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!
 
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?
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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.
 
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