# 300 Cohort - Mortgage has been written down



## MarkMul (29 Sep 2020)

Hi,

It looks like I will be getting redressed using the CBI tracker mortgage redress scheme as opposed to the Ombudsman decision.

My mortgage was written down by €10,500 today, the write down would have been closer to €28K using the Ombudsman formula. 

So it looks like that decision has been made for me - no correspondence from AIB yet on the matter. I'm looking forward to seeing the break down. 

Mark


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## Brendan Burgess (29 Sep 2020)

Hi Mark

You won't lose out. 

Let's say that under the Ombudsman formula the  write down would have been €28k and the interest refund would have been 10k giving total redress of €38k. 

Under the Central Bank scheme, the total redress will be at least €38k, but let's say €38k.

You have got a write down of €10,500 so the interest refund will be €27,500 . 

And you can decide what to do with that. You can of course pay it off your mortgage or you might decide with a tracker rate of 1.74% you might prefer to put the cash in your pension. 

Brendan


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## MarkMul (29 Sep 2020)

Yes - I am very happy with that Brendan. My mind was on the 38K figure and anything else would be a bonus so Im chuffed we got the CBI scheme, it means it 38K +


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## Ericson (29 Sep 2020)

I'm in the same boat. My mortgage was written down by 26K last week (no correspondence re same) but would have been expecting 31.5K under Ombudsman scheme. Actually as I write maybe that is 31k less 5K cheque already received. 

I'm confused now!! I think I'll wait until I get a letter if I ever do


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## Brendan Burgess (30 Sep 2020)

Ericson said:


> I think I'll wait until I get a letter if I ever do



I think so.  It's  all very complicated and AIB is difficult to predict.

Brendan


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## Brendan Burgess (6 Oct 2020)

Hi Mark or Ericson

I am trying to figure out what is going on here? 

Have you had any correspondence from AIB at all? 

1) I presume that they have told you that you are in the 300 cohort and have sent you a downpayment of €5,000? 

2) The next you saw was a mortgage write down?  But no explanation? 

3) Have they changed your mortgage rate or offered you the new rate? 

If you have received correspondence, could you email it to me at brendan at askaboutmoney dot com 

Thanks


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## MarkMul (6 Oct 2020)

Brendan Burgess said:


> Hi Mark or Ericson
> 
> I am trying to figure out what is going on here?
> 
> ...


Hi Brendan,

1) I presume that they have told you that you are in the 300 cohort and have sent you a downpayment of €5,000?
Yes, got the cheque for 5K the first week of September

2) The next you saw was a mortgage write down?  But no explanation?
Correct - mortgage written down 22/09 by a value that suggests outside the FIPSO agreement and in line with the 'regular' CBI protocol.
No correspondence for AIB

3) Have they changed your mortgage rate or offered you the new rate?
Yes - applied 08/09. No correspondence 

The only correspondence I got was the original one with the 5K cheque. Let me know if you want me to email that to you

regards,
Mark


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## Brendan Burgess (6 Oct 2020)

Thanks Mark

This is the main part of the letter which was sent with the €5k cheque.


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## Brendan Burgess (6 Oct 2020)

MarkMul said:


> 3) Have they changed your mortgage rate or offered you the new rate?
> Yes - applied 08/09. No correspondence



Hi Mark
What rate were you on?

What rate did they reduce it to? 

Brendan


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## brian1 (6 Oct 2020)

In case it helps Brendan.

I'm one of the 300 (confirmed by phone) and so far:

- Received cheque for €5,000, needed to be sent back for re-issue as in both names, haven't gotten it back yet.
- Mortgage rate reduced to 1.74% from the standard variable (I think 2.95%), no correspondence from AIB about this change.
- Got a "TRACKER REFUND" write down on mortgage a couple of days later, no correspondence from AIB about this change.

Based on the calculator, the write down looks to be the interest element, or pretty close to that. So I'm assuming I'm under the Central Bank scheme.

Haven't gotten any correspondence from AIB beyond what came with the €5000 cheque.


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## Ericson (8 Oct 2020)

Brendan Burgess said:


> Hi Mark or Ericson
> 
> I am trying to figure out what is going on here?
> 
> ...



No correspondence from AIB since phone calll & subsequent letter of 27-8-2020 advising that I was in 300 cohort and would be looked at under both FSPO & TME


1) I presume that they have told you that you are in the 300 cohort and have sent you a downpayment of €5,000? - Got €5,000 cheque with letter of 27 August

2) The next you saw was a mortgage write down?  But no explanation? Interest rate dropped to 1.74 from 3.15 on 7 September - no correspondence
Tracker refund of 26K credited to mortgage on 23 September -  still no correspondence

3) Have they changed your mortgage rate or offered you the new rate? As above - 1.74% automatically applied as above

If you have received correspondence, could you email it to me at brendan at askaboutmoney dot com


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## Brendan Burgess (8 Oct 2020)

Guys

Thanks for the updates.  It's very frustrating trying to figure out what they are doing.

Brendan


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## Brendan Burgess (30 Oct 2020)

Folks

If you want to moan start a new thread.   "The 300 Cohort - are we there yet?" .

It's annoying seeing that the thread has been updated to find that it is just another "no sign of the postman - isn't AIB terrible?"

Please only post news to this or questions and "When do you think they will respond " is not a question.

I have deleted all the "Has anyone heard anything yet?" posts.

Brendan


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## pleb13 (2 Nov 2020)

Update - Rang AIB this morning to check the status with the '300 October' correspondence - they said they have posted it last Friday and to expect it Tues/Wed this week.


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