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

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I can't see why they would repay the breakage costs? You took out a fixed mortgage. You chose to break out of it. AIB had done nothing wrong at that stage.

After you paid the break fee and broke out, they should have offered you a tracker. So you should get the 12% based on the 2009 balance.

However, in ptsb's case, they are claiming that people who broke out early would get the compensation from the scheduled date. I don't know how the Ombudsman will rule on that.

Brenda
 
How do I find out what rates and mortgage types we have been on over the years? Drew down mortgage 2008.
Would we have to request this from bank? Is there a specific document I should request in that case?
Thanks
 
Hi Brendan, firstly thanks for all your help in this matter

My story is I fixed my mortgage in 2006 and came out in 2009, should have been offered a tracker but wasn't, got the 1615 and the bank confirmed earlier in the week then I am one of the 5600. My mortgage was 230K at the time so based on the 12% calculation I am due 27K

I ordered a Certificate of Interest off them so calculate all the interest i have paid over the last 11 years and it amounts to 72K

I am not sure what the difference between interest charged would have been if i was on tracker but i am presuming it amounts to 27K therefore i was overpaying my mortgage by 200 euro a month (27000/132 repayments)

Finally a question :) Would it not make better financially sense to us if the 200 euro was taken off the top of the mortgage every month for the last 11 years instead of 27K now?
 
It doesn't matter whether it makes sense or not.

1) That was the Ombudsman's decision in Karen's case.

2) If AIB implements the Ombudsman's decision as is , then that is what they will do.

3) Anyone who is not happy can go to the Ombudsman or the High Court.

Brendan
 
TCronin said:
Hi Brendan, firstly thanks for all your help in this matter

My story is I fixed my mortgage in 2006 and came out in 2009, should have been offered a tracker but wasn't, got the 1615 and the bank confirmed earlier in the week then I am one of the 5600. My mortgage was 230K at the time so based on the 12% calculation I am due 27K

I ordered a Certificate of Interest off them so calculate all the interest i have paid over the last 11 years and it amounts to 72K

I am not sure what the difference between interest charged would have been if i was on tracker but i am presuming it amounts to 27K therefore i was overpaying my mortgage by 200 euro a month (27000/132 repayments)

Finally a question :) Would it not make better financially sense to us if the 200 euro was taken off the top of the mortgage every month for the last 11 years instead of 27K now?
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Hi just a question. You say bank confirmed earlier in week you were one of the cohort. Can I ask if you rang them or did they inform you by letter?
 
There is a specific tracker redress helpline with AIB. Their number is 1800 23 54 60.
You can call them to make an enquiry and they are pretty helpful.

in my case I received the 1615 Cheque but had no details of the mortgage, rates etc as we had sold.

I rang them looking for details and the put me in touch with the data retention team who sent me copies of all personal details and correspondence on file.

they sent me copy of letter if offer but no details re clauses.
I rang the tracker team again to confirm and they said they didn’t send it out as it was not a personal document, it was a standard insert of their terms and conditions at the time.

the tracker team reconfirmed I had clause 3.2. That I was one of the affected customers. They also confirmed the date I came off my first fixed rate within the time period (that’s the one that matters irrespective if you fixed again afterwards) as well as the date the mortgage closed off.

if you have any questions about your own mortgage suggest calling them they were particularly helpful.

they confirmed for me the balance of the mortgage at the time, the date I came off fixed rate (nov 2008) and the date mortgage closed (Jan 2017)
 
rustbucket said:
There is a specific tracker redress helpline with AIB. Their number is 1800 23 54 60.
You can call them to make an enquiry and they are pretty helpful.

in my case I received the 1615 Cheque but had no details of the mortgage, rates etc as we had sold.

I rang them looking for details and the put me in touch with the data retention team who sent me copies of all personal details and correspondence on file.

they sent me copy of letter if offer but no details re clauses.
I rang the tracker team again to confirm and they said they didn’t send it out as it was not a personal document, it was a standard insert of their terms and conditions at the time.

the tracker team reconfirmed I had clause 3.2. That I was one of the affected customers. They also confirmed the date I came off my first fixed rate within the time period (that’s the one that matters irrespective if you fixed again afterwards) as well as the date the mortgage closed off.

if you have any questions about your own mortgage suggest calling them they were particularly helpful.

they confirmed for me the balance of the mortgage at the time, the date I came off fixed rate (nov 2008) and the date mortgage closed (Jan 2017)
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Many Thanks for the information.
 
Brendan, You should be very very proud of yourself. We are very grateful for all your hard work on behalf of others. God Bless.
 
Marcel said:
Hi All, we received the cheque of €1,615 and are happy with the ombudsman decision. We drew down our mortgage is 2008 and fixed for 3 years. In 2009 we paid to come off the fixed rate to variable. I am just wondering will the 12% calculation be calculated from 2009 or 2011 when it was supposed to finish if we hadn’t broke out. Also do you think we might get the breakage cost refunded? Thanks
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Same as that, cost me a lot to break out, and felt I was let to fix, and tr tracker was not spoken about when I drew down, although I have the 3.2 clause. So happy with the outcome, apart from the breakage cost being still stuck in my throat after all these years !! That back would mean an awful lot.
 
Brendan Burgess said:
It doesn't matter whether it makes sense or not.

1) That was the Ombudsman's decision in Karen's case.

2) If AIB implements the Ombudsman's decision as is , then that is what they will do.

3) Anyone who is not happy can go to the Ombudsman or the High Court.

Brendan
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Do you know when the Ombudsman is likely to publish the decision on Karen's case?
 
Many thanks to you Brendan for your persistence with this matter over the years. We are one of those couples who did not know we were affected at all until we received the €1615 cheque and we used your templates as the whole way through the appeals process. We would not have known where to begin without your guidance and now it looks as though we'll be in line for a nice payout in July/August. You are directly responsible as far as we see it and we would be delighted to contribute by way of donation to a charity of your choice at the end of all of this. Thanks again. God bless.
 
Brendan, I would also like to contribution something. I know in other posts there are discussion about high court proceedings. A contribution to this might be a good idea.
 
we too would like to thank Brendan sincerely with all your sound advice & Direction on this, you should be very proud, Thank you, it is so much appreciated.
 
Marcel said:
I am just wondering will the 12% calculation be calculated from 2009 or 2011 when it was supposed to finish if we hadn’t broke out. Also do you think we might get the breakage cost refunded? Thanks
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Similar to you we broke in 2009 too. I've done the sums and there isn't much in it, the savings from braking early plus writedown and interest are about equal to the breakage fee, if they write down from the original date the fixed should have expired then there is a loss of about 4k overall.
 
tnegun said:
Similar to you we broke in 2009 too. I've done the sums and there isn't much in it, the savings from braking early plus writedown and interest are about equal to the breakage fee, if they write down from the original date the fixed should have expired then there is a loss of about 4k overall.
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Hi, the redress is from when you rolled off a fixed rate, therefore you rolled off the fixed rate in 2009.
You paid a premium to do this.
 
I'm hoping and will argue the same too. It was mentioned elsewhere that there's precedence for it being the original date the fixed rate was due to expire as with some PTSB cases. Our breakage cost was tacked on to the principal too so will be interesting to see do the calculations include it.
 
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