# Went into arrears



## MoneyGreen (15 Jun 2020)

Hi, Everyone. I’m in line for the Mortage Redress from AIB. My balance was 295k when I came off fixed rate in 2010. However I was made Redundant in 2012 and went into arrears for awhile. Mid 2013 I got a new job  it was restructured and the arrears were lumped into remander of Mortage. Payment went from €1500 a month to €1730.  Will this affect my calculation in any way? It was a horrible time and the bank rang me twice a day for months...Nearly split my Marriage because of it all..


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## Brendan Burgess (15 Jun 2020)

First of all, you will get the same redress as everyone else.  Your mortgage balance will be written down by €35,400 and you will get interest on that, which will amount to about €12k.  I would be very surprised if AIB tried to argue that the €12k should be set against the arrears. 

But how much arrears were you in? 

If AIB had offered you a tracker at the then prevailing rate, would you have been in arrears? 

If you can successfully argue that AIB pushed you into arrears through overcharging you, then you should be looking for far more compensation.

However, in most arrears cases, people who lost their job made very few payments, so it wouldn't have mattered what the interest rate was. They would still have been in arrears.

Brendan


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## MoneyGreen (15 Jun 2020)

Hi Brendan,

I went 16k or there about in arrears at the time. I rang the help line but they could only tell me I’m included and what my principal sum was in 2010. She had no other information but it was just a little niggle worry for me it might somehow affect it. The monthly payment seemed so unachievable when I was out of work I didn’t even try to pay it. I had 3 children under age of 3 at the time and didn’t know was I coming or going. I rang them told them I was out of work and would be using all my energy getting new employment.  I knew I’d get working in a few months and so it panned out.  I can’t help but feel anger when I think of the stress they put me under while all the time overcharging me.. Thankful to you so much for bringing this to a successful outcome and helping make things easier in the future


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