AIB AIB - anyone explain Terms/Wording

R

Rob McNamara

Registered User
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Seems my unexpected fall into redress has progressed since last week.

Still not received any written correspondence from AIB

but Online my Mortgage account is now showing two transactions

Tracker Interest Refund +
Refund of Payments -

the difference between the two has come off the principal and new lending rate is
showing as per my original tracker from 2005/2006 of 1.1%

So is that my lot, will compensation also follow seperately?
is this now a done deal if I'm happy to keep the tracker going forward or is this still
under investigation with changes possible, This is after all arriving out of the blue as
I asked my original conveyancing solicitor some years ago and he knew
nothing of our eligibility on any of this

thanks in advance
 
Rob

You should receive a cheque in next month or two which will equate to 'refund of payments' amount plus interest compensation and amount of €615 as a contribution for any financial consultant you may wish to use.

Enjoy.....
 
I'm in the same category - saw last month that my DD was reduced and the rate was 0.95%. Have heard nothing from AIB. I was pleasantly surprised (!) to find out that we could of been on a tracker. Similar to the OP, last week two transactions on the mortgage account, Tracker Int Refund which reduced the balance and a lesser amount refund of payments which increased the balance.

I presume that the amount for Tracker Int Refund is the amount I paid at the higher rate and the refund of payments is what I should of paid. Is that right.

I should also expect a further refund based on the refund of payments?
 
Not sure, thats what I'm awaiting explanation on from AIB, no clue if any further payments are going to be coming. I was due to be put back onto a tracker after a 5yr fixed. Its seems its a waiting game not for letters to come out etc.
 
Mortgage came out today, another €90 less than last month, again unexpected, so down €210 since January - still have no idea of what is happening, no correspondence from AIB.
 
I rang a few weeks ago when I noticed the rate change and the reduced payment, I was told that I was moved to the new rate and they would write to me but nothing received in writing to date.
 
Spoke to AIB on Friday last and was told cheque would be issued by end of March with letters to follow. Told me that they had an agreement with Central Bank that refunds would be paid by end of Q1 to identified customers.

These refund cheques will equate to 'refund of payments' amount in your mortgage account plus interest plus compensation plus €615 contribution for financial consultant.

Hope this makes things clearer.
 
Got me letters today, So tracker confirmed 1.1% new direct debit went out recently, Principal Reduced with interest and payments recalculated. Still says may take 4 months more before a full statement of account as to where all calculations have come from.
Also included was compensation cheque. Which is said can be lodged without loosing right to appeal
 
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