# Not sure if this compensation will apply to me



## Clodagh (18 Apr 2020)

Hi, am wondering if someone could help me. In early 2018 we received a cheque for €1615 from AIB. We appealed to see if we qualified for any further compensation and we were told that we didn’t qualify for anything further and this was just a good Will gesture. To be honest we just took that at its word and didn’t do any more about it. I’m thinking this latest announcement doesn’t include us but I am not sure. We were never on a tracker rate mortgage. We were on a fixed rate mortgage starting when we built our house in 2005. I suppose really I’m just secretly praying that anyone that got the €1615 compensation initially is now entitled to this further compensation but I’m guessing I wouldn’t be that lucky?? Thanks so much for any advice you may have??


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## tnegun (18 Apr 2020)

You likely are that lucky  the €1615 cheque was issued to all customers who had the option of a Prevailing rate tracker in their contract.


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## Clodagh (18 Apr 2020)

Really?!?!? Can’t believe it!!  Has anyone received a letter yet? Should I contact them, or will they be in touch? I just presumed when I appealed it and they came back to say I wasn’t entitled to anything further that was just it. Feel so stupid now.


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## tnegun (18 Apr 2020)

You don't need to do anything just follow this thread https://www.askaboutmoney.com/threa...ng-it-out-to-5-900-impacted-customers.216968/ 

If you have it dig out your mortgage contract and look for the 3.2 clause but having got the cheque for 1615 its very likely. What did the letter say?


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## Clodagh (18 Apr 2020)

I don’t think it will include me. I’ve read the statement on AIB website and under the FAQ I clicked on how do I know if the review affected me it’s states you may have been affected if 1. You were on a tracker interest rate and then moved to a different rate or 2. You were on a tracker interest rate and your margin increased. Unfortunately neither apply to me as I never had a tracker mortgage. Ah well, was worth a try


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## Brendan Burgess (18 Apr 2020)

As I have pointed out in another thread, that FAQ seems to be an old one.

If you got the letter , you are included.

Brendan


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## zxcvbnm (18 Apr 2020)

You’re in luck. As Brendan says, if you got the 1615 letter you’re in.


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## Clodagh (18 Apr 2020)

Do you mean a letter recently or the original letter with compensation of €1615 in 2018? I haven’t received anything since I appealed it then and they came back to say I wasn’t entitled to anything further. Did they issue letters recently?


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## tnegun (18 Apr 2020)

Yes thats the letter, AIB have issued nothing since


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## zxcvbnm (18 Apr 2020)

The ombudsman last feb made a decision against the bank. And that was formalised this week. Meaning they overruled AIBs view that customers  whe were not entitled to anything  further.

You may well not have had a tracker. But the point of this ruling is that when you left your fixed rate you should have been given the option of being put on a tracker but were not.


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## Clodagh (18 Apr 2020)

So this is a copy of the letter we originally received and I’ve also attached that section of contract....


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## tnegun (18 Apr 2020)

No doubt you are included


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## zxcvbnm (18 Apr 2020)

Ya. That's the standard letter we all received.

Our argument is we shoujd have been offered a tracker rate when we came off our fixed rate mortgages but were not offered it. 
 In that letter AIB claim that at the end of your fixed rate contract, the prevailing rate would have been 7.9% so in effect no loss to us => 1615 given as a token for technical breach of contract. 

Brendan Burgess (who posted above in this thread) challenged this argument and used one individual as a test case to bring to the ombudsman. 

The ombudsman has ruled that Brendan’s test case is correct and the banks statement in that letter is incorrect. 

The net effect to you is your mortgage will be reduced by 12% of whatever it was back in 2010 and you will additionally receive around 4% of that amount in cash.


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## Clodagh (18 Apr 2020)

thank you so much for taking the time to help with my queries. Will I just leave contacting AIB to check eligibility so and wait to hear from them?


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## Clodagh (19 Apr 2020)

I’m sorry for another query on this. I’ve looked back and we took out our fixed rate in April 2007 for one year and then went on to variable. So we would have been on a variable rate from April 2008, am I correct in saying the tracker wasn’t withdrawn until Oct 2008 and if so we would this make us exempt from compensation if tracker was available in the April??? As above we have received the €1615 and when we appealed it was declined and this is why I didn’t take it any further as I thought the fact that our fixed rate ended in the April of 2008 we didn’t have a case? Could anyone help with this?


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## Brendan Burgess (19 Apr 2020)

Your contract said that you would have a choice of a tracker at the end of _any _fixed rate period. 

So you must have had a fixed rate mortgage at some stage which ended after October 2008 and they did not offer you a tracker. 

If you did not have a fixed rate which ended after October 2008, then you should not have received that cheque.

The best thing to do is to look at the letter you got or just wait until July to see what they say to you.

Brendan


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## Shaquinn4 (19 Apr 2020)

Hi, I am wondering if you could help me. We received the payment in early 2018 for compensation for not being offered a tracker mortgage at the time.  We drew Down our mortgage in Dec 2008 and went on a fixed rate. Do you think we will be in this next cohort of refunds. Thank you


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## October2019 (19 Apr 2020)

Hi Shaq,

if you received the €1615 compensation you are included - thanks


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## Shaquinn4 (19 Apr 2020)

October2019 said:


> Hi Shaq,
> 
> if you received the €1615 compensation you are included - thanks


Thanks for your reply, I just find it hard to believe that I am until  I see it in a letter.


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## October2019 (19 Apr 2020)

understandable considering the mess AIB made of this but believe me you are - have a nice day!!


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## Shaquinn4 (19 Apr 2020)

October2019 said:


> understandable considering the mess AIB made of this but believe me you are - have a nice day!!


Thank you


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## Clodagh (19 Apr 2020)

In places you read there could be many more thousands affected than the 5,900 stated. Can I ask what makes their circumstances different and did those people also receive the €1615??


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## bungaro (19 Apr 2020)

I'm not too sure about that Clodagh. There were lots of people who didn't realise about the 3.2 Clause until they got the cheque for 1615 a few years back but I'd be assuming that the 5900 is pretty accurate


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## Clodagh (19 Apr 2020)

Also I didn’t receive my cheque until 15th March 2018 where a lot of people seem to have received theirs in 2017 so I’m wondering am I in a different position to the 5,900 relating to this


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## Cmd1611 (19 Apr 2020)

Clodagh said:


> Also I didn’t receive my cheque until 15th March 2018 where a lot of people seem to have received theirs in 2017 so I’m wondering am I in a different position to the 5,900 relating to this


Received my cheque in March 2018. Asked similar questions a few months ago.
The responses consistently are if you have clause 3.2 and recieved the cheque you are included.


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