AIB AIB Prevailing Rate refund calculator

Hi @October2019,

thanks for the calculator. Mine is similar to others here. Your interest calculation came to €10,323. But AIB paid €9,223.
Is the compound/interest a debate or are AIB just plain wrong and trying to save some €€€'s again? Hoping to get away with it.
 
Folks please debate the methodology here:

AIB - How is AIB calculating the interest on the 12%?

Got the cheque this morning. It came out 2 grand less than the calculator. Maybe I made a mistake on the calculator. Fixed rate ended 02.08.2011 with a balance of 340K. Write down was 40800 as predicted. On SVR since. I had worked out 15382 interest refund. Have received 13259. If someone wants...
askaboutmoney.com

No need to debate in two placed.

This thread should be used for those who have a problem with the calculator.

Brendan
 
Brendan Burgess said:
Hi Sinéad

The main reason is that your fixed rate ended comparatively late April 2012, so you would not have been overcharged as much as someone who broke out in April 2009 for example.

Using the calculator, I come up with a figure of €3,800
Not compounding it, the way AIB does, comes up with a figure of €3,300

Was your mortgage restructured in any way? A split mortgage or an interest holiday?

Brendan
Click to expand...
Hi Brendan,

Thanks for replying.

That’s what I came up with using the calculator. It wasn’t restructured but we did top up the original mortgage sometime in 2007 by €80k to build on an extension.

Do you think there is any point in contacting them or would you look for a breakdown of the calculation?

thanks
Sinead.
 
My cheque just arrived. It came to €7823.84 which is €69.17 above what I had calculated it to be from your calculator. I must have used the calculator incorrectly at the time because of everyone else been so far out compared to me
 
Hi everyone, I have updated the calculator on this thread. There are now 3 tabs, 1 for Compound Interest, 1 for simple Interest ( which AIB are using) and 1 for redeemed mortgages (which is still using compound interest).
 
October2019 said:
Hi everyone, I have updated the calculator on this thread. There are now 3 tabs, 1 for Compound Interest, 1 for simple Interest ( which AIB are using) and 1 for redeemed mortgages (which is still using compound interest).
Click to expand...

Thanks @October2019 . Just ran my info through the simple interest calculator and its within a couple of hundred quid to what I received.
 
To my great embarrassment when Karen got her cheque, I just accepted the figure assuming that AIB knew how to calculate the refund correctly. I had done a rough and ready estimate and it was near enough.

When October published his first calculator, it came out near enough as well... but I had forgotten that Karen was on much higher fixed rates for the whole period and I had not adjusted for that.

I have now checked the new simple interest calculator and my figure is €90 out from what Karen actually got!

Brendan
 
the simple interest calculator shouldn't really be 90 off, I suggest that everyone asks for the AIB calculations, I know I definitely will be!
 
Brendan Burgess said:
To my great embarrassment when Karen got her cheque, I just accepted the figure assuming that AIB knew how to calculate the refund correctly. I had done a rough and ready estimate and it was near enough.

When October published his first calculator, it came out near enough as well... but I had forgotten that Karen was on much higher fixed rates for the whole period and I had not adjusted for that.

I have now checked the new simple interest calculator and my figure is €90 out from what Karen actually got!

Brendan
Click to expand...

Does that mean that everyone should get a simple interest calculation?
 
Hi. I came off fixed rate on 13th may 2013 with a balance of €161,000. I fixed again from Sept 15 to Sept 16 @3.5% and was on variable for remainder. Received a write down of €19.300 and interest refund of €5060. does that seem low as my calculations came to €6500
 
Hi Brendan & Co

Firstly I cannot thank you enough for the tireless effort you have all put in to where we are today. Without your advice I would not have persisted with the tracker redress scandal. Today I received a cheque in the post which is a life changer for us with a new baby on the way.

Based on Oct2019 spreadsheet (which is amazing by the way!), my calculations don't tally with that of Aib. Just wondering if October2019 could run through my calculations with me. I know your time is precious and it would put my mind at ease.

My fixed rate expired on 29 June 2010. Principle amount at this time was €242758.49
I then fixed at 3.25% and this fixed rate expired on 02 July 2012.
I then went variable until I sold my house and closed the mortgage account on 29 Nov 2018.

I have calculated the interest refund as €10359, Aib have it at €9074.

Thank you so much again for getting is here
 
corkie said:
Hi. I came off fixed rate on 13th may 2013 with a balance of €161,000. I fixed again from Sept 15 to Sept 16 @3.5% and was on variable for remainder. Received a write down of €19.300 and interest refund of €5060. does that seem low as my calculations came to €6500
Click to expand...
Hi Corkie, I am getting 5,706 Compound and 5,021 simple
 
Jellytot2019 said:
Hi Brendan & Co

Firstly I cannot thank you enough for the tireless effort you have all put in to where we are today. Without your advice I would not have persisted with the tracker redress scandal. Today I received a cheque in the post which is a life changer for us with a new baby on the way.

Based on Oct2019 spreadsheet (which is amazing by the way!), my calculations don't tally with that of Aib. Just wondering if October2019 could run through my calculations with me. I know your time is precious and it would put my mind at ease.

My fixed rate expired on 29 June 2010. Principle amount at this time was €242758.49
I then fixed at 3.25% and this fixed rate expired on 02 July 2012.
I then went variable until I sold my house and closed the mortgage account on 29 Nov 2018.

I have calculated the interest refund as €10359, Aib have it at €9074.

Thank you so much again for getting is here
Click to expand...
Hi Jellytot, I get the same figure as you 10,359 compound- the simple interest figure I get is 8,902
 
October2019 thank you so much for that. I got the same figure using the simple interest calculation spreadsheet.

I have requested a breakdown of the calculations from Aib. Is there anything else I need to do in the meantime?
 
You must log in or register to reply here.
Back
Top