and it was a large disappointment . We initially received a 5000 euro compensation for an over payment of 47,000 euro in six years and yesterdays letter was for 350 in medical expenses and a further 850 to close the claim .We barely made trough the six years and the non financial loss where huge on a household of 5 . Its the FSO and possible court next


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## Wardy7 (14 Dec 2016)

That really is pathetic! Keep going. I know it's a major pain and it seems to be dragging on forever but don't give up.

I certainly am not! With a bit of luck, they'll concede before we enter the court room.....(wishful thinking maybe!!)


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## cremeegg (14 Dec 2016)

Brendan Burgess said:


> You do not need to take legal advice. Just cash your cheque.
> 
> You are in no way limiting your ability to
> 
> ...



At the risk of being accused of making pub chat, I would like to know what you are basing this advice on other than the terms of the AIB letter.

As far as I know, and with all the authority of an anonymous internet poster, in law, in general, if you accept a payment, (cash the cheque in this case), that is deemed as acceptance of the amount in settlement.

I expect that if a person cashs the cheque and subsequently appeals, AIB will say, that case was settled, we paid x amount and the customer accepted it. While that may or may not stand up legally, do you really doubt that AIB will try that. Even given the terms of their letter.


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## Brendan Burgess (14 Dec 2016)

Hi cremegg

Well permanent tsb did not try that.  They accepted appeals. Maybe they will try that defence when it gets to the FSO. 

The Central Bank is all over this. 

The pub advice is based on a misunderstandng. AIB is not making an offer in final settlement. They are making a payment. 

Brendan


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## Wardy7 (14 Dec 2016)

> As far as I know, and with all the authority of an anonymous internet poster, in law, in general, if you accept a payment, (cash the cheque in this case), that is deemed as acceptance of the amount in settlement.





That is not the case in this situation. The terms clearly state that you are free to appeal whether you accept the cheque or not. This money is ours and the appeals process is there to determine if more money should be paid.....not to dispute what has been issued.

The point has already been proven by those of us with PTSB.


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## Dubhlin (14 Dec 2016)

Is this an expectation ,  that the Ptsb will move to settle befor a high court judge hears the case ?? 




Wardy7 said:


> That really is pathetic! Keep going. I know it's a major pain and it seems to be dragging on forever but don't give up.
> 
> I certainly am not! With a bit of luck, they'll concede before we enter the court room.....(wishful thinking maybe!!)


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## Suz2015 (14 Dec 2016)

Hi Dubhlin, do you mind if I ask if you had a Financial Advisor/Solicitor help with your appeal or did you go it alone? Thanks!


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## Wardy7 (15 Dec 2016)

Dubhlin said:


> Is this an expectation ,  that the Ptsb will move to settle befor a high court judge hears the case ??



No.....I'm just being optimistic!!  That's what they did with the main tracker issue originally so it looks like they like to take it to the wire. Because they have done this previously, there's every possibility that they would again though??


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## Gerry Canning (15 Dec 2016)

I am inclined to think as follows.

In those cases were people managed to survive = take the money.
In those cases were real hardship can be shown = appeal for more money..
In those cases were life was ruined = sue.

General, If you have survived thus far , take any half reasonable closure and get on with your life.

I accept AIB etc are @ best ,their usual chancers , but whats new about that !


=


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## noproblem (15 Dec 2016)

Gerry Canning said:


> I am inclined to think as follows.
> 
> In those cases were people managed to survive = take the money.
> In those cases were real hardship can be shown = appeal for more money..
> ...




At long last, some pure common sense.


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## Brendan Burgess (15 Dec 2016)

A good summary, but 

If your life was ruined, you should appeal before suing. 

If you get enough money on the appeal, you will get it done a lot quicker and it will cost you a lot less. 

If you don't like the result of the appeal, then sue. 

I also suspect that you will be better placed to sue as you will see the arguments they use. 

Brendan


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