We will refund 20% of all interest paid by prompt customers during the period 31 December 2008 to 30 April 2011.
- The refund includes all interest paid on loans of retail customers during the period.
- The refund is not contingent on the borrower's assets or liabilities; it is however conditional upon the borrower's not having been 90 days in arrears as at 30 April 2011.
- Prompt customers means that the borrower has not been 90 days in arrears during the period.
- The maximum interest refund is ISK 1 million.
- Previous interest reimbursements will be deducted from this refund.
What loans are included in the interest refund?
The interest refund includes all interest paid on loans with Landsbankinn by individuals during the period. The refund due each customer will be accumulated and used to lower outstanding debt in the following order:
- Loans guaranteed in solidum
- Loans secured by property
- Loans secured by vehicles/real estate owned by the borrower
- Overdraft credit, whereby the overdraft authorisation is lowered in accordance with the payment
Refunding interest in accordance with the above is not derived from any obligation to make any refund nor does it constitute acknowledgement of any such obligation. Customer who chose to decline the refund do so irrevocably.
Customers do not have to apply for the refund and it applies to all duly paid loans.
It is possible to decline the refund through Landsbankinn Personal Internet Bank or at any branch. Customers who have no outstanding debt with the bank will receive the interest refund as a payment.