AIB AIB Prevailing Rate refund calculator

@October2019 I'm not sure about my calculations either .. capital reduction €21,657.98 (balance coming off fixed rate was €180,483.28).

Interest refund was €7,519.91.

Rates as follows:

Came off fixed rate on 20th July 2009.
Fixed for 2 years from 22nd March 2010 @ 2.80%.
Fixed for 3 years from 7th January 2015 @ 3.80%.

Redeemed mortgage on 29th may 2019 (date according to letter I received from AIB confirming redemption).
 
October2019 said:
Hi everyone, I have updated the calculator on this thread. There are now 3 tabs, 1 for Compound Interest, 1 for simple Interest ( which AIB are using) and 1 for redeemed mortgages (which is still using compound interest).
Click to expand...

thanks @October2019 to clarify, does this mean redeemed mortgages are receiving compound interest compensation?
 
corkie said:
Hi. I came off fixed rate on 13th may 2013 with a balance of €161,000. I fixed again from Sept 15 to Sept 16 @3.5% and was on variable for remainder. Received a write down of €19.300 and interest refund of €5060. does that seem low as my calculations came to €6500
Click to expand...

I’m in the same boat lower by €1600 - roughly 1/4 of 12% reduction
Bal was €164k date was 19/04/2012
 
Hi Brendan ,

firstly I want to thank you most sincerely for all your help and hard work , look at all the lives you have changed . Amazing work was done .

I to received my cheque today although lower than expected and can’t seem to figure it out myself

12% reduction was €19786
Fixed rate period ended 19/04/12
Bal of €164,883
Refund €5118

I’d greatly appreciate anyone’s help here to see if this is correct before I contact AIB

I would also be willing to contribute should people want to go further for the different cohorts .
Many thanks again .
 
October2019 said:
the simple interest calculator shouldn't really be 90 off, I suggest that everyone asks for the AIB calculations, I know I definitely will be!
Click to expand...

I have all my interest rates and every exact date and had worked it out independently of your calculator (although your calculator was a great verifier) and what AIB issued me today is €4k under what I’m due!!!
 
AnitaF said:
@October2019 I'm not sure about my calculations either .. capital reduction €21,657.98 (balance coming off fixed rate was €180,483.28).

Interest refund was €7,519.91.

Rates as follows:

Came off fixed rate on 20th July 2009.
Fixed for 2 years from 22nd March 2010 @ 2.80%.
Fixed for 3 years from 7th January 2015 @ 3.80%.

Redeemed mortgage on 29th may 2019 (date according to letter I received from AIB confirming redemption).
Click to expand...
hi Anita, I am getting 8,766 compound and 7,394 simple.
 
Aoife C said:
Hi Brendan ,

firstly I want to thank you most sincerely for all your help and hard work , look at all the lives you have changed . Amazing work was done .

I to received my cheque today although lower than expected and can’t seem to figure it out myself

12% reduction was €19786
Fixed rate period ended 19/04/12
Bal of €164,883
Refund €5118

I’d greatly appreciate anyone’s help here to see if this is correct before I contact AIB

I would also be willing to contribute should people want to go further for the different cohorts .
Many thanks again .
Click to expand...
Hi Aoife, I am getting 6,861 compound and 5,917 simple.
 
@October2019 thanks a million for your help. I really appreciate it. Given the higher simple interest calculation they did and because person on helpline seemed to think calculations were up to 31st December 2019, I'll have to find out what they used for period from redemption to end December.
 
Hi all, just on the calculator, AIB seem to be calculating it differently as mentioned in a post where they are using the highest rate in a particular month, I have not got my cheque as yet but when I do I will be asking them for the calculations so if you are off a bit it is probably down to this. If you are off by a few grand it is more than likely the difference between the simple interest calc they did and the compound interest ( that they should have done). They are sticking to their guns at the minute on that but Brendan is asking them about that one.
 
Morning everyone.
finally received my chq today. Got a write down of €55,585.58 fixed rate expired on 19/04/12 got interest chq today €16869. Was expecting about €2k more but am absolutely thrilled with this
Thank you Brendan for all your hard work
 
October2019 said:
Hi all, just on the calculator, AIB seem to be calculating it differently as mentioned in a post where they are using the highest rate in a particular month, I have not got my cheque as yet but when I do I will be asking them for the calculations so if you are off a bit it is probably down to this. If you are off by a few grand it is more than likely the difference between the simple interest calc they did and the compound interest ( that they should have done). They are sticking to their guns at the minute on that but Brendan is asking them about that one.
Click to expand...

@October2019, we're getting €16,1k on compound and €13,3k on simple - according to the calculator. That's just over €2,7k less than what seemingly it should be, had they applied the same interest they charged. Hopefully @Brendan Burgess "complain" will be addressed. Happy to help in any way, if needed.
 
Hi October 2019
Can you check mine also
Write down €27698
Cheque €11302
I believe I’m short changed also
 
I sure hope @October2019 is charging a consultancy fee for all thier work on this calculator thread :)

My calculation was over 15k on the calculator - but its spot on to the amount when using the simple interest instead.

Interested to see if "Karen's" refund was compound or simple - this will be the deciding factor for any further redress/correction requested by the CBI.
 

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