[AIB] interests charged on personal loan?

FDuff

Basically, got a personal loan from AIB couple of months ago, with 1st repayment done automatically in September. Now I see on the loan balance, dated from the 16/9 interests being charged!? at a rate of ~15% :eek:

I've emailed them earlier on today, but it's friday afternoon, so wont expect any reply from them until early nxt week.

In the meantime, if someone else as encounter similar issue, I'd like some advice:

1. is this correct, they gona charge interest on a loan on a yearly basis
2. or is this some sort of mistake?

as I honnestly cant see how they can charge more interest on a loan that already include them!

dotsman

Not quite sure what you mean.

can you post a few more details?

What type of loan is it?
How much is it for?
When was the money drawn down?
What is the term of the loan?
Are there any special repayment exceptions on the loan (holidays, adhoc, bullet etc)
How much have you repaid and on what days?
What is the outstanding balance?
Exactly how much interest have they charge on the loan?
What rate were you quoted?

To be honest, the Credit Agreement that you signed would explain all this fairly clearly (it would be under a section title "Financial Information as at dd/mm/yyyy" etc)

drunkmonkey

move it to a fixed rate tesco loan....aib are thieves.....i've gone from 6.9% AIB to a 9.8%, shoud have went fixed rate......