AIB Good news if your AIB Fixed rate ended between 10 October 2008 and 12 January 2009

jpbyrne said:
Great news Brendan and well done. Any indication whether the Bank will deduct the amount saved by those who broke off the fixed to a lower variable within the 12 week period ? Thanks
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In November 2008, you were on a fixed of 7% and you paid a break fee to break out for an SVR of 4%

They should have offered you a tracker at the same time so they will compare what you paid on the SVR vs. what you paid on the tracker.

The saving from the fixed to the SVR is not relevant? You paid a break fee for that anyway.

Brendan
 
Thanks Brendan. I understood from previous cases that where a customer broke from a fixed rate the tracker would be applied from the date the fixed rate term would have ended had they not broken. Is it the case here that the tracker rate will be applied from the date of the break? If so then as you say the saving is irrelevant. Thanks
 
PTSB gave people free break fees due a computer error.

So the argument was that these people would not have broken the fixed rate without that error.

So the redress was calculated from the scheduled break date.

With AIB it's different. I can't see how they could claim that you would not have broken.

I doubt that they will make that case, but you will have to wait and see.

Brendan
 
Hi Brendan,
I was one of the 5900 who recently had a capital write down on my mortgage, and a letter stating the interest on the write down, would come in August.
I came off a 3 year fixed in late October 2008 and switched to a variable, so where would this leave me?
 
It has been confirmed to me that the date they use is when you broke out of the fixed-rate or when your fixed-rate had run its course, which ever is earlier.

So if you broke out of your say 3 year fixed rate in November 2008, it is from that date they use for there calculations or if you never broke out of the fixed-rate and you let it fun its course, it will be November 2011.

Again we will have to wait until we get the paperwork, which could be another couple of weeks yet to check all of this.
 
Razor160 said:
I came off a 3 year fixed in late October 2008 and switched to a variable, so where would this leave me?
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Hi Razor

You should not have received the write down yet if you came off the fixed rate in October 2008.

Wait until you get the letter to see what they say.

It's possible that they have put you in the wrong cohort.

Brendan
 
it could be he came off the fixed-rate before 10th October and had a second fixed rate which the FSPO and AIB are applying the redress.
 
Razor160 said:
Can’t remember exact date but think it was around the 25th or 26th!
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Was that the first time you fixed on the mortgage? I believe that is what @aibredress was asking. The write down you received, did the calculation match roughly to what it should be from October 2008?
 
When I say I came off a 3 year fixed in October 2008 I mean the 3 year fixed term had ran its course I initially took out the 3 year fixed in October 2005
 
Yes everything matched up on the calculator.And it was also the only time we had ever fixed our mortgage for a period!
We moved from TSB in 2005 and took out a new mortgage in October 2005 with AIB on a 3yr fixed rate. Once term ended we went onto a variable rate at the end of October 2008!
My capital write down was 21,700 and that was based off 192000. I am still with AIB same mortgage no special circumstances at all.
Ray
 
I opted out of a fixed rate in November 2008 but didn’t have to pay any break out fee. I was only going from 4.9 to 4.5? I believ I am in the 300 cohort as no wrote down yet
 
coolaboola12 said:
Hi Brendan

what do you think of my situation attached

They say they told me by phone in December 2008 that I could break out for free but one month later it was 7000 euro

how can it be free one month and 7k the month after

also in December I just had a message to call AIB but there was no mention of being able to break out for free - obviously if I knew this was an option then I would have called them immediately .
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