AIB My capital balance has been reduced!

Brendan and all the support from the forum here, thanks so much to everyone.
Mine was reduced on Tuesday, and usual mortgage repayment taken for July. (This is always dome.efficiently !!!). No letter/info on reductionnsum, but almost exact to excel spreadsheet. No idea when cheque will come, or if it will be lodged to AIB current a.c secretly also.
I am.so grateful for this, but at the same.time, feel AIB still coming out on top so far....would support a fund / test case, I think. Well done all. Keep the faith !
 
Massive thank you to Brendan. "Thank you" seems a bit pathetic though. I know there is something being organised already by way of official "thanks for fighting our corner for FREE on the whole AIB tracker thing". In a more general sense though, I would definitely be willing to support this site on an ongoing basis. I support wikipedia via a fiver a month for example. I don't feel the fiver, but I do feel good supporting it. This site is a fantastic public service.
 
Amazing work Brendan! We were affected by this in 2018 with our top up mortgage. I think we owed about €8k at the time - it was a €25k top up mortgage to begin with.

Funny enough our very last payment on this mortgage was to be next month. We owed just €270 but I looked yesterday online and it said we owed €0 and today the entire top up mortgage account has disappeared off AIB online! So our mortgage looks to be cleared but I’m assuming they owe us a bit more and would send a cheque?
 
Just checked mortgage account online and reduction has been applied (tues 7th), no communication or notification from AIB. July mortgage payment was taken before write down was applied, no monthly letter from BDO received. brendan is on RTÉ radio 1 this morning at 10.15 to talk about it. Thanks again Brendan.
 
Yeah write down of EUR 36,000 applied - No clue if this is 12% of the balance but ill trust the "prevailing" wind on that one. I have no documentation of any kind from over the years about what interest rates i was on at what stage so cant confirm the potential interest rebate we are due. Had asked AIB to send out this stuff but never arrived. Think the girl just agreed to it to get me off the phone :)

I presume now is the time to fix to one of the lower rates - delayed doing this in anticipation of the write down.

So lads - are we gonna setup a gofundme and buy our dear lord and shephard (Mr BB King) a cup of coffee ?
 
Delighted. Had it confirmed over the phone today from bank. €38k reduced off the mortgage. Phase 1 complete. Phase 2 = Interest refund. No intention of stopping now. In mediation with Ombudsman and bank for months. Phase 3 - I want tracker restored. A contract is a contract.... for the life of me I cannot understand why the central bank & court see this contract any differently to any other commercial agreement. Were terms in writing? Yes. Were they honoured? No. Is it being rectified now to meet the agreed terms? No. Is the bank going to continue to not meet the terms of the original contract Yes........ Fair play Brendan, much appreciated for flying the flag for fairness. This is a significant win for consumers in Ireland, this particular battle is won, but the war should continue so that the bank gets the message and stops behaving badly in the future.
 
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Hi..just wanted to reiterate my greatest thanks to Brendan, without whom we would never have gotten through this process. We will be forever thankful for your guidance & dedication.
 
AIBTracker6000 said:
Delighted. Had it confirmed over the phone today from bank. €38k reduced off the mortgage. Phase 1 complete. Phase 2 = Interest refund. No intention of stopping now. In mediation with Ombudsman and bank for months. Phase 3 - I want tracker restored. A contract is a contract.... for the life of me I cannot understand why the central bank & court see this contract any differently to any other commercial agreement. Were terms in writing? Yes. Were they honoured? No. Is it being rectified now to meet the agreed terms? No. Is the bank going to continue to not meet the terms of the original contract Yes........ Fair play Brendan, much appreciated for flying the flag for fairness. This is a significant win for consumers in Ireland, this particular battle is won, but the war should continue so that the bank gets the message and stops behaving badly in the future.
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Can't tell you how much I want to be at Phase 1 at the moment (I'm with another bank and so have to wait a painful amount of time)... but I completely agree with the rest of your post too. 100% on board with the tracker pursuit
 
forgive my ignorance but is the 12% of the balance that has been refunded not supposed to cover the overcharging of interest? why would there be interest refunded on top?
 
no it doesn't cover the over charge of Interest. The FSPO instructed AIB to pay 12% of the balance of the mortgage when the fixed rate expired ( so lets say in 2011) and the interest paid on that amount up to whenever they reduce the Capital balance- which is the start of July 2020 ( for people that still have mortgages with AIB- although not everyone has got the reduction at the start of July). So lets say that the 12% is a €30,000 Capital reduction from 2011. You have been paying interest on this since 2011 which you should not have been, according to the FSPO
 
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AIBTracker6000 said:
Delighted. Had it confirmed over the phone today from bank. €38k reduced off the mortgage. Phase 1 complete. Phase 2 = Interest refund. No intention of stopping now. In mediation with Ombudsman and bank for months. Phase 3 - I want tracker restored. A contract is a contract.... for the life of me I cannot understand why the central bank & court see this contract any differently to any other commercial agreement. Were terms in writing? Yes. Were they honoured? No. Is it being rectified now to meet the agreed terms? No. Is the bank going to continue to not meet the terms of the original contract Yes........ Fair play Brendan, much appreciated for flying the flag for fairness. This is a significant win for consumers in Ireland, this particular battle is won, but the war should continue so that the bank gets the message and stops behaving badly in the future.
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Here here
Tracker restoration must happen.
 
coolaboola12 said:
Folks

There are plenty of threads about "What happens if i have closed my mortgage?" or "Do I qualify?"

Any such questions in this thread will be deleted.

This is about the write down and refund and nothing else.

Ask other questions in other threads.

Brendan
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I did just that and set up a new thread as advised (Application of AIB tracker redress for joint mortgage a/c now closed).

If anyone here has any advice they can offer, can you please take a look at my thread. Thanks a million.
 
Hi all,
Im only seeing and hearing all this now. So just looking for a bit of an update? I've received no letter from AIB and I'm unaware of any reduction as i can not check my mortgage balance online. 1. Who do I ring to check all this? AIB or ombudsman as my complaint is lodged with them?? 2. If you have no arrears on mortgage but have been late making payments but within the 30 days could this affect my redress ?? And 3.Brendan I want to thank you for all your help/advice and fighting so hard to get us all here!!!
 
Brendan we received our capital reduction this week at a particularly challenging time for us. I want to sincerely thank you and whom ever has assisted you in your work: holding the banks to account is no easy task and the legacy of this is not only what you have achieved for all of us current mortgage holders but for future individuals, couples and families who take the steps to buying a home. As we hope banks will learn from their errors.
 
Wow, just checked this morning, capital reduction of about €47K. Incredible, I thought this day would never come.
Thanks for all your hard work on this Brendan.
 
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