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Information about your Distance Contract
In accordance with the EU Directive on Distance Marketing of Consumer Financial Services the following information must be provided to you regarding your Student Loan or Overdraft, particularly where you apply for the facility by phone, post or internet.
About Us
- We are Allied Irish Banks, p.l.c. whose principal business is the provision of financial services. Our registered office is at Bankcentre, Ballsbridge, Dublin 4. We are registered at the Companies Registration Office, Dublin. Our registered number is 24173. Our VAT number is IE 8E86432H.
About our Reduced Rate Loans for Student Plus Account Holders
- The loan is repayable to us by repayments over an agreed term at a variable interest rate.
The total cost of our loans for Student Plus Account holders is made up of interest based on our Variable'A' Loan Rate for personal customers, currently discounted by 1.5%. This discounted interest rate is at present 9.95%, APR (Annual Percentage Rate)10.33%. This may change. If we approve you for a loan, the actual rate applicable and the total cost of credit will be shown on the first page of the Credit Agreement which will be sent to you for signing if you wish to proceed. - An indication of the cost of our loans per EUR1,000 borrowed is shown in the table below. The cost will vary if the interest rate varies during the term of the loan.
| Amount of Loan |
Interest Rate* | APR* | No. of Monthly Payments |
Amount of each monthly repayment* |
Total Cost of Credit* |
|---|---|---|---|---|---|
| EUR1,000 | 9.95% | 10.33% | 12 | EUR87.88 | EUR54.56 |
| EUR1,000 | 9.95% | 10.33% | 24 | EUR46.10 | EUR106.40 |
| EUR1,000 | 9.95% | 10.33% | 36 | EUR32.22 | EUR159.92 |
| EUR1,000 | 9.95% | 10.33% | 48 | EUR25.31 | EUR214.88 |
| EUR1,000 | 9.95% | 10.33% | 60 | EUR21.19 | EUR271.40 |
* NB - calculations will vary very slightly based on different drawdown and repayment dates.
This table is for indication only.
- If it is a condition of the loan that you must give us security such as a mortgage, you may have other expenses such as stamp duty, registration fees and your solicitor's fees as well as mortgage protection insurance and home insurance.
- Typically the repayments are paid by direct debit.
- You can repay the loan at any time by paying what you owe us including interest.
- If you break the terms of the agreement we can demand repayment of what you owe us including interest.
About our Overdrafts for Student Plus Account Holders
- You may overdraw your account within the limit agreed with us.
- A special 0% interest rate will apply to drawn balances on approved overdraft limits, subject to a maximum of EUR 1,500, for as long as the account is classified by the Bank as a Student Plus Account. All approved overdraft limits above EUR 1,500 will be subject to the Bank's Standard Variable 'A' Personal Overdraft Rate, (currently 11.85% Interest Rate and subject to variation) on the balance greater than EUR1500.
- Interest is calculated daily on what you owe us and charged quarterly in March, June, September and December.
- You can terminate an overdraft at any time by notifying the Branch at which you keep your account and by paying what you owe us including interest.
- If you break the terms of the agreement we can terminate the agreement and demand repayment of what you owe us including interest.
Your Right to Cancel
- You have the right to cancel a loan or overdraft with us within 14 days of your receiving a copy of the signed Credit Agreement (in the case of a loan) or the Letter of Sanction (in the case of an overdraft) by writing to the Manager of your AIB Branch, quoting details of the agreement.
If you cancel the agreement:
- You must repay within 30 days of cancellation the amount borrowed with interest to the date of repayment.
- If it is a condition of the loan that you must give us security, and where the required government stamp duty has been incurred on your behalf by the bank prior to the date you cancel the agreement, your account will be debited with this amount.
- If you do not exercise your right of cancellation the terms of the agreement will continue to apply.
The agreement will be governed by the laws of Ireland and the Courts of Ireland will have exclusive jurisdiction to resolve any disputes.
The agreement and all information and communication with you will be in English.
What to do if you have a Complaint
In the event that you wish to make a complaint you may do so by writing to our Customer Support Unit at Bankcentre, Ballsbridge, Dublin 4. If you are still not satisfied you are entitled to take your complaint to the Financial Services Ombudsman at 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.
Information correct as at 05/12/2012