AIB Press statement about AIB's implementation of the Ombudsman's decision in the Prevailing Rate issue

Brendan Burgess

Founder
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I have sent this around to some of the national media. Please feel free to forward it to your contacts in local and national media.

Subject: Pssst! AIB is writing down the balance on some customers' mortgages without telling them!

Last night, people on Askaboutmoney began reporting that AIB has at long last started implementing the Ombudsman's decision on the Prevailing Rate Tracker Mortgage issue.


But AIB has not made any public statement.


And AIB has not even written to the mortgage holders involved.


Users of Askaboutmoney will understand what is going on but many people will be looking at their mortgage balance and seeing it reduce and they won't have a clue what is going on.


Or they might just see a big reduction in their mortgage payment and be even more confused.




There has been a big reduction in my AIB mortgage balance! What is going on?


Brendan
 
I posted this on the other thread but their statement on their website says "Customers will receive a letter and their payment in July and August following the capital reduction being made."
 
The Limerick Leader has covered it.

AIB begin 'balance adjustments' following FSPO mortgage review

Several Limerick based AIB customers have this week seen their mortgages reduced as AIB begin their balance adjustments under the FSPO review process. AIB have set aside €300m to help compensate some 5,900 tracker mortgage customers after individual customers had taken cases with the Financial ...
www.limerickleader.ie

I don't know what they have said as I would have to disable my adblocker or pay for it.

Brendan
 

AIB begin 'balance adjustments' following FSPO mortgage review
Leader ReporterLeader Reporter8 Jul 2020Email: news@limerickleader.ie
AIB begin 'balance adjustments' following FSPO mortgage review
Several Limerick based AIB customers have this week seen their mortgages reduced as AIB begin their balance adjustments under the FSPO review process.

AIB have set aside €300m to help compensate some 5,900 tracker mortgage customers after individual customers had taken cases with the Financial Services and Pensions Ombudsman.

A ruling confirmed that, under the terms of their loans, customers should have been offered a tracker mortgage rate, following the end of their initial fixed rate agreement.

Learn more
A statement from AIB, to the Limerick Leader, confirmed that “AIB has previously communicated that customers who are in the FSPO grouping will receive a balance adjustment, a cheque for the interest refund and a letter in July or August. This follows work on a case by case basis by the bank. The bank has begun applying the balance adjustments, and they will continue to be applied across this month and next."

In more good news for affected customers, aside from the reduction in mortgage, "Once these actions are completed these customers will receive written confirmation of the balance adjustment made on their account and a cheque for the interest refund due. If customers have any queries they can call our FSPO Mortgage Review helpline on 0818 300 070.” - AIB confirmed.

So check those accounts....
 
most papers carrying the story today

AIB 'scores own goal' in tracker rate scandal

AIB has been accused of incompetence and of scoring an own goal after it started adjusting the mortgage balances of thousands of customers caught up in the tracker scandal.
www.independent.ie

‘Confused’ AIB mortgage holders get debt write-down

Hundreds of AIB customers awoke to a welcome surprise yesterday after discovering thousands of euros had been suddenly wiped from their mortgage debts.
www.irishexaminer.com
 
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Text line for the show: 51551. Sent a text saying how disgraceful Aib is. Breach of contract etc
 
Well spotted.

Padraic Hoare writes for the Examiner, so I would guess that it appeared there as well.

Brendan
 
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