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

I jus got off phone with helpline and they confirmed I am in the 300 cohort.

Brendan you have already done so much and answered so many questions. Thank you for this.

My final question on this topic. If you don’t know perhaps you could suggest if you think it’s a reasonable assumption.

I should have been able to take a tracker with me as I traded up. If I am offered/apply for a tracker for the new property should I also expect that this be applied retrospectively from the start date of the mortgage? in essence should they refund me the difference on what I have been paying versus what I would have been paying?
 
rustbucket said:
I jus got off phone with helpline and they confirmed I am in the 300 cohort.
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Did they actually confirm this? I rang on Friday and was told "I can't confirm you are and can't confirm you are not as they are still reviewing"
 
Catlen said:
Did they actually confirm this? I rang on Friday and was told "I can't confirm you are and can't confirm you are not as they are still reviewing"
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Yes. Confirmed. And bizarrely 2 mins after I put the phone down I got a call from a branch manager in Naas outlining what had happened, apologizing, and re confirming my acc status. He also said he would raise my existing questions with AIB tracker team directly and get back to me.

so it looks like AIB are finally getting around to phoning people on a personal level
 
rustbucket said:
I jus got off phone with helpline and they confirmed I am in the 300 cohort.
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Excellent news!

rustbucket said:
I should have been able to take a tracker with me as I traded up.
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Yes, if you meet the criteria for a tracker mover mortgage, they should do so retrospectively.

They will add 1% to the margin and refund you the difference.

Then they will offer you the tracker for the remainder of the original scheduled term.

Brendan
 
E
Excellent. Thank you Brendan. As above it seems they are now calling people to apologise in person which is positive. Also confirmed everything would be explained and options provided in a letter by end of August
 
I just got off the phone, this is what has been explained to me:

We are getting a €5,000.00 payment this month as a part payment against the redress/compensation. This can be lodged without any issues and is not accepting the offer.

As it will take time to work out figures of the compensation and redress, they are estimating it will be the end of October before the balance is paid.

The tracker will be re-instated at start of September. They could not confirm the percentage at the moment.

A letter will be sent out at the end of August with figures and information.

He informed me that they only got clarification on this on Thursday and Friday and can now discuss with the affected people.

Hope that helps everyone.

thanks again @Brendan Burgess
 
what number did you all ring? I rang 1800235460 on Friday. I'm going to call again!
 
I rang that number there to ask if I was in the 300 group. I was told the people working there had a list given to them and are able to confirm over the phone. Unfortunately I wasn't.
 
Thanks @aibredress I just rang the number I rang on Friday and they confirmed I am one of the 300. I got the same information as you!
 
I'm also in the 300! Thanks again Brendan.
I was getting worried that we were excluded from the Letters and Capital Reductions during July, so to get this news now is fantastic.

I had sent a fax in Dec-08 to confirm that I wanted to break out of fixed rate, but at the time AIB had lost the fax and the rate wasn't updated, until I had to get statements from Shop that I used to send a fax showing the fax sent successfully to AIB number on the date. - Definitely glad that I pursued this at the time, but I was expecting another battle to be included now. Such a relief.

(I got the same update from Helpline re. Letter and €5,000 to issue in August with more details etc. during Spetember and October)
 
Yes! Thank you! I just rang too and I am also one of the 300 really good to hear the confirmation!
 
Thanks a mill for the update. I just rang and was told that I was on the list and that I would receive the 5000 by the end of the month and it would be October for the full redress. The tracker rate will be applied from next month. Thanks again Brendan
 
I rang the number after work this evening and had it confirmed that I am one of the 300. I broke out of a fixed rate in late 2008. Really nerve racking as he took my details but thankfully the news was good. Thanks for all your hard work Brendan.
 
Was onto call centre team again who confirmed I was part of the 300 but because my mortgage was closed with AIB (Gone to other bank) that the 5000 payment by end of August was not the same as if I was with them. Would it be a case that they are going to pool all interest, compensation, capital etc as a capital writeoff and reduce it all off the balance assuming they are going to have to take it back ? Rather than take back the mortgage of 300k and give 60k cheque, they will want to rewrite the mortgage as 240k to reduce loss making tracker exposure ?
 
Hi Sambo

They should put you back in the position you would have been in had you been offered the tracker.

So they will refund you the interest overcharge and pay you the compensation.

They should offer to take you back from the other lender at the current level. So if you have €300k they will just switch this amount - assuming you did not trade up or borrow more when you switched.

Brendan
 
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