AIB When will those who have moved bank get their redress?

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Shay75

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It seems AIB's M.O. is to keep people in the dark and to not give folk the head's up on what is happening, or is about to happen.
For example, the helpline was vague. Then, the "letters would be sent in July and August".
What happens? The balance is reduced without notification to the home owners.

As someone who is not with AIB any more (nor will I ever be again), I wonder if the cheques have already been posted out to those that are not with them so that they are received at the same time as the online write down?
Otherwise, they would be informing those still with the bank (only through the write down) ahead of others.

Anyway.. I'll be checking the post box when I get home today!
 
For anybody who is still waiting, I just spoke with helpline who advised accounts like mine will take a bit longer and issue by cheque not capital reduction as mortgage account is now closed (was a joint mortgage at the time but I've since bought out in my sole name).
 
AnitaF said:
For anybody who is still waiting, I just spoke with helpline who advised accounts like mine will take a bit longer and issue by cheque not capital reduction as mortgage account is now closed (was a joint mortgage at the time but I've since bought out in my sole name).
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I was told the same and posted as much on the thread for the new helpline.

Could they even confirm for you that you qualified? (They would not with me)
 
I just rang number and the account number in question for me is closed as I later topped up and a new account number was generated. The person I spoke to advised as the account in question is closed, even though same property I will get a cheque (if I am eligible!) in July/August including the capital reduction plus interest refund.
 
Summercruising said:
I just rang number and the account number in question for me is closed as I later topped up and a new account number was generated. The person I spoke to advised as the account in question is closed, even though same property I will get a cheque (if I am eligible!) in July/August including the capital reduction plus interest refund.
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Good to know. Thank you :)
 
As someone who is no longer with AIB, I'm disheartened that I have to wait so long to find out if I'm included and for the payment, if I am. Justice delayed is justice denied as they say.

I am truly happy for all those that have received their write down and thanks so much to Brendan and Karen for fighting the good fight!
 
Shay75 said:
Anyway.. I'll be checking the post box when I get home today!
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Hi Shay

I think you will be disappointed.

Calculating 12% of the balance on a particular day 10 years ago is fairly straightforward as is reducing the balance on a mortgage.

Working out the interest to be refunded and how to pay it is more complicated. Don't annoy yourself checking the post. It will come in due course.

Brendan
 
Good point. If the write down figure plus interest is being sent at the same time, then it will take some time.

I'd be happy to receive two cheques, as the first would not only be most welcome for a multitude of reasons, but it would also confirm that I am in the cohort who will receive something.

Thanks again
 
just a note to say that I rang the 0818 number and was told that there was a delay due to a high number of calls (I thought to myself - I bet there are!)

I gave them my details and asked if, which was yet to be confirmed, I was due the reduction amount plus interest, given that the process for those still with AIB was first a reduction to the mortgage and then a cheque in August in respect of the interest, as I had moved banks, what might be the time frame for me.

She confirmed that as my account was closed in December last year, obviously no reduction could be made to any account.

She did not mention anything about there being a question as to whether I am in the cohort or not, and she confirmed that the cheque equivalent of the 12% reduction along with the interest amount would be sent out at the latest by the end of August, but hopefully sooner. She could not provide any further specifics.

With the reductions being applied to AIB mortgages sooner than people expected, perhaps those not with AIB may receive their cheque sooner than expected too.

Anyway, I thought I would update all those in this specific situation.
 
Mine was remortgaged in May last year but still with AIB. Original joint mortgage a/c closed to make way for new account.

Will also update all here as soon as there are any developments.
 
Please do. I'll do likewise.

It is like being in limbo at the moment. Not knowing 100% if I am in the cohort officially, not knowing if/when I may receive the cheque....

Anxiety mixed with anticipation with cautious excitement.
 
Shay75 said:
Please do. I'll do likewise.

It is like being in limbo at the moment. Not knowing 100% if I am in the cohort officially, not knowing if/when I may receive the cheque....

Anxiety mixed with anticipation with cautious excitement.
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Very same, am massively cautious about getting excited just yet until I have more definite confirmation!
 
Yes same here and we are in the middle of house hunting.... this amount would significantly change our circumstances but afraid to rely on it when looking at budgets as don’t trust AIB one bit
 
Jean84 said:
we are in the middle of house hunting.... this amount would significantly change our circumstances
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First of all, ring the helpline and tell them your circumstances. That you need to know ASAP.

Assuming you get no help, tell them that you want to escalate it to their boss.

Then write a letter.

This will all be useful if you decide to complain to the Ombudsman about the way they treated you.

Brendan
 
AnitaF said:
Mine was remortgaged in May last year but still with AIB. Original joint mortgage a/c closed to make way for new account.

Will also update all here as soon as there are any developments.
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We are same as u took out a new mortgage in June in joint names hoping to hear something soon
 
Brendan Burgess said:
First of all, ring the helpline and tell them your circumstances. That you need to know ASAP.

Assuming you get no help, tell them that you want to escalate it to their boss.

Then write a letter.

This will all be useful if you decide to complain to the Ombudsman about the way they treated you.

Brendan
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Thanks for the advice Brendan I will do this in the morning.
 
Rang them this morning. They confirmed my account was part of the redress scheme but as it is closed it will be anytime between now and end of August when a Cheque is issued for 12% plus interest.

I understand that the interest part is difficult to calculate but it is no more difficult than those whose accounts are still open.

Cutting a Cheque for 12% of a known balance is as easy as automatically batch processing reductions on active accounts.

The correct approach should have been issue all payments of 12% first then deal with the interest later. At least then there would be more clarity.
 
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