T302 Questions and Answers

We recently wrote to some customers about their personal loans. When these customers applied for a loan with us, there was another loan type available to them that had a lower interest rate at times during the term of the loan. These customers received the Standard Personal Loan, but we should have offered them the option of the Personal Base Lending Rate Loan.

As we may not have offered them the option of the Personal Base Lending Rate Loan at the time, 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 T302”.

Some customers with open accounts now have the option to apply within 60 days from the date of their letter, to move the balance on their personal loan to a Base Lending Rate Loan.

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