AIB Compensation

J

JoanieMin

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My husband and I applied to re-structure a business loan in May 2023 - we completed an application form, had a valuation on the business premises and jumped through many hoops to get this through. We rang and emailed on a weekly basis looking for an update but were continously met with a wall of silence or "we'll get someone to call you back".................... and no-one ever would.

We were given the run around and the stress was enormous as we wanted to engage with the bank but couldn't get someone to engage with us!! We lodged a formal complaint in October 2024 as we still didn't have a decision and completed a Subject Data Request Form. We then realised that they had lost our data and it took them almost 3 months to locate it.

Eventually, I lodged a complaint with the Data Commissioners Office and also the FSPO. Today, 28.12.2023, (7 months later), I was advised that AIB have agreed to the re-structuring of the loan and have offered us 1,000 Euro as a Goodwill gesture for all the errors and stress caused. Should I accept this money or should I let my case with the FSPO run its course?? I would greatly appreciate any advice as we are no longer able to see the wood from the trees!!

Thanking you.
 
Are you out of pocket due to the delay? I assume the restructured interest rate is the same or higher than previously?

Also, can you double check the years in your post - 2023 and 2024?
 
MugsGame said:
Are you out of pocket due to the delay? I assume the restructured interest rate is the same or higher than previously?

Also, can you double check the years in your post - 2023 and 2024?
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Thank you MugsGame for getting back to me! We closed our business in December 2022 and decided to go interest only on the business loan as we had a lot of other financial commitments.

By May 2023, we realised we couldn't continue and applied for an interest only moritorium for 12 months.

Since then, we have tried to engage with AIB but it took 7 months and we have not made any payments since September 2023. We are out of pocket in the sense that I took a days holidays to sort this out, we have rung and emailed approx. 40 to 50 times - we are continuously stressed - it has proven to be an awful experience and there is an acknowledgment on AIBs part that they acted poorly and unprofessionally.

Im just unsure if we should accept AIBs offer or should we consider continuing with our complaint with the FSPO?
Apologies for the confusion with dates - all of this happened in 2023!
 
Is it a case of either/or ? Could you accept the restructuring and the gesture of goodwill and allow the FSPO claim to run ?

Arguing against that, in terms of stress for you, sometimes it’s better to accept what’s been offered and move on. The ongoing complaint will be on your mind and will keep the stress alive.
 
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