AIB My capital balance has been reduced!

Many thanks to Brendan for all his relentless work on this issue. Our mortgage was also reduced by 12% last night. AIB have really let us down as customers over the last few years, and have again shown their disregard for us by their lack of communication around this issue.
 
I got a reduction on my home mortgage but not on another loan with 3.2 on another property.
Per AIB helpline these payments are going through in tranches because of the volume of cases.
Letters require new monthly payments but still AIB could have given notice of the expected reduction payment date and a plan to issue full details after.

My sincere gratitude to Brendan and Karen on this case.
This decision helps in other discussions i have that are yet to move forward with AIB
 
Capital reduction applied for us as well.
Relief it’s gone through.
Thanks Brendan and all who joined together and pushed this.
 
Brendan Burgess said:
Hi shej

You will get a capital write down of 12%.

But you will also get a refund of the interest that they charged you on that 12% since the date your fixed rate ended.

As a ballpark figure that will be about 1/3rd of the capital write down but could be more or less depending on the date your fixed rate ended and what interest rate you were on since.

Brendan
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Is that going to be less if you ended up paying lump sums since coming off the fixed rate, i.e. if calculated against a reducing balance, and the balance reduced significantly at a point in time, early after coming off fixed, might the 1/3rd figure be over-inflated?

Sorry if its a dumb question.
 
Sorry David

That makes no sense.

As long as the OP owes at least the amount of the write down, they will not be impacted by paying lump sums off the mortgage.

Brendan
 
This is absolutely brilliant news for everyone it’s great to finally see reductions come through to people as we have being made wait long enough as it is.A big thank you must go out to Brendan for working tirelessly on this over the years. I myself I’m still waiting but we did sell our house in 2017 and took out a new mortgage albeit with aib so I’m presuming this will take longer as it just a cheque and not a reduction on an existing mortgage
 
Absolutely great news...we also had a reduction to our mortgage today!
Thank you again Brendan for all your hard work.
Our mortgage payment is due out next week, does anyone know how this will affect our monthly payment?
 
Just checked our account and saw the beautiful write down of €49k!! Yipeee!! Due to Covid we had to take the 3 month break so this is even better.
Thanks so much Brendan , Karen and all involved in winning this case for us. It is such a life altering amount...now I’m getting greedy & waiting for our interest cheque...
 
Niall.con said:
Our mortgage payment is due out next week, does anyone know how this will affect our monthly payment?
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If you had a mortgage balance of €100k and they reduced it by €20k , that would be 20%.

Your repayment should also fall by 20%.

Not sure how quickly that will be implemented.

Brendan
 
Niall.con said:
Our mortgage payment is due out next week, does anyone know how this will affect our monthly payment?
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I spoke with someone this morning on the helpline asking this specific question and he couldn't answer. I got a call from his manager seemingly this evening who advised that it would be another 3/4 working days before they would have this figure as it requires a level of manual input. He has undertaken to call me early next week with the figure.
 
Also got 12% writedown. Brendan cannot express my gratefulness for all the hard work on this. Monthly repayment due out tomorrow will see if the reduction has been applied
 
This is what AIB told the Irish Examiner

In a statement, AIB said the bank has previously communicated that customers who are in the FSPO grouping will receive a balance adjustment, a cheque for the interest refund and a letter in July or August.

“This follows work on a case by case basis by the bank. The bank has begun applying the balance adjustments, and they will continue to be applied across this month and next.

"Once these actions are completed these customers will receive written confirmation of the balance adjustment made on their account and a cheque for the interest refund due."
 
Brendan Burgess said:
That's great news that they have got around to it at long last.

Imagine the surprise of the people who know nothing about it and when they check their mortgage balance to see it has been reduced by 12%! And no letter telling them why.

Brendan
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Brendan that was us last night!! Thank you a million times, we initially got the €1615 in March 18 but I presumed that was it and hadn't kept up with unfolding story, I've been dealing with stage 4 cancer with last 5 yrs and we weren't able to get life insurance for me on the mortgage so this is a huge relief to see the balance significantly reduced, if something should happen me it will mean less financial pressure on my husband, you mentioned a cheque is there more to come besides the 12% write down? We haven't received any communication from AIB about any of this
 
Kaycurtin said:
Brendan that was us last night!! Thank you a million times, we initially got the €1615 in March 18 but I presumed that was it and hadn't kept up with unfolding story, I've been dealing with stage 4 cancer with last 5 yrs and we weren't able to get life insurance for me on the mortgage so this is a huge relief to see the balance significantly reduced, if something should happen me it will mean less financial pressure on my husband, you mentioned a cheque is there more to come besides the 12% write down? We haven't received any communication from AIB about any of this
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@Kaycurtin there is a calculator on the askabout money page, but you are ROUGHLY looking at a cheque of about 1/3rd or 35% of the redress amount you got. So if you got redress of 30,000.00 you will get a cheque of roughly 10,000.00
 
We had a rebate of €18,603 so that would roughly be 6k oh this is wonderful news Brendan, it's been a difficult few years and we have struggled so much to keep our mortgage paid over the years, Thank you, Thank you seems so inadequate right now
Fantastic I will check that out now thank you
 
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