Worried about payments – Frequently Asked Questions

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Help with making payments

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    I am worried I am not going to be able to make a payment?

    If you don’t think you can make a payment you should call us immediately on 01 7715521 and talk to us.  We have helped lots of customers like you with their payments.

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    I have already missed a payment what can I do?

    You should call one of our experts immediately with a debit card to make a payment on 01 7715521. We have a range of options for helping you make your payments.

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    Are there other ways I can make a payment?

    Calling us on 01 7715521 is normally the quickest and easiest way to make payments, but you can also make a payment using internet banking, or pay in a branch.

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    I have missed a payment, can I pay a bit more every month to clear what I owe?

    For customers in arrears, we can assess your circumstances and find an arrangement that suits your needs.  In some cases, there is an arrangement for customers with small arrears to make extra payments on top of their normal monthly payments. This means you would pay your normal monthly payment plus an extra amount agreed with us.  This is called the Capital Interest Plus Arrangement (CIPA).

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    Can I pay by credit card?

    We can’t take payment on a credit card. You can pay over the phone via debit card.

     

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    Should I make the minimum payment on my credit card, or should I try and pay it all off?

    The minimum payment is the lowest amount you have to pay to your credit card each month. Only making the minimum payment each month means it will take longer to pay off your debt and will cost you more in the long run. If you pay off your balance in full and on time every month, you will avoid interest charges and arrears.

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    Can I make a payment in advance?

    Yes, if you want to make an extra payment to your account, you can go to a branch or use internet banking.

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    It says my mortgage is a secured loan, does this mean I could lose my home if I don’t pay?

    A secured loan, like your mortgage, is where money is borrowed against an asset, like your home.  So if you miss payments on your mortgage then your home could be at risk. 

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Contacting us

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    How do I update my surname, address or other contact details?

    You can change your details on internet banking however changes to your surname or the details on a joint account must be done in the Branch.  It is important you give us up to date information so we can tell you about important updates. 

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    What is the address if I want to post my SFS and supporting documents?

    AIB - First Floor, Adelaide Road, Dublin 2

    EBS - HMO, 2 Burlington Road, Dublin 4

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    What happens when I call?

    When you call us we will need to ask you a few questions to make sure you are the authorised account holder.  After that one of our experts will listen carefully to your enquiry, and ask you any questions we need to make sure we get it right.  After that we will talk through the next steps with you.

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    Can someone else contact you about my payments?

    We can only talk to someone you have authorised to talk to us by filling in a Letter of Authority here.  If we don’t have this letter then we can’t talk to anyone else about your account. This third party advisor can be a friend or relative, but is most often a financial advisor.

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Communication from us

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    I had a letter from the Bank saying I was in arrears, what does arrears mean?

    Arrears is the money you owe us because you didn’t make a payment on time.  For example, if you have a car loan and missed last month’s payment, the car loan is in arrears by the amount of the missed payment.  You may also have to pay additional charges.

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    How do you tell me if I miss a payment?

    If you miss a loan payment your loan will go into arrears. We will contact you by letter, phone or text to tell you about your options.

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Filling in the forms

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    What forms do I need to fill in for you to help me with my payments?

    If you want us to look at payments on your mortgage you will need to fill in a Standard Financial Statement (SFS) here. For any other personal debt that does not relate to your PDH, a Financial Statement needs to be completed. There may be other forms to fill if you have a specific enquiry.

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    How long does it take to do a Standard Financial Statement on the phone?

    Generally for a single mortgage holder, it usually takes about 44 minutes. However many of our customers get it done quicker than this.

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    I can’t afford to pay you anything so why do I need to fill out documents?

    We have a range of solutions to suit most financial circumstances.  To understand which solution might suit you we need you to give us some information.  All this information is in a simple form.

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    What happens when I fill in an SFS?

    Once we receive a complete SFS we review the application and contact you if anything is missing.  Then when we have finished processing the application we will contact you with our decision.

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    Can I change the payment date for my mortgage account?

    For customers not in arrears you can change the payment date.  For EBS, you can only pay on the 7th of the month. For AIB, you can change your payment date by completing the ‘Mortgage Amendment Form’.  You can search for this form online on www.AIB.ie

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Your Credit Rating

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    How does missing payments affect my credit rating?

    If you have missed any payments this may affect whether you get approval for more credit. When you miss payments on your loan this is reported to the Irish Credit Bureau (ICB) and the Central Credit Register (CCR).  They hold information about you and your loans on an individual credit report. If you apply for another loan, the lender will use the CCR / ICB report to assess your application.

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Independent Support

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    I can’t afford a financial advisor, where can I get advice?

    There are a number of free and independent support services that can assist you. See here

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    What is the MARP process?

    MARP (Mortgage Arrears Resolution Process) is a system devised by the Central Bank of Ireland outlining how your lender must treat you if you are in mortgage arrears or facing arrears.

     

    It has four components:
     

    1. Communication - Sets out how we have to communicate with you.

    2. Financial Information - You complete a Standard Financial Statement (SFS) telling us your financial information

    3. Assessment - We assess your case and decide whether to offer you an alternative payment arrangement on your mortgage.

    4. Resolution - We either offer you a payment arrangement or if we don’t, we must explain the reasons why. You can appeal this decision to an AIB Appeals Board, and if you are still not satisfied to the Financial Services and Pensions Ombudsman.

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