No notification of tracker rate reduction from UB

I

irishpancake

Guest
UB have confirmed to me that my November 28th payment will be at the new rate.
Yeah, that will be your December payment, so why was your Oct 28/29th payment for November still at the old rate, following the rate reduction in October??
 

plant43

Frequent Poster
Messages
387
Yeah, that will be your December payment, so why was your Oct 28/29th payment for November still at the old rate, following the rate reduction in October??
Payments are in arrears I thought?

Edit: You could also ask the question why was my July payment for August still at old rates, by your logic.
 
I

irishpancake

Guest
All I can do, as other people have done, is illustrate this with a real example, taken from my own Halifax Current Account:

30/06/2008 DIRECT DEBIT UB HOUSE MORTGAG UB/BF1/0000xxxxx 790.20

09/07/2008 ECB Rate Increased +0.25%
31/07/2008 DIRECT DEBIT UB HOUSE MORTGAG UB/BF1/0000xxxxx 793.79

30/09/2008 DIRECT DEBIT UB HOUSE MORTGAG UB/BF1/0000xxxxx 793.79

08/10/2008 ECB Rate Decreased -0.50%
31/10/2008 DIRECT DEBIT UB HOUSE MORTGAG UB/BF1/0000xxxxx 793.79
So it can be seen that UB have taken the increasein the rate at the first available opportunity, but have failed to pass on a reduction until they absolutely have to.

No fair, be consistent, treat all rate changes in the same fashion.
 

NavanMan1

Frequent Poster
Messages
59
Hi All,
Like a lot of you guys here, was on the phone to them this morning and got no satisfaction from the CS agent I was dealing with. I outlined my complaint as follows,

ECB increased rate on July09th, received letter informing me of increased repayment on July14th, increase implemented on my payment date of Aug01st. Letter from bank received within 5 days of increase. Increase implemented within 23 days.

ECB reduce rate on Oct08th, have received no letter from bank on rate reduction after 26 days and counting !!! On Nov03rd, repayment amount taken out of my current account is still at old rate, 26 days after rate cut.

When I phoned up this morning, they said the rate cut would not be implemented until my December repayment on Dec01st which is 54 days after the ECB rate cut, which is well outside the 30 days time limit she told me they have to implement this.

I informed the CS agent that I wished to make a formal complaint on the matter and she replied that someone from their complaints department would get back to me within 48 hours.

Guess I just have to sit back and wait.

Either Ulster Bank are operating a Tracker or not, it tracks increases alright but for reductions it looks like they are switching to the Variable mode.
 
B

Be Nice

Guest
Don't hold your breath watitng for a call back from the customer service team. I had an issue with bank card lately when I was travelling, 4 times I called the bank and each time I was told I would get a piority call back. They never called. When you do speak to somebody in customer service make note of time of call, person you speak to and brief details of what you spoke about. UB will deny having received a call from you previously. The best way to lodge a complaint in in writing, complaints received in writing seem to be taken a lot more seiously than those logged on the phone.
 

gally74

Frequent Poster
Messages
109
i lodged the complaint last week, a girl rang me from the Complaints dept and sent a letter today they are looking into it,

however they are basically taking the full 30 days from the 8th of oct to acknowledge the increase so for a drop in oct, you wont see it untill the dec 1st payment,

im getting onto my local branch now again to complain, out of basic fairness as a customer. I will be putting it in writing.

the ombudsman is the next option see below form their website

What happens if we can't reach agreement?

The Financial Services Ombudsman's Bureau acts independently of the Bank and provides a free service as an impartial adjudicator of unresolved customer concerns.
The Ombudsman can help with most financial complaints. However, there are some limitations on what the Financial Services Ombudsman's Bureau can look into, and further information about this can be obtained from them directly.
If you wish to ask the Financial Services Ombudsman to review your concern you must do this within 15 days of the date of the Bank's final response letter.
The address to write to is:
Financial Services Ombudsman's Bureau
3rd Floor
Lincoln House
Lincoln Place
Dublin 2
Lo-Call 1890 882090
Tel: 01 6620899
Fax: 01 6620890
Email: enquiries@financialombudsman.ie
Website : www.financialombudsman.ie
 
M

MikeL

Guest
checked my file and bank statements re increases

13 june 2007- letter dated 18 june- increase july payment
9 july 2008-letter dated 14 july -increase august payment
8 oct-no letter yet!
Same here. November payment (went through today) the same as October's.
I will complain officially in writing. Not that anything will happen, but I just want it on record!
 

kilteragh

Registered User
Messages
32
Same happened to me yesterday.

Is it best to write to the branch or to a more central address / head office?
 
M

MikeL

Guest
I wrote (well faxed) to the House Mortgages Office in Leopardstown; they have been sending me the recent rate increase letters. So for Dublin people at least, this is the address:

Paul Molumby
Head of Dublin Mortgage Centre
Ulster Bank Ireland Ltd
P.O. Box 9067
Block B, Central Park
Leopardstown
Dublin 18

Fax 01-294-4906
 

di74

Frequent Poster
Messages
111
Just sent a letter to the above address..... so annoyed about this...... have had a tracker since ECB rate was at 2% since 2004 and looked at each increase then (9 increases in total) and each one was passed on on the first of the following month..... letters to inform about the increase usually came out about 5/7 days after ECB rate change..... whats taking so long this time?????
 

Ceist Beag

Frequent Poster
Messages
1,139
Going to send a letter myself as well as we are in the same boat. Just curious, has anyone on a variable rate received the decrease straight away given that all the banks announced they would pass this decrease on to them straight away?
 

IrlJidel

Frequent Poster
Messages
113
The ECB rate increase was on July 3rd, but my July payment was at the old rates, August at the new one.

The ECB decrease was on October 7th, but my October payment was at the old rates, November's will be at the new rate.

My payment date is the 28th.
I'm on a First Active tracker and the same situation as above applied to me. (UB and FA are part of the same group).

Payment date 28th.

ECB rate increase July 3rd, my July payment was at old rate, August was at new one.
ECB decrease October 7th, my Oct was payment was at old rate.

Got a letter stating new rate effective from Nov 1, so my Nov 28th payment will be at new rate.

So In my case, I've no cause to ring Joe Duffy ;-)
 

Dave Vanian

Frequent Poster
Messages
608
I'm on a First Active tracker and the same situation as above applied to me. (UB and FA are part of the same group).

Payment date 28th.

ECB rate increase July 3rd, my July payment was at old rate, August was at new one.
ECB decrease October 7th, my Oct was payment was at old rate.

Got a letter stating new rate effective from Nov 1, so my Nov 28th payment will be at new rate.

So In my case, I've no cause to ring Joe Duffy ;-)
Lucky you. I've a First Active Offset mortgage. The increase in July was with immediate effect. I'm still waiting on any letter about the decrease. :mad:
 

MTW

Registered User
Messages
15
I'm affected by this also - while it's only cost me €27 I'm very angry at the principle and know they will do it again and again if there is no fuss.

Just spoke to one of the UB House Mortgages call centre reps. He first tried to fob me off by saying the rate decrease is delayed to 1-Dec because my interest is charged in arrears, meaning it only kicks in in December for the November period. When I pointed out that this should then apply for increases as well as decreases, he then changed tactics and moved onto the '30-day rule explanation'. Incidentally I've been trying to find this in my mortgage documentation but can't yet - so if anyone can tell me where it is I'd be grateful.

He said he's received 30/40 calls since Monday but I'm only the 2nd person who wants to make a formal complaint. So please if you're affected put pen to paper (or keystrokes to keyboard). Look what grey power achieved!

Address is:

Customer Concern Team (!)
First Active Building
Ulster Bank House Mortgages
Central Park
Leopardstown
Dublin 18.

You need to quote your mortgage reference number (entitled Our Ref on any UB letters). It's obvious that the call centre have been given some instructions on what to say to complainers but I guess it's no harm ringing them as a first step. I'm not too optimistic but I've completely had it with the wunch of bankers in this country.
 

knealecat

Frequent Poster
Messages
92
What the story if you have a ufirst account do you still get the 0.1% discount, just been onto the CS and was told it had been scrapped?? and to get in touch with my branch for an explenation
 

TRS30

Frequent Poster
Messages
288
Am on a BOS Ireland tracker and just rang them as my November payment was the same as October. The girl told me that the reduction had been applied to my account since 1 November (within the 30 days) and that my overpayment would be taken off my capital. Reduced payment will kick in in December.

Seems fair enough to me and have asked for a statement to confirm this.
 

mollser

Frequent Poster
Messages
98
What the story if you have a ufirst account do you still get the 0.1% discount, just been onto the CS and was told it had been scrapped?? and to get in touch with my branch for an explenation
I recall a letter from UB explaining this was scrapped for NEW tracker mortgages (the discount now applies to variable mortgages) - existing trackers not effected.

Majorly fkd off with UB about this, no other banks outside this group have taken the same approach - Jill Kerby in the Sunday Times should surely mention this in her column - she loves this stuff, anyone got her email??
 

gally74

Frequent Poster
Messages
109
everone should lodge a complaint both ways throught the branch you took the loan out with and through head quaters,

the reps on the phone have been briefied but dont let them get to you,

let them know the unbudsman will be getting the call.
 
T

tipperjoe

Guest
Hi Guys
Rang UB this morning and was also told they have 30 days to apply the interest rate cut even on tracker mortgages. Was told its in the terms and conditions under section 14. Have not checked yet as at work, but will later. Asked how come they never waited 30 days to put up the rates and was told its at their discretion. Not a happy chappy
 
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