AIB If you are not happy with the AIB redress

Hi @Bagnet I have lodged a complaint. I wrote to the Customer Care Team as I felt that my complaint was not with the FSPO amount per se, but rather with the fact that I was denied a tracker in the first place.
 
@newinvest We will also be lodging our complaint with AIB Customer Care. This is what we were advised to do. Although we have different complaints, I am interested to hear how others are getting on. We were not offered a tracker rate either after coming out of a fixed rate. We are waiting on paperwork from AIB with a copy of our payment schedule etc. We will then be able to lodge our complaint. Do you mind me asking if you submitted any supporting documentation with your complaint?Thank you.
 
Yes, included a complaint letter with my Payment Form. When I rang last week they had no record of having received it, they suggested waiting another 5 days or so and ringing again to see was the complaint registered.
 
I complained about the miscalculation of interest the day the cheques arrived and the acknowledgement only came late last week
 
No it was on the phone the agent documented my complaint re the interpretation of the FSPOs ruling regarding complex v simple interest. I've a written complaint but am waiting for my SAR request to be completed.
 
I would like to express my huge thanks and appreciation to @Brendan and all of those that fought for this.
TBH, after four very stressful and painful years fighting with AIB from 2014 to 2018 in regards to my own mortgage, I had lost the energy and will to fight with them further.
That is why I had no idea that Brendan and many others in this forum were fighting this cause even though I and many like me had no idea, you guys were doing so on our behalf.

Not sure I could even express my thanks and appreciation in words, but just know that I am eternally grateful for all your efforts, and I expect that the thousands of others that are not even aware of this case and this forum would also do the same.
 
Hi Brendan,

I’m part of the 5900 and am delighted with my writedown and interest cheque, but still want a tracker @ 1.5%. I really think by giving the 300 the full redress, it opens the doors for the further 5600.
This 12 week timeline for AIB to implement the changes to their rates just doesn’t make it right. Do we now know that the prevailing rate was 1.5? AIB seem to think that they can pick the menu, they retrospectively produce an a la carte menu instead of offering their customers the full menu. I really hope someone with a bit of money gets to goes to the high court and takes their argument apart.
 
It is reasonable to say customers should have got a tracker at 1.5% on the day the fixed rate period ended, and all customers should still have the benefit of that tracker rate for the remaining term of the mortgage.

Further, AIB’s approach in applying the decision of the financial ombudsman across the board does not take into account the individual circumstances of each case.
Customers who faced the pressures of arrears, who prioritised making their mortgage payments above all else, who faced repossession and insolvency, who lost investment properties and their family home are not having their experiences factored into the 12%.

https://www.anthonyjoyce.ie/
 
Hi David

Just to clarify the issue with no foal/no fee solicitors.

You take a legal action against AIB.
The solicitor tells you it's a really good case.
The solicitor has no intention of going to the High Court.
They expect that AIB will open settlement discussions with the solicitor as the date of the High Court hearing approaches.
AIB will make an offer to cover your legal fees if both sides walk away and sign a non-disclosure agreement.
You reject the offer but your solicitor says:
  • On reflection, your case is not that strong
  • There is a good chance that you will lose
  • Costs generally follow the decision
  • AIB is likely to win and get their costs
  • Their costs will be about €200k
  • So you are doing very well to get away from this terrible liability .
So AIB pays your "no foal, no fee" solicitor €100k in costs.

I have seen this happen a few times. And there is huge frustration with the legal system but nothing you can do about it.

For some odd reason, the banks don't mind paying costs but don't like paying compensation or giving people trackers.

Brendan
 
So if you want compensation, then make a complaint to the Ombudsman.

It will cost you nothing. It will be quicker than the courts. And you won't have to worry about losing your home if you lose the case.

Brendan
 

My comment was a little facetious or uncharitable based on a previous post, brought out my nasty streak. I had no idea the above was a scenario that could happen, that's quite alarming.
 
Its definitely worth figuring out in 2014 AIB was charging us almost 4.5% and the ecb + 1.5% was 1.75% so almost €800 per month of an over charge
 
tnegun said:
Its definitely worth figuring out in 2014 AIB was charging us almost 4.5% and the ecb + 1.5% was 1.75% so almost €800 per month of an over charge
Click to expand...
I tried to explain that to AIB in one of many letters to them before but got fobbed off at the time.
I could do direct comparisons with my brothers tracker and was told the calculations weren't right...even half the €800 overcharge would have been enough at the time to change my outcome. They blatantly lied to us.
 
Brendan Burgess said:
So if you want compensation, then make a complaint to the Ombudsman.

It will cost you nothing. It will be quicker than the courts. And you won't have to worry about losing your home if you lose the case.

Brendan
Click to expand...
Hi Brendan,

Is there any advice for how to go about making the complaint? i.e. what to highlight, focus on. what to not bother with.

In our own case we ended up on interest only for far longer than we had hoped due to recession and sickness (I had cancer and was out of work for 2 years). Would the complaint have to go into detail regarding dates and what rates we were on for how long etc?

Even with the writedown we received we still have some way to go on our mortgage - longer than we anticipated we would have at this point.

Many thanks.
 
Unfortunately, it's not like the appeal to the Independent Appeals Panel where everyone had the same rough argument so it was possible to provide a template.

Everyone's circumstances will be different and you need to tell your story about how it affected you.

Jim Stafford did an excellent piece here:

Key Post - Issues to consider if appealing Compensation for Tracker Mortgage

We now know that more than 13,000 bank customers were incorrectly charged a wrong rate of interest on their loans by the various banks. The Central bank recently reported that it had found “material deficiencies in certain lenders’ responses” which had required “robust and sustained” Central...
www.askaboutmoney.com
 
Brendan Burgess said:
So if you want compensation, then make a complaint to the Ombudsman.

It will cost you nothing. It will be quicker than the courts. And you won't have to worry about losing your home if you lose the case.

Brendan
Click to expand...

Hi Brendan,
We lodged a complaint with AIB directly by post two weeks ago, this is what we were advised to do when we called them. We have not recieved any acknowledgment of our letter. Should we contact the Ombudsman at this stage or sit it out for another while? Any advice is appreciated.

Thank you.
 
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