Can you put up a scan of your letter (blacking out identifying details.)And by the way, the correspondence I received from AIB that informed me of the increase was dated 28 July. The revised rate to take account of the “error” had already been calculated and stitched in.
They therefore knew last month that this was an issue but did nothing except to try to bury the correction in the standard letter informing customers of the ECB increase.
It’s as if they believed that no one would notice. Do they really believe the public is that stupid?
You can always recalculate the interest on your mortgage long hand and I believe as Brendan does that the interest calculations will be correct. What has happened here is that customers paid less per month and hence the existing payment would not clear the loan in the remaining term of the mortgage. Effectively this means customers had a cash flow advantage over the years. There is no write off issue here. Extend the term if there is hardship. Also I think Brendan put a link up before for a mortgage calculator and you can check your own mortgage and see that your existing payment is correct.
Can anyone seriously defend how this has been handled by not only the two banks but also the central bank
Just keep the repayments at the same level and extend the term.
Adjusting the payments is nonsense.
My brother has/had an Ulster tracker, now transferred to AIB. When he first saw the repayments he realised that Ulster had used an incorrect rate, they fixed it. Now we have thousands of trackers miscalculated. Separately we have my loan getting 3 refunds for their miscalculations. Today we know AIB didn't carry out due diligence properly on the Ulster transfers, I've been advised to go to specialists to check if my loan was calculated correctly, etc etc . So no I don't believe it's possible to state that banks calculate things correctly.How do I know that the interest on my AIB mortgage is calculated correctly? Or on my current account overdraft?
There is no reason to believe that it is incorrect.
Brendan
Nothing changes does it. This is typical from Irish banks.The way it has been handled is a disgrace.
But how can customers be assured that there even was a miscalculation or, if there was, that it has now been corrected properly. We’re being asked to trust a system and institutions that caused this problem in the first place.The miscalculation should not lead to a refund or write-off as there was no overcharge
have you checked the actual AIB calculation?Of Course people have a claim against UB with FPSO
Per Consumer Protection code
2.2 acts with due skill, care and diligence in the best interests of its customers;2.3 does not recklessly, negligently or deliberately mislead a customer as to the real or perceived advantages or disadvantages of any product or service;2.4 has and employs effectively the resources, policies and procedures, systems and control checks, including compliance checks, and staff training that are necessary for compliance with this Code;
2.4 has and employs effectively the resources, policies and procedures, systems and control checks, including compliance checks, and staff training that are necessary for compliance with this Code;
Clearly they dropped the ball and secondly they didnt know AIB found it
I think its called experience.Again you don't know that. We haven't heard from AIB/Ulster Bank what the issue is apart from vague answer about wrong schedules when people ring up. We still don't know the number of impacted customers. That didn't stop them from adjusting peoples repayments though.
Not sure why people are struggling to see the problem here. Whatever about the reason for the error, this is a consumer website. Can anyone seriously defend how this has been handled by not only the two banks but also the central bank. It doesn't matter if customers are impacted by €10 a month or €600 a month. A major issue was identified and they seem to have gone out of their way to at best minimise it or at worst attempt to conceal the extent of the issue.
A €5 billion mortgage book was sold to AIB. AIB would have gone through every single loan in that transaction and this issue was missed. The idea then that people would have been able to spot it using online mortgage calculators either means that AIB were completely incompetent or the issue here is not as clear cut as incorrect schedules.
Such letters would not be issued without the knowledge of CB therefore its an issue for UB.have you checked the actual AIB calculation?
could it not be AIB messed up by using incorrect information?
has anybody actually compared the details from Ulster Bank to AIB.
the letter issued was a standard repayment calculation letter that occurred due to a rate change, this would not be sent to the Central Bank to review.Such letters would not be issued without the knowledge of CB therefore its an issue for UB.
But hey if I'm wrong go after AIB then for causing distress anxiety for issuing invalid letters !!
I wonder will this mess mean the transfer is delayed. AIB surely don't want more irate new customers.I'm someone whose mortgage is yet to transfer
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?