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Got Letter from AIB, what would you do.

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Got Letter from AIB, what would you do.

Postby Mrs2babridesoon » Wed May 02, 2022 11:31 am

Girls got home last night to letter from AIB, after reading it I was super confused.

As far as I understand from the letter, when I started my mortgage I was on interest only payments for a number of months as agreed with myself and bank but due to a computer error I was on it 4 months longer than I was meant too, meaning that all my payment since have been calibrated on the wrong figures, In one hand it says there is
''Unfortunately'... 'Resulting under-collection of repayment amounts €1038.57' Then further down the line it says ''We have refunded €720 to your account.

Any ways I called AIB this morning and still not 100% sure whats going on because they say I under paid €1038.57 yet I have been refunded €720 and my repayments will go down by €3 a month from now on.

Now this is all good and I guess I shouldn't be looking a gift horse in the mouth, the thing is money is super tight at the mo and that €720 would come in so handy, right now they have credited to my mortgage account so effectively the money has come off the principal.

I asked could I have it lodged into my current account and she said I would have to request it and see, but I would be losing out on the €3 reduction every month till the end of the mortgage which has another 22 years, what would ye do? Hope it makes sense.


TTC Since Nov 2009. Me 36. PCOS & Large Fibroid 8cm & Endometriosis.
Clomid 50mg X 6 Cycles, Clomid 100mg/Scans/Trigger Shots X 2 Cycle. BFN X 8.
HSG January 2011 (one tube blocked)
Lap & Dye Dec 2011.Both tubes open/ovarian drilling/slight Endo removed/Lge Fibroid
Feb-May ’12:IUI 4 Attempts all cancelled (poor response) Cycle changed TSI. BFN X 4
All treatment suspended till Endo sorted! May 2012.
21st July:Surgery with Hugh O'Connor for Fibroid & Endo Removal.





Fingers crossed for 2012.
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Re: Got Letter from AIB, what would you do.

Postby Mrs2babridesoon » Wed May 02, 2022 3:54 pm

Any one?

I'm so surprised no one else was on about this today, the man I spoke with in AIB said there was loads of these letters issues and there were loads of calls coming in about it!

I am lucky that it doesn't make a huge difference to me but what about the poor creators really struggling or with higher mortgages there could be huge money involved for other people.


TTC Since Nov 2009. Me 36. PCOS & Large Fibroid 8cm & Endometriosis.
Clomid 50mg X 6 Cycles, Clomid 100mg/Scans/Trigger Shots X 2 Cycle. BFN X 8.
HSG January 2011 (one tube blocked)
Lap & Dye Dec 2011.Both tubes open/ovarian drilling/slight Endo removed/Lge Fibroid
Feb-May ’12:IUI 4 Attempts all cancelled (poor response) Cycle changed TSI. BFN X 4
All treatment suspended till Endo sorted! May 2012.
21st July:Surgery with Hugh O'Connor for Fibroid & Endo Removal.





Fingers crossed for 2012.
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Re: Got Letter from AIB, what would you do.

Postby Jane Smith » Wed May 02, 2022 4:42 pm

OK, there's something missing here. So you overpaid €720 in interest but underpaid €1,038 in principal?? Have you since paid the €1,038?? The reason I ask is it sounds like they are applying the overpayment to your future principal repayments rather than the four missed ones. If you haven't paid the €1,038 how are they proposing to collect the outstanding principal amounts due??

If you can afford to do so you should apply the €720 to the amount outstanding on your morgage a/c along with paying the €318 deficit.
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Re: Got Letter from AIB, what would you do.

Postby RainbowNinja » Wed May 02, 2022 5:37 pm

Have you payment protection cover on your mortgage repayments?

Read over the last few days that AIB are refunding €3M to customers, it was something to do with payment protection
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Re: Got Letter from AIB, what would you do.

Postby secondtimemother » Thu May 03, 2022 11:02 am

Well the way I would interpret that and forgive me if ive gotten it completely wrong. But you say you were interest only for 4 mths longer than you should have so for these 4 mths you should have been paying both interest and capital payments but due to the error they apportioned all the money against the interest element only and nothing against the capital portion which would imply that you paid too much interest and nothing against the capital hence the shortfall in your capital payments.

So it would just be a case of reallocting what should have been paid against the capital over these 4 mths and reducing the interest. I wouldnt have viewed it as a refund of money, its basically just a rebalancing of your mortgage account between the interest and capital. While you say it would be nice to have that money I dont think its actual money that you should receive back. it was purely just an error by the bank and you shouldnt request the money back as its not refundable. Its part of your mortgage repayments. If ya get me. sorry am not the best at explaining things in writing.
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Re: Got Letter from AIB, what would you do.

Postby Mrs2babridesoon » Thu May 03, 2022 11:43 am

Thanks for the replys.

Jane Smith wrote:OK, there's something missing here. So you overpaid €720 in interest but underpaid €1,038 in principal?? Have you since paid the €1,038?? The reason I ask is it sounds like they are applying the overpayment to your future principal repayments rather than the four missed ones. If you haven't paid the €1,038 how are they proposing to collect the outstanding principal amounts due??

If you can afford to do so you should apply the €720 to the amount outstanding on your morgage a/c along with paying the €318 deficit.


I thought the same as you Jane Smith, but they assured me that I don't owe any money and that my repayments will also go down.
Not unless the Interest I paid since 2004 actually covers the €1038 while also leaving a credit of €720? PLUS the €3 extra discount a month for the remainder of the mortgage.

RainbowNinja wrote:Have you payment protection cover on your mortgage repayments?

Read over the last few days that AIB are refunding €3M to customers, it was something to do with payment protection


Thanks RainbowNinja, Its defo to do with my interest only payments from the beginning of my mortgage. (8ys ago) I don't payment protection.


TTC Since Nov 2009. Me 36. PCOS & Large Fibroid 8cm & Endometriosis.
Clomid 50mg X 6 Cycles, Clomid 100mg/Scans/Trigger Shots X 2 Cycle. BFN X 8.
HSG January 2011 (one tube blocked)
Lap & Dye Dec 2011.Both tubes open/ovarian drilling/slight Endo removed/Lge Fibroid
Feb-May ’12:IUI 4 Attempts all cancelled (poor response) Cycle changed TSI. BFN X 4
All treatment suspended till Endo sorted! May 2012.
21st July:Surgery with Hugh O'Connor for Fibroid & Endo Removal.





Fingers crossed for 2012.
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