General terms and conditions
These general terms and conditions apply to all personal term loans and personal loans. Other specific terms and conditions may apply to this credit agreement between Allied Irish Banks, p.l.c. ('we'/'us') and the Borrower ('you'). If the specific terms and conditions conflict with these general terms and conditions, the specific terms and conditions will apply.
4. Other terms and conditions
6. Sharing information within AIB Group
7. Data Protection Act
8. Governing Law
Your repayments have been calculated using the interest rate in this credit agreement (we call this 'the specified rate'). If the interest rate changes in the future (if it is a variable one) we may:
adjust the amount of your final repayment;
adjust the number of your repayments; or
adjust the amount of your repayments.
These changes may increase or reduce the total amount you have to pay. If for any reason you owe us any money on the expiry date, you must pay this immediately, including any accrued interest, unless we agree new arrangements with you. We will charge you interest on the amount you still owe at the following interest rate:
If we owe you money on the expiry date you can request repayment immediately. If you fall behind with your repayments we may, having followed the terms of the Consumer Credit Act, 1995:
If your repayment becomes due on a day we are not open for business, you must pay it on the next business day. If your repayment becomes due on the 29th, 30th or 31st day of a calendar month which does not include these dates, you must pay it on the first business day of the next calendar month.
2. Interest - General
If we change our variable interest rates (including 'Charity', 'AA' and 'A') or our surcharge rate, we will publish the new rates in at least one national newspaper. We also display those rates on notices in all our branches. Variations apply from the date shown on the notices. If you would like details of other variable rates, please ask.
The new interest rate which applies is shown on the next account statement issued after an interest rate change. We charge interest (including surcharge) to accounts every three months, in March, June, September and December and up-to-date when your account is closed. We may charge interest to accounts at other intervals but before we do we will give three months notice in at least one national newspaper.
We always charge compound interest. This means that interest charged to accounts bears interest until it is paid.
Calculating the Interest
We calculate the interest on the balance you owe each day on your account after we have taken account of items paid out and paid in. When we calculate your interest we take account of items paid out as soon as we give value for them and we do not take account of the value of items paid in until we actually receive value for them. We also calculate an interest adjustment for unpaid items.
Having followed the terms of the Consumer Credit Act, 1995 and without affecting our right to demand repayment at any time, we may demand repayment if any of the following happen (defaults):
if you fail to pay any money you owe us on the date it is due and this failure lasts for more than 21 days after we have written to tell you that the amount is overdue;
if you break any of the terms and conditions of this agreement and you do not resolve the position within 21 days after we have written to tell you to do so;
if you or your guarantor die or do something which could lead to bankruptcy;
if your guarantor serves us with a notice that he or she will no longer act as your guarantor
if any decree, judgement or order of court is obtained against you and you do not pay it within one month from the date it was issued;
if any information supplied for or by you in application for the credit facility was false, misleading or inaccurate;
if you do not provide us with the security within 10 days after we have written to ask you for it or within any extra time we may allow; if the security is also security for other money you owe us (or any of our subsidiaries) and the security becomes enforceable to pay any of the other money.
4. Other terms and conditions
Joint and several liability
All borrowers on a joint account are responsible on their own, and together with the other joint account borrowers, to repay us according to the terms and conditions of this agreement.
If there is more than one borrower or guarantor (multiple parties)
If the expressions 'the Borrower', 'you' or 'the guarantor' refer to more than one person those expressions refer to all or each of those people.
If property is security for the credit facility: you must take out and maintain (for the entire period of the credit facility) index-linked insurance cover for fire and other usual risks for the full reinstatement value of the property;
we can decide the level of insurance even if you do not agree with us;
the insurance must be with an insurance company acceptable to us;
you must inform the insurance company that we have an interest in the property;
before the facility is taken up, and, if we ask you, at any time during the period of the credit facility, you must show us that the insurance cover exists;
if we ask you, you must complete a form for us to send to the insurance company telling them of our interest in the property;
if we become aware that a premium has not been paid, we can (but we do not have to) pay the unpaid premium and charge it to your account.
We will not be liable to you if the insurance company does not pay or if the property is not insured or is not properly insured for any reason at any time.
Forbearance (If we delay using our rights)
If we delay or do not use our rights under this agreement, we are not waiving them and we can still use them in the future.
If we write to you about this agreement, the letter will be either hand delivered or sent by ordinary post addressed to you at the address shown in this agreement (or any changed address you have notified your branch about). The letter will be deemed to have been served on you when delivered by hand or on the second business day (not including Saturdays) after the date we posted it. If you change your address, you must inform your branch.
Force majeure (events we cannot control)
We will not be liable if we cannot perform any of our obligations because of industrial disputes or other events we cannot control.
Unless we have made an obvious error, our certificate of any amount you owe will be binding on you.
6. Sharing Information within AIB Group
We may share information about this facility and you with any of the companies in AIB group.
7. Data Protection Act
Information held by the Bank on computer will be used only for the purposes registered under the act, that is the provision of banking and financial services, mortgage lending services, securitisation and marketing. You may request in writing a copy of your details held by the Bank on computer. A fee is payable for this.
8. Governing law
This credit agreement is governed by the laws of Ireland.