Bank of Ireland has been slightly miscalculating mortgage payments for 35,000 customers for years!

[bungaro]

Looks like AIB aren't the only ones to struggle with interest calculation!

 

[Brendan Burgess]

Bank of Ireland to refund 35,000 customers after mortgage blunder

BANK of Ireland is to refund thousands of customers after miscalculating their monthly mortgage payments.

www.independent.ie

The refunds are small, average €16 per customer.

However, around 11,500 of the overall number impacted will see an increase to their repayments, with the average rise €2.09 per month.

 

[SGWidow]

Seems like lenders have problems doing sums - weren't the current "life loan" people unable to calculate their APR correctly?

 

[NoRegretsCoyote]

Seems like lenders have problems doing sums - weren't the current "life loan" people unable to calculate their APR correctly?

An extra 80c a month would be <0.1% of the interest cost on my Bank of Ireland mortgage.

If you've ever done coding you'd forgive an error on this tiny scale.

 

[Brendan Burgess]

weren't the current "life loan" people unable to calculate their APR correctly?

That was not BoI's error. It was , if I recall correctly, people on Askaboutmoney wondering how it was calculated.

 

[SGWidow]

Hi Brendan,

The current "life loan" people are not BOI. I was referring to Serious Money

The people on AAM querying the calc was me.

It is clear from that thread that Serious Money got its APR calc wrong.

 

[Brendan Burgess]

Hi SG

Has Seniors Money confirmed to you that their APR is incorrect?

I will draw it to their attention if not.

Brendan

 

[SGWidow]

Hi Brendan,

TBH, I didn't even think of bringing it to their attention. From memory, it was slightly overstated.

The Duke of Marmalade worked out the correct figure so I think we can be pretty sure that the quoted figure is wrong. The Duke helpfully showed his workings on a spreadsheet.