Indebadbooks
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Yip, I'm getting post as usual. Does anyone here know if there is another contact on this rather than a call centre in Scotland. Or how is anyone supposed to query figures etc ?
Ulster Bank's proposal to deal with offset mortgages
- Thread starter Brendan Burgess
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Somebody mentioned earlier in this thread about creating a "Subject Access Request" (SAR) to get the particulars of the calculation. It's basically exercising your GDPR rights, and it's something they can't ignore, but I think they have a month to respond. If you look back just a few posts in this thread somebody posted a link to where you can create one for Ulster Bank. I haven't done it myself, but I might in the new year.
Indebadbooks
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Thank you aoraki. I seen that and will do it also. Appreciate it.
I did this last week. Got a response yesterday saying that the request only entitles you to personal information, and that the internal processes of the bank were exempt from this and so information on the calculation on our account would not be provided. I replied and asked for a copy of correspondence sent to me instead - but haven’t heard back on that yet.
Indebadbooks
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I'd b saying fine, just send me the letter that was promised over 3 weeks ago.
A basic question. Have you got them to confirm the address. And that all departments have the correct one. We moved 3 years ago, changed the address but ended up get correspondence from Ulster Bank to either new or old address depending on the letter.
Can you check with an previous address if they have got anything for you?
Can you check with an previous address if they have got anything for you?
Yes, they have confirmed the address on all our accounts. Even if they sent something to our old address, we have mail redirection set up with An Post, so we'd have it by now.
At this stage, we are calling every day, and have yet to receive a call back. We asked for escalation today and were told it has already been escalated. We might have to switch to calling twice a day!
Indebadbooks
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So had a chat on the phone with one person. Basically said she has no clue why the letter hadn't been received. Is goin to her manager to see can it b emailed or registered post. Said getting very few calls relating to no letters being received. Promised mra call back ASAP. We shall see.
Indebadbooks
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So got a call from an Irish ub employee with details of my ex gratia payment. They will also email the letter to myself. Finally. Aniascor I'd imagine you won't b far behind now
Congrats! It only took them 3 weeks! I hope it was worth the wait
Indebadbooks
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Sure was aoraki. I only started to pump savings into my offset when interest rates went skyward. So any lump sums between now and may will also b recalculated and more compensation can accrue. I figured out my ex gratia by my average balance over the past 24mths. How will any lump sum in say jan b calculated if people had it to lodge into the offset current account?Congrats! It only took them 3 weeks! I hope it was worth the wait
Indebadbooks
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Great stuff. Did u get a call too?
It was like a sitcom here. They called my husband and sent him the email and the pin even though I made the majority of the calls over the last 3 weeks. Then he was stuck on a conference call and couldn't check it.
Anyway, we got there in the end. Apologies to everyone for derailing this thread with our postal woes over the last few weeks.
Now that we know how much is being offered to us, we need to consider who to speak to for financial advice. While on first glance the offer appears generous, by my own calculations of our typical offset usage, it undervalues the offset, and fails to take into consideration our potential for additional future offsetting. They have offered us approx 15% of the total of our remaining mortgage, or 40% of the interest to be paid for the remaining term, if calculated at 4%. Are there any advisors who are specialising in providing advice on this situation? Or is this something any good financial advisor should be able to give guidance on?
Any good should. It's basic situation once the offset is gone. A few good calculators online that you could put your own figures in and see what feels best for you.
Mortgages Ireland + Irish Mortgage Calculator + Mortgage Protection
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Mortgage Repayment Calculator - Ireland Mortgages
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First one shows interest each year. This one will show total. Play around see what paying down or whatever could save you.
Indebadbooks
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I've a good handle on how they calculated it. If u use the overpayment calculator on ulster banks website it will get you very close indeed to what they should be offering. I'm curious as to how they will calculate any lump sums lodged between Jan and May next year. If that was averaged out over 6yrs or 24 months then its of very little value at all. If however they take that lump sum on its own merits and value it on how much interest it would save over the lifetime of the mortgage then it could become quiet valuable. Does anyone have any insight as to how a potential lump some in the new year would be calculated for as additional compensation?
Sorry for late response Montbretia,
Yes they did. " Ulster Bank Ireland DAC has completed a review of Offset Mortgage accounts and has identified some errors.... "
There was only one letter I could find so far This one from Aug 2021
That totally bypassed me! Then again I likely wouldn't have received a letter as I hadn't paid them any interest for many years so no scope I suppose for an error with mine.
I remember in my very first year of my first mortgage I had a doubling up of the interest charged, very obvious error in a simpler time so it was actually easier spot on the statment but I got a refund after bringing it to bank's attention, it could so easily have gone unnoticed though!
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