The Purpose
We are currently in the process of seeking substantial interest rebates on behalf of staff and former members of staff at Allied Irish Bank and Ulster Bank due to the method and structure employed by both banks with regard to their staff mortgages. We are satisfied that the interest provisions of the qualifying loans are invalid.
We will require a copy of your Letter of Loan Approval to ascertain your eligibility and to carry out our due diligence. Not all staff loans obtained may qualify.
Who Qualifies?
Your mortgage or loan must have been offered to you as evidenced by your Letter of Loan Aproval and your mortgage loan is currently due and not fully discharged.
At the time of the loan offer, you were a staff member of either AIB or Ulster Bank.
If you are not in possession of your Letter of Loan Approval, your bank or the current owner of your loan / mortgage is obliged to remit a copy to you.
It does not matter if your loan was acquired by another bank or Vulture Fund, and/or you have been made redundant, took voluntary redundancy or you retired. You may still be eligable even if you are currently a member of staff.
What will my participation cost?
Under Law Society rules, Solicitors are prohibited from advertising a 'no foul no fee' arrangement with prospective clients. Once discussions commence between a solicitor and client, such an arrangement can be discussed and implemented if available.
I am a former / current member of a different bank / Building Society. Am I eligible for this scheme?
Unfortunately no. The Scheme only applies to staff members or former staff members of AIB and Ulster Bank.
My staff loan has been sold to a vulture fund / other bank / building society but I seem to be eligible under other criteria. Does this matter?
It does not matter. The rules are clear. You have the same rights against the new owners of your loan as against AIB or Ulster Bank.
What type of loan is eligible for this program?
Your mortgage for your family residence and any other type of loan is eligible.
I took a redundancy package from my former employer. Will this effect my ability to join the scheme?
Taking voluntary redundancy or being made redundant by your former employer will not disqualify you.
I had a discounted rate of 3% (three percent) and when I exited my employment with AIB / Ulster Bank and received redundancy payments, I retained / lost my discounted rate. Does this matter?
No. There is no bearing you your entitlement to join.
