Originally my fixed rates were due to expire on 14th Sept'09. However, it looks like I broke them in early/mid January'09. I can't remember this but I do have correspondence confirming it happened.what date did your fixed rate end do you know?
Am I entitled to receive the full, detailed workings making up every figure that they have presented to me?
All I can say is that the AIB letter for one of my BTL loans confirming that it have moved to a variable rate was dated 15th Jan'09. The other was dated 21st Jan'09. The exact date of change wasn't mentioned. I would ask AIB to confirm that your loan will be reviewed under the Tracker Mortgage Examination process. It seems that this helped the bank adjust their position re my loans.any way to see if it was after Jan 12th ?! I'm 15th Jan and arguing my case, as I paid to breakout , but requested to do so Jan 5th. I have not been included in 300 cohort, thus far.
Brendan, noted with thanks. I will proceed as you advise.Hi Brian
1) They calculate how much you would get under the Ombudsman Scheme which is
- A write down of 12%, plus
- the interest charged on that write-down.
2) They calculate the total redress under the Central Bank Scheme which is , in simplified terms
3) Your total package will be the higher of 1) or 2) + €1,230 for legal advice
- the interest overcharged on the account , plus
- Time Value of money on the overpayments - which is about 5% of the interest overcharged,plus
- Compensation of 15% of the the interest and the TVM
So, 2) should be calculated using 15% and not 7.5%. I would say that this is an oversight by AIB and you could probably rectify it with a phone call or simple letter of enquiry.
Get the right automatic figure first. And then decide if you want to appeal for more.
However if 1) is higher than 2) using 15% , it wouldn't matter if they used 7.5%.
Brendan
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