UB Tracker lost, then switched to BoI

I

IWBY

Registered User
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Hi

So mine is a simple story. Got tracker in 2004, moved to 3 years fixed in 2006 which expired in 2009 at which stage UB bank sent letter saying they moved us to variable. I did contact by phone them but they basically said that was the only option. I accepted this at face value but moved the mortgage to BOI as their rate was much lower at the time.

Is this just a case of tough luck or is there any steps that I could take at this stage. I would appreciate anyones view on this.

Many thanks
 
There's a six year time frame with the FSO to complain. But you need to go down the route of asking UB to deal with your complaint first. And they will just deny and say trackers arent available.

Did you move from UB straight after coming off the tracker? If so its probably just going to be tough luck. If you are thinking they will re-instate your tracker and then allow you switch back from BOI you may forget that one.

I can't see any outcome here that will be favourable to you.
 
Hi IWBY i disagree with peteb here as I am certain you have a complaint and I have had some success in this area also. Private message me and I will develop on the matter with you directly Padraic
 
Poster IWBY I would second the advice poster PadKiss is giving you, he is a professional known as Padraic Kissane and has been mentioned in the media several times in this area.
 
Hi IWBY

The first thing to establish is whether or not you have any case.
Look at the document you signed when you fixed. Did it make it clear that you were giving up your tracker? If it did not, then you should have been offered a tracker when the fixed rate ended.
Look at the options you letter you got when your fixed rate ended. Was there definitely no mention of a tracker on it?

If you were entitled to a tracker, then, I would argue that the six years started when they stopped overcharging you , which was presumably the date you switched to BoI. UB will argue that the six years started when your fixed rate expired.

In any event, if you have a claim, get it into UB immediately and then to the Ombudsman as soon as possible.

Unfortunately, the Ombudsman has in the past determined that if someone switches to another lender, that ends the former bank's liability to them. If the amount is big enough, you might consider the High Court instead of the Ombudsman.

Here is an example worth reading

UB Tracker Return, but capital repaid because I was on SVR, FSO awards compensation

Brendan
 
Brendan Burgess said:
Hi IWBY

The first thing to establish is whether or not you have any case.
Look at the document you signed when you fixed. Did it make it clear that you were giving up your tracker? If it did not, then you should have been offered a tracker when the fixed rate ended.
Look at the options you letter you got when your fixed rate ended. Was there definitely no mention of a tracker on it?

If you were entitled to a tracker, then, I would argue that the six years started when they stopped overcharging you , which was presumably the date you switched to BoI. UB will argue that the six years started when your fixed rate expired.

In any event, if you have a claim, get it into UB immediately and then to the Ombudsman as soon as possible.

Unfortunately, the Ombudsman has in the past determined that if someone switches to another lender, that ends the former bank's liability to them. If the amount is big enough, you might consider the High Court instead of the Ombudsman.

Here is an example worth reading

UB Tracker Return, but capital repaid because I was on SVR, FSO awards compensation

Brendan
Click to expand...

Thanks brendan for replying. I checked both the initial document for moving to the tracker and the letter i got at the end of the fixed rate. Neither mentions anything about the tracker. I get also what you are saying about moving to another bank ends the former banks liability. The only thing was that I only moved banks because the rate with UB was so high when coming off the fixed. If the tracker had been offered I would not have needed to switch. Overall was a foolish move by me however I guess i just never realized that moving to a fixed meant that I had to give up the tracker, as this was never pointed out.
 
IWBY said:
The only thing was that I only moved banks because the rate with UB was so high when coming off the fixed. If the tracker had been offered I would not have needed to switch.
Click to expand...

I fully agree with you, but the Ombudsman has ruled in this way in the past.
 
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