AIB Remediation Process Re: Personal Loans

[MrEarl]

Hello,

A good friend of mine has had a call from AIB, who have told him that they are doing a review of historic personal loans, and have found mistakes with the interest charged. It seems that they are now giving him a cheque for a refund.

Has anyone else come across this, with regards to personal loans?

 

[Brendan Burgess]

I wonder if it's this?

AIB overcharged personal and SME customers €61m

Disclosed in today's half-year results https://www.irishtimes.com/business/financial-services/aib-takes-61m-hit-for-overcharged-customers-1.3968184 AIB revealed on Friday in its first-half report that it has taken a €61 million to cover personal and small business customer refunds and costs...

www.askaboutmoney.com

 

[rustbucket]

Hello,

A good friend of mine has had a call from AIB, who have told him that they are doing a review of historic personal loans, and have found mistakes with the interest charged. It seems that they are now giving him a cheque for a refund.

Has anyone else come across this, with regards to personal loans?

Yes. In fact a couple of times over the last ten years or so due to various loans/top ups over the years.

The latest one was about 2 weeks ago I got a refund into my current account if 250 euro followed by a letter 5 days later explaining.

It seems they wrongly calculated interest on personal loan top ups which resulted in an overcharge of interest.

They did a review of how they calculate interest and I guess they keep coming up with errors and have to reimburse customers.

The annoying thing is they keep giving the refunds first and then write to you after which just causes confusion (an approach they also take with other aspects of their business)

 

[MrEarl]

Hello,

Yes, that seems to be the case here also, albeit my friend has yet to receive the letter, cheque etc.

We had been discussing the Tracker scandal in the past, so he thought that I might have known about this also, but I didn't.

Thanks folks.