AIB AIB options letter before October 2008

verywhys

Frequent Poster
Messages
118
i feel like we might be going round in circles here but..... just from reading your previous take on the letter, "what do you do if you want a tracker".....it does specify sample tracker rates but the letter states that if you want a fixed rate to use tear off.....there ain't no tracker option for anyone other than <=60% LTV and that band didn't even exist.....that is the only point i am trying to make.

This letter would not be AIB's finest work or maybe it was if they were trying to deter customers from availing of a tracker rate??
 
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carlito

Registered User
Messages
8
I wonder was this the only style of "end of fixed term options" letter from AIB prior to Oct 2008 or were any other formats? It could be useful to compare. It might also be useful if there is a more contemporary post 2013 version now that AIB trackers are again on the market (and people still have clause 3.2 in the original contract). I had a look at old posts but didn't see anything. It would be of interest if there was a specific option to select a tracker rate.
 

Robbie R

New Member
Messages
5
Hi - Relatively new to the forum but found this thread that exactly describes the issue I raised with AIB, which they subsequently rejected. Brendan has suggested making a complaint to the Ombudsman but before I do that I am interested to hear if anyone is further down the road with these complaints or if there is a template that people are using? Thanks
 

verywhys

Frequent Poster
Messages
118
Hi - Relatively new to the forum but found this thread that exactly describes the issue I raised with AIB, which they subsequently rejected. Brendan has suggested making a complaint to the Ombudsman but before I do that I am interested to hear if anyone is further down the road with these complaints or if there is a template that people are using? Thanks
Hi @Robbie R,

I have been through the appeals process with the AIB Tracker Panel and i did include all the issues with this letter in my appeal in addition to the prevailing rate argument. I received the usual rejection from the panel with some reference to the Panel agreeing that certain documentation from the Bank could have been clearer but that no further compensation should be awarded.

I haven't gone to the Ombudsman yet.
 

carlito

Registered User
Messages
8
Hi @Robbie R,

To strengthen your complaint it's worth comparing the AIB letter to similar letters sent by other lenders at the time.

Fortunately, there's a post here on askaboutmoney showing a similar PTSB options letter from around the same time here (see the second scan). There is a stark difference with the AIB letter. The options are clearly stated and it was a case of picking one. The AIB letter was far more ambiguous.

Other items to consider:

There is the following from the consumer protect code 2006 (available on the central bank website here) - chapter 2 section 12 Provision of Information to the Consumer

"A regulated entity must ensure that all information it provides to a consumer is clear and comprehensible, and thatkey items are brought to the attention of the consumer. The method of presentation must not disguise, diminish or obscure important information."

Finally under the Tracker Review Framework (here) under section 3.6.1 it states "In the course of the Examination, and in the context of the transparency of the documentationprovided to customers, the lender is to consider whether there was potential to confuse or mislead customers"

This forum and Brendan have been invaluable - I hope the above is of use to you in making your case. Good luck.
 

Robbie R

New Member
Messages
5
Hi @Robbie R,

To strengthen your complaint it's worth comparing the AIB letter to similar letters sent by other lenders at the time.

Fortunately, there's a post here on askaboutmoney showing a similar PTSB options letter from around the same time here (see the second scan). There is a stark difference with the AIB letter. The options are clearly stated and it was a case of picking one. The AIB letter was far more ambiguous.

Other items to consider:

There is the following from the consumer protect code 2006 (available on the central bank website here) - chapter 2 section 12 Provision of Information to the Consumer

"A regulated entity must ensure that all information it provides to a consumer is clear and comprehensible, and thatkey items are brought to the attention of the consumer. The method of presentation must not disguise, diminish or obscure important information."

Finally under the Tracker Review Framework (here) under section 3.6.1 it states "In the course of the Examination, and in the context of the transparency of the documentationprovided to customers, the lender is to consider whether there was potential to confuse or mislead customers"

This forum and Brendan have been invaluable - I hope the above is of use to you in making your case. Good luck.
Carlito,

Thanks a million, this information is gratefully received. It will hopefully be put to good use!
 
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