Ulster Former First Active now Ulster Bank Customer

Monbretia

Frequent Poster
Thanks for that, it's interesting as reading that it would look to me that you were going to revert to a standard variable and not the tracker you came off. It's a strange one to me because as an ex employee of FA I know I would never have told someone they were specifically giving up their tracker, in fact my recollection is that once you started on a tracker then it reverted back to that when the fixed was up. I don't recall that wording but then again it's a long time ago!

Many people though did just revert back to trackers when the fixed was up, I wonder was that form the same always or did it change in the later years towards the end of trackers? 'Prevailing tracker mortgage option' is just not a term that even sounds familiar to me.
 

Miakk

Frequent Poster
That's interesting to hear monbretia, as there is another one page "Letter of Authority" document that I signed initially when fixing, that only referred to reverting to a variable rate. I queried this at the time as it did not specify this would be a tracker rate and so was told I also needed to sign that so-called "Tracker Removal Letter" by First Active as it did refer to a tracker rate at the end of fixed rate as an option....how ironic.

I fixed in April 2007, I don't believe trackers were dead in the water at that stage.
 
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Monbretia

Frequent Poster
Now that's the form I am familiar with! My recollection with that form is that the loan would revert to where it came, so if you were switching from a bog standard variable to a fixed that is where you would go back to and if you were switching from a tracker variable that is what you would go back to. I suppose in hindsight it's not that clear but at the time who suspected they would be trying to stop people going back to trackers deliberately!

For example I could have looked up on computer and see on a particular screen what the loan was programmed to revert to, this would show tracker margin if that was what it had been originally.

Trackers were pulled as a new product in or around July 2008, there was still drawdowns of exisiting loan offer in the pipeline up until late September that year approx.
 

Banking17

Frequent Poster
Probably not yet. In view of enormity of issue and numbers included with up to 5000 UB customers and 2,000 new just identifiied im amazed at low activity and virtual zero media coverage.

Report this evening on Journal.

Only 10 customers it appears contacted Finance Committee ❓ . Are customers just exhausted on this issue ❓
 

LABILL

Registered User
I emailed the finance committee yesterday. I got an email back with the following :
Ulster Bank Representatives have given an undertaking at today's meeting to review the individual correspondence sent to the Committee. In light of this development, do you give permission for your query to be forwarded directly to Ulster Bank for consideration?

Did anyone else get the same?
 

Banking17

Frequent Poster
I emailed the finance committee yesterday. I got an email back with the following :
Ulster Bank Representatives have given an undertaking at today's meeting to review the individual correspondence sent to the Committee. In light of this development, do you give permission for your query to be forwarded directly to Ulster Bank for consideration?

Did anyone else get the same?
It appears this is a proposal at present and Finance Committee need to approve. Seems good opportunity.
 

Lizzie007

Registered User
Hi did everyone that got in contact with the committee get an email address to contact ulster bank ...just received it there so plan to email tomorrow directly
 

Milo4444

Frequent Poster
Thanks, sorry I thought there was a specific one for ulster bank. Just watched the committee meeting, he mentioned 2k additional affected 80% of those on the wrong rate so what about the 400 balance I didn't heard what cohort they belong to. It was overall very bad news.
 

Banking17

Frequent Poster
I emailed the finance committee yesterday. I got an email back with the following :
Ulster Bank Representatives have given an undertaking at today's meeting to review the individual correspondence sent to the Committee. In light of this development, do you give permission for your query to be forwarded directly to Ulster Bank for consideration?

Did anyone else get the same?
Has anyone received update from Finance Committee on this❓
 
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