AIB Update on the Prevailing Rate issue

Brendan Burgess

Brendan Burgess

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I have spoken at length with the tracker team in AIB today

For 5,600 customers who came off the fixed rate after 5 January 2009
1) Everyone with a live mortgage should have received the write down by now.
2) The interest refund cheques will start going out on 17th August and should be finished by the end of August
3) Everyone with a closed account should get a cheque by the end of August
4) They have set up a special team withing their Complaints Department to handle complaints from people who think that they should be paid compensation.
5) If you are not happy with the compensation offered or the refusal of any compensation, you can go to the Ombudsman or the courts.

For 300 customers who came off the fixed rate before 5 January 2009

These will be offered full tracker redress under the Central Bank scheme which will include a rate between 1.45% and 1.74%

If you are one of these 300 go to :

AIB - Good news if your AIB Fixed rate ended between 10 October 2008 and 12 January 2009

Update : End date changed to 12 January - Brendan 1) You will be getting an interest refund based on a tracker margin of between 1.45% and 1.74% depending on LTV. 2) You will be getting 15% of the interest refund as automatic compensation for the stress and you can go to the Appeals Panel...
askaboutmoney.com
 
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All family home cases who had the clause and who received the Service Failure error back in early 2018 will be getting a write down and an interest rate refund.

There will be a few large commercial cases where there was a substantial capital write down as part of an overall settlement who will not be getting the 12% write down. The write down already received would dwarf the 12% on the family home.
 
Loss of ownership cases

Loss of ownership cases will be treated the same as any other case.

The 12% write down will be written off the shortfall.

The interest refund will be paid by way of cheque and will not be set against the shortfall.

Anyone who feels that the failure to be offered a tracker contributed to their loss of ownership can apply for compensation directly to AIB and if they are not happy with AIB's decision, they can go to the Ombudsman or High Court as they see fit.

Brendan
 
Brendan Burgess said:
Loss of ownership cases

Loss of ownership cases will be treated the same as any other case.

The 12% write down will be written off the shortfall.
Click to expand...

Sorry - not sure I fully understand the "written off the shortfall" bit.

I sold up based on affordability. Eventually entered insolvency because of it which dealt with any residual debt. (There were also a coupe of other properties which were impacted by tracker in the mix)

Can I expect a cheque to the value of 12% of my mortgage when I came off the fixed rate?
 
AIB seem to have a good plan in place to deal with the aftermath of the process which is good.

It must have been insightful/interesting Brendan to discuss same with the team, having been so impactful on the FSPO case against AIB.
 
Again, great work brendan.
Not sure if this is the right place to say this, but you spoke a few months back about taking the aib to the high court, a person would need about €200,000 euro!
You also mentioned that if 200 people here, who are going to recieve cheques soon, paid €1000 each, it could happen.
I suppose I am asking is this something you would consider?
 
Brendan Burgess said:
There will be a few large commercial cases where there was a substantial capital write down as part of an overall settlement who will not be getting the 12% write down. The write down already received would dwarf the 12% on the family home.
Click to expand...

Do we know what happened here? Did they take a case against AIB seperately?
 
I have a live mortgage and have not received the write down yet.. I am getting worried now
 
Ericson said:
I have a live mortgage and have not received the write down yet.. I am getting worried now
Click to expand...
Did you come out of a fixed rate between 10 October 2008 and 5 January 2009? If so read the other thread Brendan posted today.
 
Brendan Burgess said:
I have spoken at length with the tracker team in AIB today
For 5,600 customers who came off the fixed rate after 5 January 2009
1) Everyone with a live mortgage should have received the write down by now.
Click to expand...
Did they confirm that everyone with a live mortgage has already received the write down? I rang and they told me I was part of the 6000 but would not confirm if I was part of the 300! and that they are still working through them!
 
Hi Brendan thanks for all your hard work . I can't believe my luck stuff like this never happen to my family. I got €21000 taken of my morgage which is amazing and will help my family so much . I've seen that you have a calculator to help people figure out how much of a check they will receive. Maths isn't my strongest subject and I'm actually lost could you help please . I came of my fixed rate morgage on 06/07/2011 and was out on an interest rate of 3.2910 . I'm still a morgage customer of Aib and have no arrears . Thanks in advance Stephen
 
Please ask your question in this thread

AIB - AIB Prevailing Rate refund calculator

Hi everyone, I have done up a calculator which should give a fairly accurate idea of how much you will receive. It is a bit of a large sheet but the procedures at the top of the page are pretty simple, anyone familiar with basic excel can have it done in 2 minutes once they have their...
www.askaboutmoney.com
 
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