AIB My capital balance has been reduced!

Your mortgage balance will be reduced by 12% of the balance outstanding on the date your fixed rate ended.

You will get a cheque for the interest on that 12%.

There will be no further reduction.

Of course, you are free to lodge the cheque against your mortgage and reduce your balance further.

Brendan
 
Rarrrrrr said:
I have another question, if anyone knows the answer from previous redress schemes. When the interest refund is applied, do we know will this further reduce our mortgage balances?
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My understanding was that interest refund will be done by way of cheque payment and not directly applied to the account. But I may be wrong.
 
Hi I have spent the morning crying, jumping for joy, and in utter disbelief!!!we received a reduction of over 24,500 off our mortgage balance. When we initially received the 1615 we were very sceptical of the banks giving us back money. I asked a lady who works in aib to look at the form she did say at the time yes the money is ours and it's legitimate, I had questioned why we were getting money back and would we have a case? I was told I could look into it but I hadn't a clue where to start so we left it and enjoyed the money. Well I am Soo grateful to you Brendan and your team (if you have one) !! This will make our family life easier and take the pressure off. Huge congratulations on the amazing work and victory over AIB!! Thank you soooo much from the bottom of our hearts!!
 
Many many thanks to Brendan and his team who secured this wonderful outcome for us all. My husband and I got a write down of €46,000 on our mortgage balance and looking forward to cheque in the post in the coming weeks! Along with a reduction in mortgage payments, this means a lot to us at the moment. Huge thanks Brendan!
 
MarkMul said:
Haven't got mine and getting a little freaked.

We broke out of the fixed rate so I'm wondering are they going to drag their feet on these cases
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Hi Mark, did you receive the write down? If not, did you break out between 10 October 2008 and January 2009?
 
Just spoke again with Tracker redress helpline as still no letter or redress. They advised that letters will begin to issue to all affected customers in batches from Monday next and over following week also to complete process.
 
Hi Brendan, my apologies i'm new to this posting things, not sure if this is of any relevance,

We received both the €1,615, in 2018, and our Mortgage has been written down, by 12%, and i want to thank and acknowledge your hard work in this process.

We switched to AIB in October 2008, (Offer 13/10/2008, Draw down 28/10/08) from another lender, when we went in to discuss switching (late September/early October) we were greeted by 2 nice ladies, one of which was learning the process, as she was introduced that way.

Neither of us had very much knowledge on mortgages, and trusted completely the bank. When the Senior Lady was advising of the various rates, ie Fixed periods and the rates, SVR, (felt a little blinded by science) the Junior lady, interjected and advised about the tracker rate and benefit (didn't get to mention figures), When the senior lady looked at her and said "thats not on the table", being naive i only wanted to know what amount i had to pay each month so settled on a 3 year fixed. The loan offer was made by AIB on 13/10/2008, we were just delighted to switch from our current lender.
It was only when the crash happened i educated myself on mortgages (i suppose like 1/2 the country) and i realised about trackers value.

A generic letter from AIB issued (not dated) and on the bottom it has the reference about the tracker mortgage no longer available to new Mortgage applicants since close of business 10/10/08, and if formal offer prior to 10/10/08 can still avail.

I'm wondering if i AIB keep records of those meetings, ie dates, my reason is it was prior to 10/10/08, and we were definitely NOT offered the tracker rate, as 10/10/08 was a Friday and we got our offer on a Monday 13th, our application was definitely in prior to the cut off date.
Do we have anything worth enquiring about, and if so with whom do we enquire??
 
Brendan Burgess said:

Key Post - "I wasn't offered a tracker, although trackers were available..."

This has come up a few times so I think it would be useful to clarify the issue. You are not entitled to a tracker unless Your mortgage contract or letter of offer said you would be on a tracker either immediately or at the end of a fixed rate agreement Although your contract does not...
www.askaboutmoney.com
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Thanks for that Brendan and thanks again for all your work with this. looking forward to the receipt of our letter from AIB. We are really so grateful to you.
 
I got AIB to calculate what my loan term would reduce by if I keep my repayments the same as prior to the capital write down. My term reduces by 5 years which is a great result.
 
Hi,

Just want to say a big thanks to Brendan and the team who worked tirelessly for this.

We are no longer with AIB and have closed our previous mortgage account with them, but we got our letter from AIB today with a cheque for just under €42,000 (that includes the 12% + the 4%). Absolutely delighted!
 
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