AIB What to do if you lost your home and are in the Prevailing Rate Cohort

JACJAC said:
This is a hard one as it deals in retrospect and hypotheticals
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Agree with you.

You should ask for the Central Bank scheme to apply which would be the write off of the shortfall and an automatic payment of €25,000(?) .

If they refuse, then go to the Ombudsman for more.

Brendan
 
Brendan Burgess said:
Agree with you.

You should ask for the Central Bank scheme to apply which would be the write off of the shortfall and an automatic payment of €25,000(?) .

If they refuse, then go to the Ombudsman for more.

Brendan
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Thanks Brendan,
Should this be in the form of a letter of complaint to the AIB Tracker review team?

I did see this question on the AIB FSPO Mortgage Review FAQ:

Is the FSPO payment included under the Tracker Mortgage Examination, and can I appeal to the Independent Appeals Panel?

No. The FSPO payment is being made outside of the remit of the Central Bank of Ireland’s Tracker Mortgage Examination Framework. The Independent Appeals Panel is set up under this framework and as such, does not apply to this payment.
 
Brendan Burgess said:
Yes, directly to AIB. Not to the Appeals Panel.

Write to the guy who signed the letter.



Brendan
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I finally got a cheque, but I got no letter with it to say 'if you wish to complain...' or similar, so I was wondering if there is a name for the letter of complaint I'm now going to send? The scribble on the sheet it came on is illegible.
 
Hello Brendan . I am part of the 300 cohort however I received the full cheque for Fspo reduction in August . I have confirmed with the team that I am impacted as part of the 300 and will receive further letters. I did a voluntary loss for sale with AIB in 2013 ( house purchased 2006) after completing an SFS in 2012 and trying interest only for some months . I was left with a residual balance of over 60,000 which I pay monthly over the remaining term and rate to expire 2034. This was written down by 19,000 with cheque for 7000 approx leaving 9981 the balance At present. I ended up with. a stress related lung illness due to the stress of trying to keep up the mortgage and resolve it ending up on 5 years of treatment post sale . i have a perfect credit rating and continued to make full repayments before the sale which at times left me little money for any other items ( interest only was not sustainable long term ) . I guess I saw the writing in the wall early and moved in with family to allow the sale to complete .
my question relates to compensation if after the further review I do not receive any further compensation as you note I believe of 15% .
I would have been able to keep my home & health if I had been on a tracker rate ... do you think I should seek same from AIB rather than ombudsman ? The phone team advised I am due a letter this week so I will wait same .

i would appreciate any advice please
 
1) You will receive a letter from AIB and see what that says. As you are in the 300 cohort you come under the old scheme and should receive an automatic compensation - which I think is €50k plus a write off of the shortfall. Don't hold me to that.

2) Under the old system, you could not complain to AIB. You had to go to the Appeals Panel. But they were very generous to people who lost their home. So you go to the Appeals Panel.

But wait until you get the letter.

If you are making an appeal, it might be worth talking to Padraic Kissane as he is very good at presenting compensation cases.

Brendan
 
Thank you Brendan . I appreciate your reply . Will await my letter and take it from there . I may give Padraig a call then . Thanks again
 
I would second Brendan's recommendation to talk to Padraic Kissane. I lost a BTL through EBS/ AIB actions and he prepared a successful additional compensation proposal to the Appeals Panel. It wasn't easy and took about 18 months of toing and froing and a lot of push back from AIB at every step but he got there in the end - very pleased with his efforts.
 
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