AIB Mortgage payments are now being reduced as a result of the write-off

R

Redser

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Just checked my on line banking. Our mortgage is due out on 23rd and pending transaction shows the payment due has been readjusted to a new figure based on the 12% write down we received.
 
Hi Redser

That is good that they have got around to it.

Would you mind providing the following figures just to make sure that they are doing it in the way we expected.

% write down i.e. Balance last week: €100k - write down €20k - percentage write down: 20%

% reduction in mortgage repayment.

Brendan
 
Hi Brendan

Balance before write down 226,777 - 34,824 (12% write down) = 191,953
Percentage write down = 15.3%

Current monthly repayment 1,234.
Pending monthly repayment 1,045.
1,234 - 1,045 = 189 which equates to 15.3 % reduction in mortgage repayment.
Hope this makes sense.

Redser
 
I got a mortgage write down €48,935 which equated to 15.8% of the outstanding mortgage balance. Does this mean my monthly repayments will reduce by 15.8%?
 
Gigi07 said:
I got a mortgage write down €48,935 which equated to 15.8% of the outstanding mortgage balance. Does this mean my monthly repayments will reduce by 15.8%?
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Yep, it is the gift that keeps on giving over remainder of mortgage.

I look at the write down as money you save monthly over the remainder of the mortgage, not as a static number at a point in time.
 
Thanks for this update. Can I ask are you on a fixed or a variable rate? Or should it matter does anyone think?
 
Hi Brendan, to you and anyone else who has worked on this redress issue, thanks a mil. I have received a substantial write down (12% of my debt 11 years ago). I am now expecting/hoping for a large interest refund cheque. All this will transform my financial position and I am very grateful to you guys. A tracker rate from now onwards would be more icing on the cake..............
 
Has anyone had correspondence on what the new repayment will be? I've a standing order rather than DD so want to amend it ahead of Augusts payment. I've a ballpark in my head but I might stick a call into the helpline later for the exact figure.
 
coolaboola12 said:
less than I thought which is great .
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Hi Coola

Could you give us an indication of the figures.

If the balance before the capital reduction was €100k and the reduction was €20k bringing your mortgage balance down to €80k, then the repayment should have fallen by €20%.

Brendan
 
tnegun said:
Has anyone had correspondence on what the new repayment will be? I've a standing order rather than DD so want to amend it ahead of Augusts payment. I've a ballpark in my head but I might stick a call into the helpline later for the exact figure.
Click to expand...

Just called the helpline and they're very efficient call lasted all of 1 minute 44 seconds and I had my new repayment to the penny.
 
tnegun said:
Just called the helpline and they're very efficient call lasted all of 1 minute 44 seconds and I had my new repayment to the penny.
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Yes I was just about to say that. My monthly payment did not reduce in July, so I phoned the helpline and got straight through also. I spoke to a lovely girl (however she did not make it clear what section I was on to - it all still seems very 'cloak and dagger') who was able to tell me that the calculation had not been done on time for the July payment, but she could see on the system that it would be reduced to X amount from August.
 
I got a write down of just over 20k and my repayment has gone from just over 900 to 780-will make such a difference. This property was in negative equity for the longest time and we worked our behinds off to keep payment up during the crisis. Could we start a thread to monitor when people start receiving the cheque?
 
Hi I got my redress today for €23,486 I have a split mortgage it came off our main mortgage not the parked one .Thanks so much to Brendan and team for all your help it means so much .
Wonder now if we will be able to bring the parked lot down now and get out of the split mortgage deal . Any one any ideas on this thanks .
 
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