V
VED
Guest
I took out a loan with Ulster Bank in May 2008. The loan amount was €12,000 and the agreed repayments were around €254. Due to an error on their part the direct debit was not set up properly – and when this error was realised on my part, I contacted them to resolve it. It turned out that they had lost my loan contract and direct debit information and so asked me to sign a new loan agreement which I did – this was September 2008. The direct debit was botched again and no repayments were taken from my account. I again contacted them and asked for copies of all agreements and information and to see if the direct debit could be set up again. Despite a huge volume of letters and phone calls from both sides, they could not produce the information I requested. I refused to make any payments until they could do so.
In early 2009, I was unfortunately let go from my job. It was a devastating time for me, like so many others and I never thought I would find myself in that position. I had no savings to help me pay off the loan and with a huge mortgage – my priority was to keep my home and negotiate with Ulster Bank to restructure payments.
The whole administrative debacle that was the loan rumbled on – I informed Ulster Bank of the change in my circumstances and asked to restructure my payments to suit, they agreed to this, thankfully, but despite all my better efforts the negotiations were only completed in November 2009, where I agreed to pay back €70 per month, with 6 monthly reviews. I cannot tell you what a relief it was – as I had also discovered I was pregnant! Anyway, this agreement was accepted and renewed, at 6 monthly intervals up until April of this year. I received a letter eventually saying that they could not find my loan agreements and copies of personal documents I sent to them and despite calling to speak to someone in relation to that situation, nothing was ever resolved, I was completely fobbed off, the person I apparently needed to speak to was never there and also never responded to letters.
Anyway, in April, I received what I now know is an automated letter asking for my income and expenditure details and what I was proposing. I was delighted to find out a couple of days after I received the letter from Ulster Bank that I had got a new part-time job which would become full-time in September. I wrote out my expected income on the form, saying that I could now increase my payments to €100, and also wrote a letter detailing that I would almost certainly be in position to start full repayments of €254 in September.
Yesterday, I got another letter from Ulster Bank saying that they were disappointed that we could not come to a satisfactory agreement. I was confused as I thought the proposal I had sent to them would definitely be agreed to. I called the collections centre and was told that because the agreements I had with them had exceeded 18 months that I would not now be in a position to negotiate with them anymore – it is not their policy apparently. I explained the situation and said that if they gave me three months of paying back at €100 I would be able to start repaying the full amount. They said that they cannot enter into any further agreements with me and that I need to seek independent advice and that they would review it then.
I am so frustrated with this. Firstly, I was never told that there was an 18 month limit on agreements and secondly, I know I will be able to start proper repayments in September – can they not give me some leeway? Surely it would take a couple of months to put another agreement in place through MABs or whatever? Any advice on what I can do here?
So sorry for the long post - all replies appreciated.
In early 2009, I was unfortunately let go from my job. It was a devastating time for me, like so many others and I never thought I would find myself in that position. I had no savings to help me pay off the loan and with a huge mortgage – my priority was to keep my home and negotiate with Ulster Bank to restructure payments.
The whole administrative debacle that was the loan rumbled on – I informed Ulster Bank of the change in my circumstances and asked to restructure my payments to suit, they agreed to this, thankfully, but despite all my better efforts the negotiations were only completed in November 2009, where I agreed to pay back €70 per month, with 6 monthly reviews. I cannot tell you what a relief it was – as I had also discovered I was pregnant! Anyway, this agreement was accepted and renewed, at 6 monthly intervals up until April of this year. I received a letter eventually saying that they could not find my loan agreements and copies of personal documents I sent to them and despite calling to speak to someone in relation to that situation, nothing was ever resolved, I was completely fobbed off, the person I apparently needed to speak to was never there and also never responded to letters.
Anyway, in April, I received what I now know is an automated letter asking for my income and expenditure details and what I was proposing. I was delighted to find out a couple of days after I received the letter from Ulster Bank that I had got a new part-time job which would become full-time in September. I wrote out my expected income on the form, saying that I could now increase my payments to €100, and also wrote a letter detailing that I would almost certainly be in position to start full repayments of €254 in September.
Yesterday, I got another letter from Ulster Bank saying that they were disappointed that we could not come to a satisfactory agreement. I was confused as I thought the proposal I had sent to them would definitely be agreed to. I called the collections centre and was told that because the agreements I had with them had exceeded 18 months that I would not now be in a position to negotiate with them anymore – it is not their policy apparently. I explained the situation and said that if they gave me three months of paying back at €100 I would be able to start repaying the full amount. They said that they cannot enter into any further agreements with me and that I need to seek independent advice and that they would review it then.
I am so frustrated with this. Firstly, I was never told that there was an 18 month limit on agreements and secondly, I know I will be able to start proper repayments in September – can they not give me some leeway? Surely it would take a couple of months to put another agreement in place through MABs or whatever? Any advice on what I can do here?
So sorry for the long post - all replies appreciated.