wavejumper
Registered User
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So UB were correct on july 27th, 8 months. it is AIB who said the closing date was Feb 18th but I think the start of the mortgage was in March 2003.At that rate, without a rate or payment increase, your mortgage wouldn't have been repaid until 1st March 2024 - i.e. 8 full repayments.
I suspect incorrect dara shared, or used without validation of a common understanding.So UB were correct on july 27th, 8 months. it is AIB who said the closing date was Feb 18th but I think the start of the mortgage was in March 2003.
AIB has said customers will not face higher than expected increases in their mortgage repayments in the coming months, despite the bank writing to some borrowers warning of just such a move.
The lender apologised to a group of tracker mortgage customers who were recently notified by letter of a sharper than expected increase in their monthly repayments from October due to an apparent previous error.
there is more...
That’s my contention.When were Central Bank informed? I bet it wasn't yesterday or today. Willing to bet they have known about this for days.
They didn’t know they increased repayment amounts by multiples of what they previously were???AIB hasn't a clue about this until they had multiple customers contact them.
The letter is a Standard system generated letter due to a rate change. This letter has been generated many times over the last 30 years.They didn’t know they increased repayment amounts by multiples of what they previously were???
How is this even possible.
I firmly believe AIB thought they’d get away with this. The anxiety & distress they have caused is disgraceful. The whole thing stinks like you say. They should be made compensate those they upset.Whatever about possible data migration issues and there probably is some systemic issue involved here, this did not come to light yesterday.
These letters are not created and delivered at a press of a button. They go through UAT and a huge amount of quality assurance testing. There are multiple sign offs required for even letters of this standardised nature to be signed off.
There is zero chance that those letters were released with incorrect calculations and yet customer service staff seem to have been informed about what to say if customers rang up. AIB were 100% confident in what they were doing. Which means it wasn't a mistake. At best it was incompetence.
Nowhere on the letter does it mention anything about issues around maturity dates or schedules. Instead when people rang up, they were told their schedules were wrong. Some poor customer service agent didn't make that answer up. That was the response signed off by AIB but today we are told 'it was all a mistake'. It doesn't stack up.
If there is an issue with repayment dates and maturity dates, it shouldn't just impact mortgages maturing over the next few months like AIB claim. I also don't know why it would impact someone who paid extra off their mortgage like AIB claim.
I still maintain the whole thing stinks. AIB had obviously identified an issue and sent out letters and updated their call centre staff. As soon as they even got wind of an issue, they should have notifed customers. They didn't. They did what banks do and waited until customers were forced to complain and then today after an article appears, they put something up on their website.
When were Central Bank informed? I bet it wasn't yesterday or today. Willing to bet they have known about this for days.
The letter is a Standard system generated letter due to a rate change. This letter has been generated many times over the last 30 years.
Yes but how does it incorporate the increased amounts above those provided for by the interest rate increase alone? That hasn’t been done automatically for 30 yearsThe letter is a Standard system generated letter due to a rate change. This letter has been generated many times over the last 30 years.
This is what I think has happened. There is no conspiracy. It is just incompetence or a mistake.
1) In calculating the repayment AIB used some wrong data - looks like the wrong maturity date as Red explains.
2) They sent out the letters
3) They first heard about it when people started ringing.
4) They should have said "That is odd - we will investigate it" and then said that to everyone else who rang.
5) But instead, they said "Ulster Bank must have been wrong".
Don't assume a huge technical competence in AIB. On the Prevailing Rate case, they insisted that they were paying compound interest on the compensation and I was so gobsmacked that I could not get it across to them that they were not. Then when they realised that they were not, they said that simple interest was in line with the Ombudsman's decision.
The transfer of these mortgages is a huge operation.
The guys who knew how to do things were probably on holidays or working from home.
Brendan
Yep. I first found about it myself when the letter from AIB arrived, with a significant increase in the repayment.Last point on this. We are still at a stage where a bank spent over 10 days telling people the bank was right. Story breaks in Irish Independent and within 3 hours, there are statements from AIB and Central Bank. Within 2 hours of that, AIB come out and say it was a terrible mistake. We will fix it so let's move on.
The culture of banks and indeed the central bank is still to treat customers with contempt. It shouldn't need Charlie Weston or Brendan Burgess to make noise before we hear statements about a possible issue or genuine mistake. It's a real 'let's see how many people complain' rather than 'let's do the right thing' attitude. And it stinks.
That’s pretty much the whole story summarised.Last point on this. We are still at a stage where a bank spent over 10 days telling people the bank was right. Story breaks in Irish Independent and within 3 hours, there are statements from AIB and Central Bank. Within 2 hours of that, AIB come out and say it was a terrible mistake. We will fix it so let's move on.
The culture of banks and indeed the central bank is still to treat customers with contempt. It shouldn't need Charlie Weston or Brendan Burgess to make noise before we hear statements about a possible issue or genuine mistake. It's a real 'let's see how many people complain' rather than 'let's do the right thing' attitude. And it stinks.
Why on earth would working from home have anything to do with this? The world has changed, you don't need to be in an office surrounded by people to be competent, or for that matter incompetent anymore. Working from home gets used as a lazy excuse for when things go wrong and it is total garbage.This is what I think has happened. There is no conspiracy. It is just incompetence or a mistake.
1) In calculating the repayment AIB used some wrong data - looks like the wrong maturity date as Red explains.
2) They sent out the letters
3) They first heard about it when people started ringing.
4) They should have said "That is odd - we will investigate it" and then said that to everyone else who rang.
5) But instead, they said "Ulster Bank must have been wrong".
Don't assume a huge technical competence in AIB. On the Prevailing Rate case, they insisted that they were paying compound interest on the compensation and I was so gobsmacked that I could not get it across to them that they were not. Then when they realised that they were not, they said that simple interest was in line with the Ombudsman's decision.
The transfer of these mortgages is a huge operation.
The guys who knew how to do things were probably on holidays or working from home.
Brendan
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