Brendan Burgess
Founder
- Messages
- 52,115
Lodge the cheque to your bank account
The cheque represents the minimum amount you will be getting. Cashing the cheque does not affect your right to question the calculation of the redress or appeal the amount of the compensation. As they say in the letter:
How do I know if they have calculated the redress correctly?
First, make sure you are on the right tracker rate from now on.
This is very difficult to work out. The letter and attached calculations are very confusing. Ask AIB to issue you with new statements showing the correct interest rate. That is much easier to understand and to check.
Will I have to contact Revenue about the compensation or the fact that I got TRS on higher levels of interest?
No. AIB has sorted this out with Revenue. As they say in their letter:
I am not happy with the level of compensation/rate I am now on/calculations
If you are not happy with the level of compensation, the first thing to do is to make an appeal within AIB.
This is a free bite of the cherry. If they reject your appeal, you are still free to go to the Financial Services Ombudsman or the court
Where can I get help with reviewing the calculations or making an appeal?
Most solicitors and accountants have no understanding at all of the issues involved. They will charge you high fees and will be of little help.
The best advisor in this area is Padraic Kissane [broken link removed]
Padraic will be organising a meeting of AIB customers in the coming weeks.
How long do I have to make an appeal?
You have 12 months from the date you received the redress letter
The cheque represents the minimum amount you will be getting. Cashing the cheque does not affect your right to question the calculation of the redress or appeal the amount of the compensation. As they say in the letter:
How do I know if they have calculated the redress correctly?
First, make sure you are on the right tracker rate from now on.
This is very difficult to work out. The letter and attached calculations are very confusing. Ask AIB to issue you with new statements showing the correct interest rate. That is much easier to understand and to check.
Will I have to contact Revenue about the compensation or the fact that I got TRS on higher levels of interest?
No. AIB has sorted this out with Revenue. As they say in their letter:
I am not happy with the level of compensation/rate I am now on/calculations
If you are not happy with the level of compensation, the first thing to do is to make an appeal within AIB.
This is a free bite of the cherry. If they reject your appeal, you are still free to go to the Financial Services Ombudsman or the court
Where can I get help with reviewing the calculations or making an appeal?
Most solicitors and accountants have no understanding at all of the issues involved. They will charge you high fees and will be of little help.
The best advisor in this area is Padraic Kissane [broken link removed]
Padraic will be organising a meeting of AIB customers in the coming weeks.
How long do I have to make an appeal?
You have 12 months from the date you received the redress letter