Ulster my UB comp % appeal being considered by lower panel

marbled

New Member
Messages
2
hello,

I am a first time poster but a long time beneficiary from the knowledge, experience and guidance of others who post here (thank you!)

Background is similar to others here where I moved from UB tracker ECB+0.85% to fixed around 2004 - came off fixed in 2009 and variable was applied. Moved to AIB at better variable rate in 2010. Was (out of the blue) deemed impacted in late 2017 and compensated for period 2009 to 2010 only - I challenged this (over and over) and got my tracker back with UB early 2019 and comp/redress at the time. Comp included 12% rate and I have challenged this to the UB lover panel via BDO.

I have appealed on the basis that the 12% is insulting considering that I had a young family of 3 (in 2009 - 7 yo, 4 yo & 3 yo) and we made a LOT of compromises on family events, birthdays, holidays, time together - also mom and dad were seriously financially challenged at the time - and it now turns out we were being robbed (yes - what occurred was premeditated and, lets call it what it is - a crime!). I am not happy about the level of compensation or a piecemeal letter of apology.

I have now been asked by BDO to provide my P60 from period 2009 to 2018. I am not sure that these alone could fully clarify the weekly struggle that we would have experienced in the early years but I am not sure if there is anything else that I would provide that would be beneficial. I don't have doctors bill for that period but had to undergo surgery last year on a kidney - I am convinced (sorry - maybe irrational) that this was in no small part caused by financial stress over the prior decade with a young family. I have no idea how to demonstrate how this has hurt and feel insulted by the low compensation - how do you measure or apply a value when your believe in institutions have been undermined by their ill will towards a population they are supposed to serve, how to compensate for all the times I denied my young kids a much deserved experience - cinema, activities, etc. How can I put a value on the stress in my wife's face when I reminded we had to watch the grocery spend week in/week out. How can I ever be ok that I had to borrow from my in-laws to bring the kids on a modest summer break, how is it ok that my credit card was always in the red - I never defaulted on any debt, made every payment and have worked myself out of this struggle - no thanks to UB leadership - the amoral crooks !

Sorry for the rant...My question is, did anyone appeal compensation? were you asked to provide P60's? Is there anything that would help my case?.....or should I just take up yoga and move on with my life?

Appreciate your wisdom!

truly marbled!
 

elcato

Moderator
Messages
3,146
I'm on the side of the yoga BUT I don't know you and have no idea whether what you say is a true reflection although you put up a good argument. My advice would be to forget the emotional parts and concentrate on the parts you can prove. Your credit card bills should show proof that you had to forego repayment on time and needed to live on credit. How did you pay the medical fees ? Can you find proof - cheques/statements ?
 

Hairymilo

Registered User
Messages
7
hello,

Moved to AIB at better variable rate in 2010.... deemed impacted in late 2017 and compensated for period 2009 to 2010 only - I challenged this (over and over) and got my tracker back with UB early 2019 and comp/redress at the time. Comp included 12% rate and I have challenged this to the UB lover panel via BDO.
Please clarify...

1) Did UB allow you to move your mortgage back from Aib earlier this year?
2) Were you refunded redress & compensation for the period impacted 2010 - 2019
 
Last edited by a moderator:

tomo69

Registered User
Messages
23
Marbled I will be watching this Thread with interest and I would love to know how you get on? 12% comp is not sufficient as I have had similar struggles as you. I have my appeals pack i just need to put my case together.
 

Clamball

Frequent Poster
Messages
81
I think you need to set out a complete timetable cross referencing this with the proof you do have, your credit card statements, your bank account statements, your mortgage statements. And maybe on a month to month basis show how much money you had.

So say Jan 2009, income (gross) 3000, paid mortgage 1500, esb 200, car insurance 100, groceries 400, GP bill, 100, heating 200, petrol 100. Left over discretionary spending €400. Wanted to sign 7 yr old up for gaa but it was €90 and he needed boots and kit at €100 so did not do this. Left in bank before payday €15. No opportunity to save for a holiday etc. Should have been €515 as bank overcharging €500 on mortgage. And then show bit by bit, month by month, what you spent your money on, how much extra spending money you should have had and what you would have spent it on if you had it. For example, 8 yr old cousin started dance in September 2014, we would have sent Jane too but could not afford it. Brother says dance cost approx 200 per year for 6 years.

It won’t be easy, and as someone else said, the banks may not take emotional side into account of it at all, but if you can lay it out with reference to normal family expenditures, comparing your experience to you circle of family & friends and what discretionary spend they had and what they did with the money and roughly how much it cost them, they may pay more attention. So say you lads group went to London every year for a weekend but you only started going with them in 2018 because you could not afford it, then add that to the column of what you missed out on, giving it a monetary figure. Maybe go through your family photos and list where you went to Sligo for a weekend in 2009 but as your bank statements show you did not have the money so borrowed it from your dad but you should have had by then an extra €5000 that you werr paying in mortgage so would have gone to Spain for 2 weeks with your sister and her family instead.

It seems like a whole load of work to me, that might depress you greatly but it may help clarify to the bank how your lifestyle was compromised because you were paying them too much. If you had any email or texts to back this up it would help, “hey john, would love to go on your stag weekend but can’t with the 3 kids etc, see you st the wedding”. Stuff like that.

Of course the bank could ignore it but if you could add to timeline when you contacted bank re mortgage and show when money was tight you were trying to get bank to acknowledge you were on wrong rate it might help.
 

marbled

New Member
Messages
2
Thanks all for your replies. I did consider a deep dive on this as suggested but concluded that it wouldn't be worth the emotional commitment on my part - personal choice and may not be the financially prudent one but it already saddens me that all of this occurred at all. I have had 2 med conditions occur out of the blue in 2016 and 2017 - one requiring surgery and another ongoing - health is wealth so I will take a soft touch approach on this me thinks!

This week I have reverted to the BDO (UB) lower panel considering my appeal with my P60's as requested by them and also provided them (per elcato suggestion) with medical bills associated with ill health and subsequent surgery from 2016 to 2018 - much of that cost (>14K) was covered by private health insurance (I am fortunate, I know, to have that) but it did cost me personally approx. 3k over the period in question. Lets see where this goes - will post any updates as they may benefit others.
 
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