# Template for complaining to AIB over compound interest issue



## Brendan Burgess (20 Jun 2021)

I would encourage everyone to complain to AIB and then to the Ombudsman about AIB's calculation of the interest on the write down. The calculated it on a simple interest basis. There is no need to go into detail as they will reject it anyway.

You must complain to AIB and get a Final Response letter before you complain to the Ombudsman.


If you also want to seek additional compensation, amend this letter accordingly. This thread discusses the approach to seeking additional compensation. 






						AIB - If you are not happy with the AIB redress
					

Updated 20th June 2021   There are two main grounds for complaint  1) The Interest on the write down was calculated using simple interest. They should have used compound interest.  https://www.askaboutmoney.com/threads/template-for-complaining-to-aib-over-compound-interest-issue.223901/   2) You...



					www.askaboutmoney.com
				




Paul O'Farrell
Head of AIB FSPO Mortgage Review,
AIB
10 Molesworth Street,
Dublin 2.

Re mortgage account number:
Address of mortgaged property

Formal complaint

Dear Mr O'Farrell

I refer to your letter of paying redress for your failure to offer us a tracker when our fixed rate ended.

*Your failure to pay compound interest*
I am satisfied with the write down of 12% on the balance, but I understand that you have calculated the interest on a simple interest basis rather than compound basis.

1) Please send me a schedule showing how the figure of was calculated.
2) Please recalculate this using compound interest and send me the balance.
3) In the event that you are not prepared to pay me compound interest on the write down, please send me a final response letter so that I can complain to the Ombudsman.

*I would like compensation for the distress caused to me by your failure*
If you did not suffer distress, don't bother with this. If you did, you should explain what distress your suffered and specify an amount you would like.


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## Still_broke (24 Apr 2022)

Do you have a template for the letter we should send to the Ombudsman? We have received the 'final' response from AIB.


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## skippy26 (7 Jun 2022)

Still_broke said:


> Do you have a template for the letter we should send to the Ombudsman? We have received the 'final' response from AIB.


Did you get a template to use?


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## Brendan Burgess (7 Jun 2022)

Just amend the above letter and attach it to the Ombudsman's complaint form.

Brendan


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