Bank cancelled my direct debit for loan and I didn't notice for 18 months

M

manly

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Hi to all,

I have a loan with the aib that started in march 09, My loan is supposed to end in march 2014 after 260 repayments, I have never missed a repayment since i got the loan out, however i recieved a letter from aib last week to inform me that my direct debit was cancelled last june(2012) [Update - meant to say June 2011] by mistake on there part and they started the direct debit up again, jan(2013). I never noticed this as i never recieved any letters about the matter. Now the bank inform me that the loan will be extended until july(2015). I was planning to imigrate to australia in April 2014 after my loan was finished. Do i just have to bite the bullit on this matter or can i just tell them they have to obey the initial agreement.

thanks in advance.
 
Firstly. This does not make sense...they did not take 6 payments from your account (July-Dec 2012) and the term is being extended by 15 months! are the monthly payments the same in their latest letter as the original payments.

Secondly..you can easily ask them to end the payments in March 2014....of course, the 6 missed payments will be spread over these remaining 14 months and will result in higher monthly payments, but there is no reason why you cant be fully paid by March 2014 and head to Australia with your loan fully repaid, and a perfect credit record.
 
Hi manly

I don't understand how 6 missed repayments could take 15 months to repay.

I think a fair compromise would be for AIB to take the 6 missing repayments immediately from your account and finish the agreement according to the original schedule.

Make this proposal to them in writing. If they don't agree, then ask for a final response letter and take it to the Ombudsman.

Brendan
 
OP might not have the 6 months repayments available currently.

Manly, can you give us the exact wording of the new repayments from the banks letter, plus the calculations. I do think you should have to pay the 6 months but that you should not have to pay any extra interest etc.
 
Hi there,
Sorry for the mistake but the direct debit was cancelled on june 2011, So its about a year and a half worth of repayments that were missed. The interest stays the same its just the loan is extended to july 2015. Im just wondering as it wasnt my mistake,
will i be expected to cough up. Its just an a set back for me
 
Are you wondering whether the banks mistake means you shouldn't have to pay it back then the answer is no, you do have to pay it back. But because it's their mistake they have to be 'nice' about it.

How on earth did you not notice this amount for 18 months?
 
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