90,000 Former Ulster Bank Customers Overcharged Interest on Loans

Hi all, I wrote to them asking for a breakdown of the figure which I received this week. There is no compensatory element to the total figure they have offered - it simply consists of the Additional Interest Accrued + Shortfall in Capital + Future Increase in NMR.

A friend who used to worked for a bank once told me they pay out compensation for errors on customer accounts as standard, so I will definitely be writing to them requesting compensation and taking it to the Financial Services Regulator if needs be. This error didn't make me lose my house, but the bank wouldn't have lent me €800 free of charge so I'm not accepting zero compensation from them.

In case anyone fancies joining me in this, the relevant postal address is:

Ulster Bank Ireland DAC
FAO: ALP
PO Box 5168
Ballyogan
Dublin 18
 
Damcw thanks for coming back and letting us know, I will follow up with them too because I rang their helpline and I was told that part of the breakdown did represent a compensatory amount but couldn't give me the actual breakdown of the figure. My adjustment as he called it is for almost €2,200.
 
We had a UB tracker mortgage for years. It finished about 5 years ago, we have since sold the house so if they did write to us we didn’t get the letter.

Does one have to contact them? I am not sure I’d even have any statements or anything at this stage.

We did have a few ´admin’ issues with them. They charged us 3 repayments pas the redemption, I kept calling them but they still took the payment until I got AIB to stop it. Took ages to get the overpayment back from them. Eventually we even managed to get the deeds from them, another battle,
 
I received a payment to my current account this morning marked UBIDAC Remediation Account. Two figure sum which I assume is compensation. I've received no letter advising me that I'm impacted although it's a reasonable assumption. I am finding this hilarious considering the history of my dealings with the bank. Couldn't make this up!
 
This is what's confusing me mt1975, the letter states the Capital amount is not impacted, so did yours come off your Capital?
 
Polly 123 said:
This is what's confusing me mt1975, the letter states the Capital amount is not impacted, so did yours come off your Capital?
Click to expand...
I just saw the amount outstanding on AIB online come down by the €1383 but you can't see the transactions yet on the mortgages brought over from UB so I'm not sure how they've handled it. But once the balance owing is reduced it shouldn't matter? I'd imagine if they've overcharged interest then an interest rebate would be the most sensible way to handle it but who knows.
 
In answer to my question, I now have an adjustment letter confirming there was also an amount rebated to my mortgage. Every affected mortgage will receive €75 as a remediation payment - not paid to the mortgage account.
 
This is another mess up from Ulster bank, my mortgage account has had so many errors ie Mortgage tracker scandel, overcharged interest for a number of years etc.
I am wondering Should I get my mortgage account forensically examined would it be worth my while?
 
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You'd lose money doing that and paying out of pocket? I had mine examined shortly after I was returned to tracker rate. Errors were noted which i raised with the appeals panel, who said my accountant's calculations were incorrect. There have since been 2 adjustments made to the account which was apparently checked as part of the tracker investigation, again in mid 2023 and now. Their legacy systems piled one after another mean even Ulster Bank can't tell what is right or wrong.
 
Has any Ulster->PTSB customer seen their mortgage balance adjusted yet? I am still waiting and have had no communication from PTSB.
 
The lack of a breakdown from Ulster Bank doesn't inspire confidence, but I have done some back of the envelope calculations and think that their figure does makes sense in my case.

PTSB have taken no action so far on my account. Hard to understand the delay.

The (non-trivial) adjustment figure quoted to me by Ulster in early June is now presumably out-of-date?
 
I got a letter from UB a few weeks back saying mortgage overcharged by ~€105.
Ok so that was grand, I assumed that it was just coming off the balance and have a tiny impact on repayments.

Today I get a letter from AIB giving me an updated repayment figure (reduced by €75/mth). With 19/20 years left on the mortgage the miscalculation on the mortgage must be a different issue. I rang AIB and they said this is the amount needed to clear the mortgage.
The confirmed the outstanding balance and its what I expected.

Not much more they could tell me.
Has anyone else had similar follow on letters from AIB?
 
@damcw did you hear anything back from Ulsterbank? I'm still waiting on the split of mine, no acknowledgement of even receiving the letter after 6 weeks, just wondering if you've made any progress as you are further along.Thanks in advance
 
Was anyone asked to sign an indemnity relating to this payment?

My mortgage is redeemed so they need to refund it into my back account, but supposedly need to sign an indemnity…..
 
@WagonWheel , I got nothing only a letter stating there was an error and they would be making a payment to PTSB to correct it on the 25th June, nothing from anyone since and no adjustment made, but definitely nothing to sign, hth.
 
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