Similar issue with Ulster Bank, I think

K

Kingpuck

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In 2006 i took a mortgage with Ulster Bank i was offered a tracker but selected a 2 year fixed option. At the end of the 2 years i got a letter from the bank asking me to choose from a list of options or do nothing and automatically move to the standard variable rate. The tracker was not on the list. I chose a 5 year fixed term. At the end of which i was suprisingly automatically moved on to the tracker. Do i have a case for compensation?
 
Does your loan offer mention a tracker at all? Lots of loans start out as trackers but are fixed or discounted for first while then revert to tracker, some are never trackers and just start out as a fixed or discount rate. If it was never a tracker then don't think you have any case.
 
Kingpuck.

You were automatically moved back to a tracker (I presume at better than fixed or Standard Variable rate)

If you are now on a tracker , you are lucky.
I can,t see need for compensation?
 
Are you 100% sure the letter at the end of the first fixed rate in 2008 said if you did nothing it would go back to standard variable? The usual default for an initial tracker should have been back to a tracker and a lot of times it didn't actually say in the letter what you would go back to, it just gave the fixed option. Back in 2008 I don't think UB had started messing with the default settings yet :)
 
Yeah it specifically states i would move on standard variable unless i chose an alternative. My point Gerry is perhaps i spent 5 years fixed at 5.35% when i should have been on my beautiful tracker.
 
King puck ,

I hear you , but maybe in this case silence might be the best course .
Maybe the strict interpretation means you should be on SVR ?not a tracker?
Sleeping dogs lie and all that !
 
You think ulster bank in 2014 accidentally put someone on a tracker. Or perhaps with the PTSB issue rumbling decided to honour contractual agreements and keep the head down
 
Do you have a contractual agreement stating that you would be offered a tracker upon expiry of your original Fixed Rate period? I.e. this should be clear on the original Loan letter of Offer.
 
King puck,
I just don,t know , maybe as per 44 Brendan ask for copy of original loan offer and peruse it very carefully.
What I am sure of is that Banks seem to have been in a maze of messiness in the fluffy times?
 
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