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.
- Why are you writing to me and giving me this payment?
- When did my interest rate increase and what did it increase to?
- I have more than one personal loan, how do I know which one is affected?
- Did you make any changes to my open personal loan account?
- Why does my letter not include a cheque?
- Has my credit record been affected by this?
- Has the Central Bank of Ireland (CBI) been told?
- What steps have you taken to make sure that this won’t happen again?
- What can I do with my payment?
- Who can I speak to if I have a question or want to complain?