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

I rang the 1800 235 460 number.
The person on the other end of the line was able to provide me with no information and recommended that I call the 0818 300 070 number.
I called that number and the person was able to search for my name (it took over 5 minutes) to see if the cheque/letter was generated.

1) I asked if it was posted. - I was told that if the cheque was raised it would be listed. It was not. Apparently it takes two days to show so maybe it was raised yesterday. I was told to expect something next week.
2) I asked if he or anyone else could confirm the amount - he could not because it was not on the system.
3) I asked if they could confirm that the cheque would be posted out to my current address. It turns out they had my address down as 25 as opposed to 23. I explained I was under severe financial pressure and therefore sending it to the wrong address would cause delays and compound the problem. I was placed on hold again. He then said that I could cancel the cheque and they would re-issue it. I told them that I could not countenance causing a further delay, despite the fact that a neighbour could, on impulse, open a letter addressed to me and know my personal business.
I told the person I would knock into 25 and ask them to keep an eye out for it.


Unbelievable.

Hi all,

Cheque has arrived and been lodged (missed a call from my branch querying the cheque, so can't wait to mention it's a tracker scandal refund! As long as AIB has the funds of course).

Words obviously don't come close, but firstly a huge thanks to Brendan and all his work and having this website that kept me sane and informed over the last few years. It was always great to know my family were not alone and others has also been done over by AIB. The strength that brought us cannot be quantified.

Heartfelt thanks to Karen for stepping up and lodging the complaint with Brendan. Also to Paul, "Bungaro" and the rest who organised the legal stuff a few years back and has been on the group email every so often keeping us posted and always kept fighting. As they say at the Oscars- Thanks to anyone else i haven't mentioned...You know who you are.

It has been emotional and hopefully all the rest of you get your cheque in the coming days. All those things we denied ourselves over the years due to the onerous mortgage payments have certainly amounted to a life changing amount. I once lodged my Xmas money to meet the mortgage...dark days! Payback has arrived at last!

scotracker said:

Hi all,

Cheque has arrived and been lodged (missed a call from my branch querying the cheque, so can't wait to mention it's a tracker scandal refund! As long as AIB has the funds of course).

Words obviously don't come close, but firstly a huge thanks to Brendan and all his work and having this website that kept me sane and informed over the last few years. It was always great to know my family were not alone and others has also been done over by AIB. The strength that brought us cannot be quantified.

Heartfelt thanks to Karen for stepping up and lodging the complaint with Brendan. Also to Paul, "Bungaro" and the rest who organised the legal stuff a few years back and has been on the group email every so often keeping us posted and always kept fighting. As they say at the Oscars- Thanks to anyone else i haven't mentioned...You know who you are.

It has been emotional and hopefully all the rest of you get your cheque in the coming days. All those things we denied ourselves over the years due to the onerous mortgage payments have certainly amounted to a life changing amount. I once lodged my Xmas money to meet the mortgage...dark days! Payback has arrived at last!

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I wouldnt worry about the missed call, that was more than likely just to try convince you to go in and meet with a financial planner. Any time they see somebody lodge a large cheque the dollar signs appear in their eyeballs and they hope to get another referral on the board.

Jayom75 said:

Look. I entirely agree. I’m was in the same boat until I discovered I’m in the 300 group.

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 Jayom75

As part of the 300 group what can we expect to receive for example on a mortgage of EUR200k in 2008.

Plus what further actions are you considering at a High Court level.

Best wishes.

JJ

Jumping Jenson said:

Hi Jayom75

As part of the 300 group what can we expect to receive for example on a mortgage of EUR200k in 2008.

Plus what further actions are you considering at a High Court level.

Best wishes.

JJ

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Brendan a quick question please, I have a split mortgage agreed with the AIB in April 2014. I have received a write down of €10,489.45 on my main mortgage and €4,079.23 on my warehoused portion. I am currently waiting on my interest cheque After the initial payment of €1,615 however I was offered a tracker mortgage with an interest rate of 3.32%. I am wondering as the European Central Bank Rate is currently (I believe 0%, please correct me if I am wrong) does this rate seem correct to you. Thanks.

Hi T

That was just to meet their obligations to offer you a tracker. Ignore it as it was set to be too high for anyone to accept it.

Brendan

Brendan Burgess said:

Hi T

That was just to meet their obligations to offer you a tracker. Ignore it as it was set to be too high for anyone to accept it.

Brendan

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Thanks Brendan, I accepted the tracker deal in 2018. This was before the hight court case and I was worried I would not be offered one again had I not taken the deal. Does this mean I have been paying too high an interest rate since 2018, and if so will they offer a reduced rate or refund the excess amount paid ? Many Thanks.

Jumping Jenson said:

Plus what further actions are you considering at a High Court level.

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Hi there. I expect I'll await and see what comes in the post (if it ever comes!) and the breakdown/calculation of the figures before I consider any formal action. From what I'm reading on these threads, I'm not inspired by confidence in AIB.

Brendan Burgess said:

Hi blue steel

The main point of our case was that no one can say now what would have happened.

However, it's extremely unlikely that the margin would have been 0.5% given that it was increased to 1.5% in July 2008.

Brendan

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I think the point is right though Brendan. If AIB had offered trackers at ECB + 5% upon expiry of fixed rates it is hard to see how would have ever ended up in the position they did. 3.2 was a contractual guarantee of a tracker rate but never specified the margin to be charged. It was an easier way out of this than all the obstruction that has transpired in the years since. I am surprised none of their legal suits did not push this as a strategy for dealing with the end of fixed rate terms. Instead they ended up in academic hyperbole retrofitting trackers of 7.9% etc

it all seems straight forward now but if you remember they were crazy times for the financial industry.

I imagine their legal and compliance teams were more focused on stopping the bank going to the wall

I have now received my cheque & everything is in order so to use a popular game show quote “ I’m going to take the money”.
Thanks to everyone on here for their advice and support but particularly Brendan as I was well out of my depth on a lot of this .
Best of luck to you all whatever journey you decide to take.

Hi guys, first post. I’ve been following this forum now for the past 2/3 months with great interest. Firstly a big thank you to all who were involved in getting this far, especially Brendan. My wife and I are part of the 5900 that got the 12% write down on our mortgage and according to the excel sheet from another post we are due just under €11,000 back in interest. I am just wondering is there many of us still like me who have still not received the cheque in the post. I am unfortunately still waiting....I know AIB said in August and there are still a few days left but just getting nervous as a lot of people seemed to have received theirs......

Seanin said:

Hi guys, first post. I’ve been following this forum now for the past 2/3 months with great interest. Firstly a big thank you to all who were involved in getting this far, especially Brendan. My wife and I are part of the 5900 that got the 12% write down on our mortgage and according to the excel sheet from another post we are due just under €11,000 back in interest. I am just wondering is there many of us still like me who have still not received the cheque in the post. I am unfortunately still waiting....I know AIB said in August and there are still a few days left but just getting nervous as a lot of people seemed to have received theirs......

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I’m still waiting too ...

Delighted said:

I’m still waiting too ...

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Sound job. I’m not the only one so!

Also waiting . I have a split mortgage . I have been advised I should receive the cheque no later than Wednesday next week

Still waiting too....I’ve never watched for the postman more!! Hopefully Monday....the last day of August...

I’m on a split and haven’t received a cheque yet. Did receive two separate reductions on my parked mortgage. July - capital reduction, August - lender reduction - not sure why two transactions. Haven’t got main account statement yet.

Squirrelstown said:

lender reduction - not sure why two transactions.

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Well well well.........

I closed my mortgage 18 months ago so didn’t get a write down (just a cheque settlement) which has been accepted.

No idea when it will land but just under €50k for me.

Thanks to all & everyone who had anything to do with this.

A great victory but one that leaves a dark stain on AIB.