Wow Indeed it could have gone unnoticed! You were lucky to catch that!
Wow Indeed it could have gone unnoticed! You were lucky to catch that!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!
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!
It was First Active, it wasn't the Offset though, started out as standard mortgage so we're talking 1990/91. I think interest charges were a lot less computerised and still required a lot of human input, it was added once a year rather than monthly, annual rest as they called it but mine was added twice!Hi Monbretia. Was that with First Active / Ulster Bank? Or some other bank?
I wasn't checking interest back in the early days of my mortgage for myself.
I probably should go back through statements, just in case.
If you have them all no harm throwing an eye over them even if just for peace of mind!Thanks Monbretia!
I only started from 2004/2005.
But it still might be no harm to check all the Statements.
Mistakes is what UB do.Never heard of anyone on the offset having mistakes in the interest charges, not to say it didn't happen though! Did they explain how it happened?
Ulster bank never offered these mortgages did they? Were offset exclusive to First Active and by the time they were merged into Ulster Bank had they been withdrawn from the market?Mistakes is what UB do.
This is notifying me of their correction to their correction of their original error. Who knows if it is correct.
No they were never offered by UB, they just took over the FA ones. They ceased in 2008 together with all trackers in FA anyway.Ulster bank never offered these mortgages did they? Were offset exclusive to First Active and by the time they were merged into Ulster Bank had they been withdrawn from the market?
No, I haven’t done that myself. I haven’t received any text messages at all from UB on this whole proposal matter.Hi. Just wondering has anyone sent back the additional information requested by UB (appendix 2) I think. I got a text message this week to send it in ????
Thanks folks
I decided not to trust the Christmas time post system and opted for the online identity verification.Hi. Just wondering has anyone sent back the additional information requested by UB (appendix 2) I think. I got a text message this week to send it in ????
Thanks folks
You are right it was an FA product, but it was UB that made the mistake in the interest charge, and then made a mistake when they went to correct tahat.Ulster bank never offered these mortgages did they? Were offset exclusive to First Active and by the time they were merged into Ulster Bank had they been withdrawn from the market?
I would advise calling daily until you receive the letter. It took several calls over a couple of weeks from us to finally get the letter and in the end we got it digitally. The physical letter took another day or two after that.Hi all, so I'm the 3rd person to STILL not have received my letter. I waited it out (not realising you guys were here and thought they were just taking some time as they were done in waves) do I rang them before Christmas to find I should have received it on 1st December. They said they don't know the amount and can't tell me on the phone and were reissuing my letter... but still nothing. At this rate I'll be finding out if and when it hits my account!!!
First time poster ,,,,,,,, received this reply back from revenue regarding the tax implications with the ex gratia payments ,,,,,,,,,,,,,,,Good question. Ostensibly the reason UB are giving is that they are doublng the payment to account for the fact that they can't predict the future interest rates. They are using a rate yield curve to guesstimate what the interest rates will look like.
What is your opinion on whether the ex gratia is a payment or a refund?"It is our view that this ex-gratia goodwill payment should not have tax implications. However, this should not be interpreted as tax advice as Ulster Bank cannot provide tax advice to customers on this matter. Each customer will need to consider their own unique circumstances. The tax framework in Ireland is one of self-assessment, meaning each taxpayer must make their own assessment of taxes due and consider whether their circumstances require independent tax advice. We ask customers to consider this in the context of their own personal tax affairs."
This is what Ulster Bank say on it.(Which has changed recently). Wish they would say why they are of the view that there should be no tax implications. Or what circumstances could change that?!
I would think it is a compensation payment? Key word being compensation. Through the removal of the offset facility, we are incurring a loss, and this payment is compensation for that loss.What is your opinion on whether the ex gratia is a payment or a refund?
I'm sure there are nuances here re tax implications