AIB Can an AIB Prevailing Rate customer try to get a tracker rate and further compensation?

AnTuirse said:
There is nothing to stop this bank increasing its rates over the next 10 years and recouping all this money.
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Well there is nothing to stop you switching your mortgage to another lender if they push the rate up above the market rates.

Brendan
 
A lot. But if people were serious, like we did with the legal opinion, they would chip in to a war chest. 500 euro or a grand each (from the redress) and you'd have a great start to it. We'll see what the mood is like when the cheques start rolling in
 
I think it would be a good idea to start collecting peoples contact details now while there is a lot of hype about this, I know I joined the original group late as I only found out about it by chance and didn't check in very regularly here.
 
Hi guy's first time posting. Great to see people getting there money back. I would also be interested in chipping in the money, if people are interested in taking it further. Also i would like to say a huge thank you to Brendan for all his hard work.
 
Hi Everyone,

I am really interested too in "chipping in" but I believe we can't take a class action in Ireland, the case would have to be one individuals case with the goal of getting a precedent set.

Also if this is going to the HC and AIB lost they would most certainly appeal to the Supreme Court so this wouldn't be a quick win... Maybe a gofundme page...

Kind regards,

Elaine
 
The appeal would be to the Court of Appeal, not the Supreme Court. They may well not appeal - AIB would ultimately be guided by how that court receives cases involving the banks. It may well be that an appeal would not be advisable from the bank’s perspective if the attitude of that Court were perceived to be anti-bank. Whilst the law (contractual interpretation, contra proferens etc) are factors, the policy of the court and the judges is a real factor.
 
I'd be very interested to help see how we could press AIB further. After all, we have all been robbed in front of our own eyes !!!
 
Hi all.

Just registered today as username may show!
Was shocked to see 27K taken off mortgage today. Had not been aware there was further investigation into this 'fraud'... will done to all concerned....

I remember getting the initial payment a few yrs back alright and thought that had been last of it.

If people believe there should be greater compensation keep me in the loop as willing to support further. I can't say we were on breadline, but mortgage payments were a factor in all budgeting over last 9yrs so there should be recourse.
 
I'm definitely willing to be part of any action taken to the high court. One thing though - if as with "Karen's" case one case was selected to move forward to the High Court and a settlement was made subject to a non disclosure agreement where would that leave everyone else who chipped in?
 
Hi guys, I’m one of those surprised to receive my capital reduction today, I’m so embarrassed I didn’t know any of this and thank you from the bottom of my heart for your efforts.
I would love to pool resources and join your fight to get on a tracker account and receive compensation if possible. At one point I had to go on interest only for 18 months. I’m not sure if this weakens or strengthens my case. Thank you all so much
 
We have a couple of issues that we will persue with the FSPO in an attempt to get a competitive tracker from AIB. Our appeal is temporarily on hold pending this redress. The FSPO has said they will contact us in September to see if we still wish to proceed, which we will. Hopefully this will negate any need to deal further with AIB/ BDO.

Personally I do not think I would go to the courts. The half hearted opinion we got from the Senior Council a few years ago wasn't really worth the money and effort and has put me off going down that route. I will continue until our FSPO appeal is exhausted but I think that will be the extent of it.

At first I was pretty irate about not been put onto a tracker (and I completely get why some people still are) but if someone had offered me the current redress (ours will amount to 56K in total) back when we got the €1615 cheque I would have jumped at it. We are planning on moving in the next few years anyway so this redress gives us the freedom to do so.

Needless to say I would wish anyone who does go to the High Court every success. As has been shown just this week the banks are not even above profiteering from a pandemic. AIB has behaved appalingly for years and it gives me great satisfaction and pride that, with huge help from Brendan, we have collectively gotten one over on them.
 
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blue_steel said:
if someone had offered me the current redress (ours will amount to 56K in total) back when we got the €1615 cheque I would have jumped at it.
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Hi blue steel

I fully agree with you.

If AIB had agreed to meet Paul and Brian when they asked at the start and AIB had offered this deal, then this would have been a reasonable compromise.

But AIB wouldn't even meet the representatives to discuss.

When the Ombudsman issued his preliminary decisions, AIB fought it.

So I think it's fair game for people to see if the High Court will give people trackers.

Brendan
 
If AIB fought his preliminary decision then why did they accept it and not appeal to the High Court? Maybe they didn't want to take the risk?!
 
The procedure is that the Ombudsman issues a Preliminary Decision.
Both sides get an opportunity to make further observations.
We made no further observations.
AIB made extensive observations but we declined to respond to them.

The Ombudsman issued a final decision.

At that stage, either side could have gone to the High Court to have it set aside.
We indicated immediately that we were accepting it and not appealing it.
AIB waited the full 35 days before accepting it and paying Karen her redress.

Brendan
 
Interesting though that they fought so aggressively and then gave up... if they really believed they done nothing wrong surely they would have kept fighting! Great for the cohort that they didn't!
 
There is no point in challenging a decision of the Ombudsman in the High Court.

The High Court adopts a policy of curial deference to the Ombudsman. They might not agree with his decision, but they would only overturn it if there was some series of manifestly wrong reasoning.

I say that to consumers as well. If the Ombudsman finds against you - tough. Just live with it.

That was in Karen's case.

If someone goes directly to the High Court, the High Court will hear the case from the start and express its own opinion.

Brendan
 
I agree with blue-steel and Brendan. We lodged a complaint a number of years ago with the FSPO regarding AIB withholding the Tracker , the Margin in the contract says 0% in the relevant column.i commented here the other day that our Actuary has calculated that not getting the tracker now and staying possibly on the current SVR of 3.15% adds an extra nearly 100k in interest over the remaining life of the Mortgage.
our complaint remains on hold and we also are going to proceed with the FSPO.we are still in fighting form here , are sick and tired of dealing with AIB but we are not done here yet.
 
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