AIB Are we there yet? Are we there yet? Are we there yet?

One thing I don’t understand: a breach of contract, surely when it is a major breach, said contract can become null and void?
 
No. The breach of a term of a contract does not make the contract void. So you still owe the money. It is the interest rate which is in dispute.

And if someone takes this to the Courts, AIB will argue that it was not a breach of contract.

And even if it was a breach of contract, the borrower had not lost out.

I don't agree with that argument, but that is AIB's argument. While the Ombudsman agreed with us, a judge could agree with AIB or us.

Brendan
 
LetItBe said:
One thing I don’t understand: a breach of contract, surely when it is a major breach, said contract can become null and void?
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Some breaches are so fundamental they can result in the other party walking away from the contract. Such a breach is known as a repudiatory breach and would have to go to the root of the contract. So, if you signed the mortgage and AIB refused to allow drawdown of the funds, AIB couldn’t then insist on your repaying the mortgage. This would be a repudiatory breach and the customer could validly walk away from the contract.

I don’t see AIB’s breach of 3.2 as such a breach.
 
Jayom75 said:
Some breaches are so fundamental they can result in the other party walking away from the contract. Such a breach is known as a repudiatory breach and would have to go to the root of the contract. So, if you signed the mortgage and AIB refused to allow drawdown of the funds, AIB couldn’t then insist on your repaying the mortgage. This would be a repudiatory breach and the customer could validly walk away from the contract.

I don’t see AIB’s breach of 3.2 as such a breach.
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Thank you for that, appreciate the explanation. One more question though: when I rang them back in 2018, after receiving the initial 1650, I asked them if I should seek legal advice etc but was told no, I had absolutely nothing to question, nothing to query etc. They made it sound that we lucked out to be receiving that cheque. Hence why I’m genuinely stumped.
 
LetItBe said:
Thank you for that, appreciate the explanation. One more question though: when I rang them back in 2018, after receiving the initial 1650, I asked them if I should seek legal advice etc but was told no, I had absolutely nothing to question, nothing to query etc. They made it sound that we lucked out to be receiving that cheque. Hence why I’m genuinely stumped.
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€615 of the €1,615 was notionally to go towards the seeking of legal advice.
 
Jayom75 said:
€615 of the €1,615 was notionally to go towards the seeking of legal advice.
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I know but hence my point, I was purposely told not to pursue it. I never knew about the 3:2. How would I of. My confusion is that the helpline(really?) were evidently instructed to say that there was no reason to pursue. I was pregnant, we were in arrears, we were both just getting back on our feet career wise so I felt like it was a little bonus. We are now 2 years without missing a payment, arrears capitalized. This end result is phenomenal for us. But, I can’t shrug the feeling that we should at least be put on a tracker as per contract.
 
LetItBe said:
I know but hence my point, I was purposely told not to pursue it. I never knew about the 3:2. How would I of. My confusion is that the helpline(really?) were evidently instructed to say that there was no reason to pursue. I was pregnant, we were in arrears, we were both just getting back on our feet career wise so I felt like it was a little bonus. We are now 2 years without missing a payment, arrears capitalized. This end result is phenomenal for us. But, I can’t shrug the feeling that we should at least be put on a tracker as per contract.
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Look. I entirely agree. I’m was in the same boat until I discovered I’m in the 300 group.

AIB engaged in minimalization and subterfuge across the board of its wrongs and that filtered down to the helplines.

The CBI even said it as regards the banks’ attitudes towards their breaches.

Heck, even recently, and after the Ombudsman decision, AIB on the phone to me were speaking in riddles after I contacted them on foot of two mysterious letters they sent me about me “not being impacted by the tracker review” but “if you’re considering selling your property, it’s important that you ring us”.

The only way, in my view, that you’ll get clarity as regards an entitlement to be put back on a tracker (and as regards consequential loss) is via the High Court.

And that’s where I’m headed.
 
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Hi All,

General question, what do people expect these letters to say that we don't already know ?

I know there will be a nice cheque with them but what else can they say.

Karen Case
12% write down
Refund of interest. How it was calculated.
Complain to AIB if not happy.
Complain to FSOP

and then it will say AIB are wonderfull and put our customers first maybe not that bit.
 
Tedmonster said:
Hi All,

General question, what do people expect these letters to say that we don't already know ?

I know there will be a nice cheque with them but what else can they say.

Karen Case
12% write down
Refund of interest. How it was calculated.
Complain to AIB if not happy.
Complain to FSOP

and then it will say AIB are wonderfull and put our customers first maybe not that bit.
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The 300 cohort might expect a more detailed calculation.
 
I was led to believe that the 300 cohort will be getting the write down equivalent this month accompanied by a detailed letter with a follow up payment (interest plus compensation plus tracker addressed) later towards end Sept/Oct. That is what helpline said to me on Friday
 
thats very contradictory to what I and others have been told which is

- we'll be getting a cheque for 5K this month

- On the tracker rate for your September prepayment

- calculations to take place between now and October to see if the 12% write down + 4% interest or the refund plus interest plus 15% compensation is more beneficial. We will be getting what ever is the higher amount

anyway we should move any further conversation to the correct thread
 
Guys I know that this thread is to keep other threads on topic. But why you would not discuss your questions about the 300 cohort in that thread, I just don't know.

Brendan
 
Hi Brendan,
Can i ask you if this calculator be used with the 1100 customers that have overpaid on the margin rate and if so what amount do you start with ie is it were you have started your mortgage or is it when they adjusted your mortgage interest rate to correct rate.
Also do you have any idea if those who have been effected will we get compensation and a bit of the mortgage or is it just the interest overpaid.

Thanks for any advice given.
 
Brendan Burgess said:
Guys I know that this thread is to keep other threads on topic. But why you would not discuss your questions about the 300 cohort in that thread, I just don't know.

Brendan
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Sorry Brendan. I get confused and just replied to a post. Will repost in correct thread
 
Stephen byrne said:
I just received my check for €6880 I'm absolutely over the moon
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Hi, if this is too personal you don’t have to reply. I’m just curious how much your write down was for? I’m trying to guess how much I’m due would be nice too have a ball park
Thanks
 
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