Hello, I cannot find a similar post to this (other than the PTSB cases and I have read that very informative thread).
My lender is Ulster Bank. After several years disputing the matter, and ultimately with the assistance of a third party, UB have finally restored our tracker and reduced our balance by the interest amount over charged to the account and reimbursed over paid capital. We were also offered and received a very small goodwill gesture. I cannot recall being asked to and I have no record of signing a document in full and final settlement.
We were overcharged for a period of 6 years. For the first few months of that 6 years we financed the monthly mortgage payment from savings. Thereafter, we built up an overdraft of €10,000 and associated fees trying to service the mortgage. Eventually UB agreed an alternative arrangement. They would not agree a second and we went into arrears, however, they finally agreed a third arrangement. The latter was very much welcomed by us as it was a lower interest rate for a 3 year period. We are still in that arrangement.
However, we feel we should be compensated for the overcharge for that 6 year period, for the credit rating we now have (we would not have had to agree an alternative arrangement, let alone go into arrears, had we been on the correct rate) and for the general hardship it caused. In addition, we believe we should be reimbursed the €6k it cost to engage a third party to assist us (our sole reason for engaging a third party was because of the non response of UB to countless letters from us over a 2 year period).
1. Has anyone sought compensation and/or reimbursement for costs from Ulster Bank? and what was the outcome?
2. If I was to seek compensation, how would I go about it?
3. How do I determine what the compensation should be? (I see reference to 8% on the PTSB thread)
4. Should we leave it well enough alone in case they review our situation again and take the temporary arrangement away from us?
I really don't want to engage a third party to do this again because of the cost involved.
Regards,
My lender is Ulster Bank. After several years disputing the matter, and ultimately with the assistance of a third party, UB have finally restored our tracker and reduced our balance by the interest amount over charged to the account and reimbursed over paid capital. We were also offered and received a very small goodwill gesture. I cannot recall being asked to and I have no record of signing a document in full and final settlement.
We were overcharged for a period of 6 years. For the first few months of that 6 years we financed the monthly mortgage payment from savings. Thereafter, we built up an overdraft of €10,000 and associated fees trying to service the mortgage. Eventually UB agreed an alternative arrangement. They would not agree a second and we went into arrears, however, they finally agreed a third arrangement. The latter was very much welcomed by us as it was a lower interest rate for a 3 year period. We are still in that arrangement.
However, we feel we should be compensated for the overcharge for that 6 year period, for the credit rating we now have (we would not have had to agree an alternative arrangement, let alone go into arrears, had we been on the correct rate) and for the general hardship it caused. In addition, we believe we should be reimbursed the €6k it cost to engage a third party to assist us (our sole reason for engaging a third party was because of the non response of UB to countless letters from us over a 2 year period).
1. Has anyone sought compensation and/or reimbursement for costs from Ulster Bank? and what was the outcome?
2. If I was to seek compensation, how would I go about it?
3. How do I determine what the compensation should be? (I see reference to 8% on the PTSB thread)
4. Should we leave it well enough alone in case they review our situation again and take the temporary arrangement away from us?
I really don't want to engage a third party to do this again because of the cost involved.
Regards,
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