AIB AIB has accepted the Ombudsman's decision and will be rolling it out to 5,900 impacted customers

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I have just reread the letter AIB sent to the ombudsman and there is no mention of July all it says is the end of August
 
This is from the AIB website:

Once we have reviewed all accounts in the cohort and determined the relevant payments we will write to each Customer. Customers will receive a letter and their payment in July and August following the capital reduction being made

This states July and August
 
Got the wife to ring the unhelp line this morning. Same story. You won't know if your included until the end of August and everyones account would be reviewed.
 
Got a letter today to say they received my letter ( When I complained and looked for my arrears and restructuring to be wiped too). They said my account was already compensated ( The €1600 in 2017) but because of the Ombudsman decision on a trial case a further review is in place and will be writing to me in August. So basically ignored my comments in the letter
 
I wonder would the compensations filter through according to your mortgage payment in august. I.e they work out compensation / interest owed up to the day you make your August payment then adjust your monthly payment from the end of that day.
 
Familyman77 said:
I wonder would the compensations filter through according to your mortgage payment in august. I.e they work out compensation / interest owed up to the day you make your August payment then adjust your monthly payment from the end of that day.
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I can’t see them being that organized . I suspect the letters will be issued from next week onwards in batches . More complex cases will probably be done last . I’m not expecting anything to arrive until 31/8
 
As quoted above, it says on website that letters will be issued after the capital reduction, so I will be checking my mortgage balance on internet banking daily for the next while! They've a lot of accounts to get through so I'd imagine the above poster is right that they will have to start issuing shortly to meet the deadline they have published
 
Brendan Burgess said:
Apparently AIB has informed Padraic Kissane that they will begin sending out letters at the end of July, but in batches.

Due to the large number, it may go on beyond the end of August.

Brendan
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Brendan

Do you mind if I ask a question, now that you mention Padraic? Way way back when before we had any knowledge of AAM, we were aware of Padraic and for a while we were in contact with his office post receipt of the €1,615. As I remember it, Padraic was putting together a group of people who did receive the initial redress for potential action against AIB. Ultimately we didn't end up as part of it because our mortgage, despite being in train from Sept/Oct 2008, only drew down in December 2008 so I don't believe we met the criteria at that time set by Padraic.

A friend of ours was part of that group with Padraic but I don't believe it went to court (though maybe it one of the cases you got AIB to admit to on the day of the board meeting). Anyway said friend ultimately joined this forum recently to express thanks to yourself for getting everything as far as you did, because this win was very much at your door, picking Karen, framing the case, co-ordinating the rest of us into action (and this isn't in any way to diminish all the work Padraic has done over the years, it is just the reality of this redress that you drove it with the FSPO and here)...

Anyway, after my long winded intro, given that you note Padraic, my impression at least was that his is a more legalistic route (I could be wrong here) and if it was, would that suggest AIB might be considering trying to avoid any further action, given they have given so much ground already and there seems to be a number of people here at least willing to take further steps, not to mention the cases on the steps you got AIB to admit to?

Purely idle speculation on my part, probably well off the mark.
 
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Megafan said:
would that suggest AIB might be considering trying to avoid anything further action,
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I can't predict AIB's bizarre behaviour with any confidence.

Of course, they should be trying to avoid legal action. But at the same time, they seem to be telling some people that they don't qualify.

Brendan
 
Brendan Burgess said:
Apparently AIB has informed Padraic Kissane that they will begin sending out letters at the end of July, but in batches.

Due to the large number, it may go on beyond the end of August.

Brendan
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The mind boggles at how they are making such a meal out of this! Surely even AIB can issue letters in there 1000's with ease. At the end of the day its just a mail merge from a fancy spreadsheet!
 
I suppose that the issue is that they don't want to issue the letter to people who are subsequently not affected.

Brendan
 
I would imagine that AIB will go through each and every file again to determine whether it is affected by the Ombudsman’s decision, calculate the amount payable with regard to the decision and have that process rechecked before they start issuing the cheques, especially given the large amounts now involved. Whilst you and I might think it’s a simple matter of cutting a cheque having regard to formulae on spreadsheets (and it probably is), they do have to ensure the calculations are correct and that payments are being correctly applied having regard to the individual customer’s contract. This will likely have been done already as part of the initial payment process over two years ago but it’s likely being done again.
 
Even though AIB have had just under 3 months to get the ball rolling on these mortgage accounts, it is a long drawn out process. In 2018, it was a blanket cheque of €1615 for everyone who met the criteria of Clause 3.2 in their Letter of Offer. This time around, the bank have to most likely manually (through a spreadsheet or some other form) calculate the interest refund from the date that the fixed rate finished and then from that date until now, the value of the refund. I would say that AIB will take their time in completing this as they will not want a string of appeals. Also my understanding is that each case/refund/cheque will have to be verified by a 3rd party Accountancy firm as was in the case of the original Tracker mortgage redress scheme.
 
I hope everyone has found any documents with the date (and hopefully amount) when you came off your fixed rate and then went to the sticky thread with the online calculator (https://www.askaboutmoney.com/threads/aib-prevailing-rate-refund-calculator.217833/) and work out how much you think you're due. Who knows what will be in the actual letter they send out but I want to make sure they match up with the documents I have here.
 
I would imagine it is the same for everyone here, but receiving that money sooner rather than later would greatly ease the current financial pressure and stress on us.
Fingers crossed we all are dealt with early this month.
 
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