AIB How is AIB calculating the interest on the 12%?

[Jellytot2019]

Thanks so much Brendan and Claude for your responses - very much appreciated.

 

[Banemore]

Hi Claude.
Its the only way to get it correct, just wondering is it a huge cost.

 

[Claude]

Hi Banemore,
cost to calculate Mortgage figures of where we stand now and where we should be with a tracker and interest rate calculations came to 1k.
has been well worth the fee to us although costly.

 

[David_Dublin]

Doesn't the calculator on here do that? Does it need an actuary to work out simple and compound interest? Isn't that all it is?

 

[Claude]

Yes the calculator would do the interest part but we wanted the detailed actuarial figures on the entire Mortgage for dealing with AIB, the simple v compound figures were just an addition to what we were looking for

 

[misstealeaf]

Do we know at this point if AIB have responded to the FSPO- I imagine their response period of 10 days is up now.

 

[misstealeaf]

I just phoned AIB in relation to this as i'd made a formal complaint- apparently the complaint is still open and no update could be given to me, surprise surprise.....

 

[Kfefish]

It seems Aib like wasting resources . I just phoned as I sent letter on 15th September re interest rates for calculation . They said received 17th and are now sending an acknowledgment letter (2 weeks later ) but will then send a seperate letter With details of interest rate calculation . What a waste!! I still reckon I am over 2k out on simple interest calculation . I’ll update here

 

[Brendan Burgess]

Update on the Simple vs. Compound Interest challenge

AIB responded to the Ombudsman explaining their methodology. Although the explanation makes no sense, the Ombudsman has accepted their explanation that the calculations are in line with his decision. He has closed the file. We are reviewing our next steps. Brendan

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