Dilosk / ICS to buy Ulster Bank Offset Mortgages

From the article;

“The off-set structure made the mortgages challenging to sell until Ulster Bank unpicked those contracts over the past year by making a one-off payment to borrowers who agreed to exit that element of the contract.”

I don’t remember agreeing to anything of the sort
 
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I think the "agreement" came in the form of accepting the payment in whatever amount it was offered and returning the indemnity forms. I wonder though, what this means for the borrowers who haven't accepted the offer and agreed to exit the contract?
 
Target106 said:
I think the "agreement" came in the form of accepting the payment in whatever amount it was offered and returning the indemnity forms. I wonder though, what this means for the borrowers who haven't accepted the offer and agreed to exit the contract?
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Hi Target, what indemnity forms were those? I didn’t sign any forms myself. The payment was made into my account regardless, and I think even Ulster Bank said themselves that people were still entitled to challenge the process even if they got the goodwill payment.

The article is just badly worded in this case.
 
aoraki said:
Hi Target, what indemnity forms were those? I didn’t sign any forms myself. The payment was made into my account regardless, and I think even Ulster Bank said themselves that people were still entitled to challenge the process even if they got the goodwill payment.

The article is just badly worded in this case.
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That's interesting. I got two indemnity forms in the post along with my letter of offer. Basically, I accept the above in full and final settlement etc etc
 
aoraki said:
From the article;

“The off-set structure made the mortgages challenging to sell until Ulster Bank unpicked those contracts over the past year by making a one-off payment to borrowers who agreed to exit that element of the contract.”

I don’t remember agreeing to anything of the sort
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Correct, nothing was agreed. They gave us money and then said 'we're closing the accounts!'. There was no agreement from me. I've submitted a complaint to the FSPO so we'll see what happens.
 
Would this deal go through if everybody losing their current account just stopped paying their mortgage?

Then the loan book isn’t performing ‍♂️

Anyways, not recommending that but all I will say is that I’ve had Ulster bank argue with me over a €30 Payment for a credit card levy, they’re appealing against the tracker mortgage decision despite being found in the wrong yet for some reason, they’re giving all us CAM and offset mortgage customers free money in the form of a ‘good will’ payment

I think it’s more of a ‘here’s some cash, nothing to see here’ payment & I have complained to the FSPO as I believe them closing the account is a breach of the general terms and conditions.

For those making FSPO complaint, there’s interesting article in businessplus.ie around the increase in FSPO complaints over past year.
 
Ben Don said:
Would this deal go through if everybody losing their current account just stopped paying their mortgage?

Then the loan book isn’t performing ‍♂️

Anyways, not recommending that but all I will say is that I’ve had Ulster bank argue with me over a €30 Payment for a credit card levy, they’re appealing against the tracker mortgage decision despite being found in the wrong yet for some reason, they’re giving all us CAM and offset mortgage customers free money in the form of a ‘good will’ payment

I think it’s more of a ‘here’s some cash, nothing to see here’ payment & I have complained to the FSPO as I believe them closing the account is a breach of the general terms and conditions.

For those making FSPO complaint, there’s interesting article in businessplus.ie around the increase in FSPO complaints over past year.
Click to expand...
Personally I wouldn’t advocate for withholding mortgage payments, I think it weakens your hand significantly if you’re simultaneously trying to make a case with the FSPO or similar bodies. I’d say your best bet is waiting to see what comes of that process, I imagine they’ve gotten quite a few of those complaints from people who have gotten nowhere with Ulster Bank. The ombudsman should be able to deal with them in one block.

I agree with you regarding the “goodwill” payment. Unless you’re a charity, nobody gives away free money. And banks are definitely not charities. Ulster Bank are making those payments because they feel it’s in their best interests to make those payments, simple as that. They are buying something for that money
 
Would this deal go through if everybody losing their current account just stopped paying their mortgage?

Then the loan book isn’t performing ‍♂️

Anyways, not recommending that but all I will say is that I’ve had Ulster bank argue with me over a €30 Payment for a credit card levy, they’re appealing against the tracker mortgage decision despite being found in the wrong yet for some reason, they’re giving all us CAM and offset mortgage customers free money in the form of a ‘good will’ payment

I think it’s more of a ‘here’s some cash, nothing to see here’ payment & I have complained to the FSPO as I believe them closing the account is a breach of the general terms and conditions.
 
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