Hello All. This is my first post, I'm long time lurker and so grateful for what you are doing here, in fact when I received my mortgage writedown, this community was my first port of call for an explanation - not AIB. I received my interest cheque today and the accompanying letter explained the date they used for the calculation from etc. I phoned up to clarify dates and it appears that when we switched mortgage from another bank to AIB on 19 Dec 2008, we were not offered a tracker and instead were put onto a variable rate, in March 2010 we fixed for two years and came off that rate in March 2012 which is the date our writedown and interest was calculated from.
Don't get me wrong, I have viewed this as a windfall as we were completely ignorant of the whole prevailing rate issue, however my husband views this somewhat differently, he rightly counts this as our money being returned to us and now has no faith in the bank for perpetrating this farce on nearly 6000 customers for so many years. He's furious and reminded me that although we never missed payments we were stretched financially for years. We made life decisions based on financial reasons such as working overtime when our children were younger instead of taking them to Sports etc., we and our children have missed out on things that might have been on available to us had the AIB played fair.
My question now is, do we have any grounds to pursue the prevailing tracker rate (much like the 300 cohort) based on the fact that we were never offered a tracker at drawdown? I think not but you can't help feeling duped and as others on here have noted, even though we are being refunded, there is no spirit of apology or reconciliation from AIB and that just compounds the matter.