T313 – Personal Loan Outstanding Balance Questions & Answers (Q&A)

We recently wrote to some customers about their personal loans. The variable interest rate on a loan can increase or decrease over its term, but the repayment amount does not automatically change. During the term of the loan the interest rate increased. While the loan operated in line with the credit agreement, we did not remind customers of the potential for an outstanding balance. As a result, we are now providing them with a payment.

We have either sent them a cheque or paid them directly into an AIB account with the reference “AIB Payment T313”.

If you got this letter these Q&A’s may help.