AIB I had to sell my home

Z

zxcvbnm

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Thanks Brendan for all the effort.

One issue of confusion is the ombudsman makes no determination what the correct rate should be.

I had to sell my property. Trying to argue the tracker rate was or was not causal to sale certainly makes it a little more complex for all parties involved if no one knows what the correct should have been.

Any idea of how this will be approached by AIB?
 
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Hi zx

I think we have to wait until AIB announces the detail of their redress scheme.

I agree with you on the rate issue. It is easier to say : "When you charged me 5% instead of 2%, I could not pay my mortgage. If you had paid me 2% , I could have paid it.".

It is more difficult this way.

But sorry, you just have to wait and see.

Brendan
 
Yes. Let’s wait and see. I suspect the ombudsman not deciding on a rate may complicate things overall.
An alternative solution for ombudsman if they did not agree with the 1.5% argument you proposed would have been to come to a notional compromise prevailing rate and let people make calculations based on that.
 
Brendan, fair play on all the time and effort put in to this.
Would you have any idea how people who lost houses through the whole debacle will be treated? I would miss out on 4 years possible compensation due to forced surrender and the benefit of a balance write down. I have also lost my credit rating for the time being along with now being a second time buyer if I ever get to that point what with needing a higher deposit next time around.
I appreciate you won't have all the answers but I wonder if you've been given any indications?
 
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Nailligo said:
Brendan, fair play on all the time and effort put in to this.
Would you have any idea how people who lost houses through the whole debacle will be treated? I would miss out on 4 years possible compensation due to forced surrender and the benefit of a balance write down. I have also lost my credit rating for the time being along with now being a second time buyer if I ever get to that point what with needing a higher deposit next time around.
I appreciate you won't have all the answers but I wonder if you've been given any indications?
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Would you arrange a meeting with Padraic Kissane - the most qualified person in the country for guidance. He helped me with an AIB appeal involving losing a property due to tracker issue and more importantly did it succesfully. Its such a complicated area and where the monetary amounts are large so proper representation is critical to deal with a well resourced oppenent like AIB. He may charge you for an initial meeting but money well spent.
 
deanpark said:
Would you arrange a meeting with Padraic Kissane - the most qualified person in the country for guidance.
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AIB - Padraic Kissane no longer handling AIB cases with offer after October 2008

Circular just received from Kissane's office states that he will not move forward with AIB cases "where the first Letter of Offer issued after October 10th 2008. If you are one of these, then I will not be taking your case forward because I believe despite the sloppy drafting of important...
askaboutmoney.com
 
I would imagine that if AIB awarded someone in this cohort compensation and redress (in July/Aug) and they were appealing to get extra on the basis of a lost home then Padraic would be worth sounding out. My reading on the above is that it relates to PK not getting involved at the initial stage prior to Brendan taking on the case.
 
deanpark said:
Would you arrange a meeting with Padraic Kissane - the most qualified person in the country for guidance. He helped me with an AIB appeal involving losing a property due to tracker issue and more importantly did it succesfully. Its such a complicated area and where the monetary amounts are large so proper representation is critical to deal with a well resourced oppenent like AIB. He may charge you for an initial meeting but money well spent.
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Hi deanpark,
I appreciate the idea, I'm based in Cork so never engaged anyone outside Cork. I had a PIP (who was meant to be qualified too) who I think made a mess of my case and in the meantime I wrote to the bank myself and got a written apology from them. My main question was whether or not this was going to be a sweeping settlement or were they going to take a different approach to cases like mine?
I could drop him a line I guess and see what he thinks.

Thanks
 
Well you probably need to wait until August or whenever AIB pay up the redress/comp to the prevailing rate cohort and then contact Padraic to see his view on your case. I don't think he would get involved prior to that. I'm assuming you are in the above cohort?
 
RealDeal said:
Hi Niall, hope you don’t mind me asking but why did the bank apologise to you?
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Hi Realdeal,
They dismissed a lot of my issues, I had a co-borrower who died and they never took that, reduced ability to repay and other issues, in to account.
They made promises they then denied (most of them were in writing) and then insisted on surrender as the only solution.
They left the account open when it was insolvent, continued to apply interest and collected TRS in my co-borrowers name.
After I completed insolvency they then expected me to pay off what was remaining on the mortgage shortfall after they sold the house.

There was no clarity and in all my dealings with them, my account was spread across about 5 depts.

I complained about lack of clarity, honesty and general mismanagement of the whole situation.

It's a drawn out situation but that's as summed up as it can be :)
 
I spoke to the Central Bank and they told me that all tracker redress and compensation cases are covered under their guidelines for dealing with the issue, issued in 2015. The minister spoke of the importance of dealing with those who lost homes with fairness and promptness.
 
RealDeal said:
I spoke to the Central Bank and they told me that all tracker redress and compensation cases are covered under their guidelines for dealing with the issue, issued in 2015. The minister spoke of the importance of dealing with those who lost homes with fairness and promptness.
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When you say lost homes, did that include sold, lost through insolvency and bankruptcy etc. It would be great to think that everyone will get a fair response and not a one size fits all approach.
 
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