No notification of tracker rate reduction from UB

Shaz

Frequent Poster
Messages
206
Thanks to this post, I checked my mortgage repayments to First Active Tracker mortgage and found that with the July ECB rate increased, the DD increased with my July 25th repayment. Rang them and they said that's an error - should not have taken effect until Aug 25th. But will ring me back to confirm. Now I want to check all historic payments made. Pls could you tell me where to find the ECB rate. I have gone to the website but don't know which rate to look at.

Thanks.
 

NorfBank

Frequent Poster
Messages
2,103
Shaz,
They could be within their rights increasing your July payment depending on terms and conditions of loan offer.
Here are a list of the recent cuts

06 Dec 2005 2.25%
08 Mar 2006 2.50%
15 Jun 2006 2.75%
09 Aug 2006 3.0%
11 Oct 2006 3.25%
13 Dec 2006 3.50%
14 Mar 2007 3.75%
13 Jun 2007 4.00%
09 July 2008 4.25%
15 Oct 2008 3.75%
06 Nov 2008 3.25%
 
I

irishpancake

Guest
Can I suggest that all dissaffected Ulster Bank customers avail of their fantastic Free "Customer Service Review".

This would give all those customers affected by UB's fantastic Customer Services an opportunity of spending 45 minutes with some UB lackey.

What is a Customer Service Review?

It's a service that offers you the opportunity to really get your money into great shape with a confidential consultation at your local branch. We can take a look at your finances with you, as well as answering any questions you have. So it's your chance to use our expertise at no additional cost. And, it could save you money too.

What can we do for you?

Everyone's different, but no matter what your money concerns or needs are, we can point you in the right direction. We'll look at your finances, listen to your thoughts, and help you to make your money work harder. We may even suggest a couple of things you haven't thought of!
Maybe we can even suggest a couple of things they haven't thought of!!
 
C

Conor_28

Guest
Think we're all in the same boat, but if UB can skim €100 from every mortgage holder each time there's a rate cut (and according to today's papers, there are more cuts on the way), all the protest letters and calls to Joe Duffy won't make them change policy.
I have my credit card with Ulster, will definitely be taking business elsewhere. Small gesture, but as other people have said, I won't get a better mortgage deal from anyone else at the moment.
 

Luckycharm

Frequent Poster
Messages
541
Well I have just written in to complain as well as rang them to be told this latest decrase will not be done till my Jan payment :mad:
 
N

Niamh

Guest
was talking to PTSB and the October rate change was applied on the 7/11 but apparently there is another system which actually recalculates the payment which is only run on the 15th of the month, and therefore the actual reduction to the amount deducted will not be applied until this date, so the October rate cut wont be applied till December… convenient! I just sent off a complaint, its pretty tough to move mortgage at min but I will definitely be closing up my current account with them if they don’t sort this out, it’s a complete scam!
 

havetoask

Registered User
Messages
14
i also have an ulster bank tracker mortgage, rang ulster bank this morning and was told oct discout will be giving from first of dec. and nov disc. giving in jan. very strange that when there is a ecb rate hike ulster bank increase it st8 away. i put this to gentleman on the phone and he told me something about 30 day rule which i didnt understand. also why they had not the courtesy to contact there customers and let them know. anyother ub customers feel the same and is thr, anything we can do ?
 
M

MikeL

Guest
anyother ub customers feel the same
Plenty!
and is thr, anything we can do ?
Nope. They are perfectly within their rights according to the contracts. However, the speed with which they implement rate increases, in contrast to the snail-on-valium slowness with which they respond to rate decreases, is typical of the cynical greed of these people. In my opinion it's just plain nasty, seedy, rather sad and pathetic, and makes me want to wipe the soles of my shoes on something.

Par for the course for a wunch of bankers.
 
M

MikeL

Guest
They are the worst bank I have ever dealt with. Had major delays getting a credit card, a loan and an overdraft on my account. All seperate headaches..
Add to that the slowest, ugliest, most feature-deprived internet banking website I've seen in 3 countries, including supposedly third world South Africa.

I think I'd better stop posting about UB. I'm starting to foam at the mouth.
 
I

irishpancake

Guest
Plenty!

Nope. They are perfectly within their rights according to the contracts. However, the speed with which they implement rate increases, in contrast to the snail-on-valium slowness with which they respond to rate decreases, is typical of the cynical greed of these people. In my opinion it's just plain nasty, seedy, rather sad and pathetic, and makes me want to wipe the soles of my shoes on something.

Par for the course for a wunch of bankers.
I agree with all you say, but the fact that they are probably within their rights under the letter of the law does not preclude customers from making a complaint to UB, as I have done.

And I fully intend following this up with a complaint to the FSOB regarding UB's cynical money-grabbing ploy.

I am sure that people are fed up hearing this, but these Pirates took the first available opportunity to pass on ECB rate increases, sometimes within within a few days of the announcement.

But now thet claim they have the right to delay rate reductions until the last possible day.

This should speak volumns about these Pirates, who worship the "Bottom line" above all else.
 

rameire

Frequent Poster
Messages
395
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.
you signed the loan offer, deal with the terms and conditions, dont like it, move.
 

rameire

Frequent Poster
Messages
395
the ecb notified people of the rate cut on the 9th of oct, this rate cut was then implemented on the 15th of oct by the ecb. when it is announced it is not implemented straight away.
so if your t's @ c's state they will pass on the rate reduction within 30 days they will apply the rate to your mortgage within 30 days of the oct 15th, so up until the 15th of november.
so lets say they reduce your rate on the 14th of nov, and you pay on the 1st of every month, the repayment you make on the 1st of november will not take into account the rate reduction, but your mortgage rate will reduce on the 14th of nov, and your repayment on dec 1st will take into account the rate reduction.

its the same for the rate reduction on the 5th of nov, it was not implemented by the ecb until the 12th of nov, ill let you calc the rest
 
I

irishpancake

Guest
the ecb notified people of the rate cut on the 9th of oct, this rate cut was then implemented on the 15th of oct by the ecb. when it is announced it is not implemented straight away.
Thanks for explaining the intricacies of UB Mortgage Rate Change implementation to us ignorant people here.

Perhaps now you can explain how they managed to implement ECB Rate Increases straight away, for the last 9 rate changes since Dec. 2005.

Could it possibly be that UB are quite prepared to maximise their profits by passing on rate increases straight away, but are loathe to implement rate decreases in the same efficient fashion, because they simply want to continue to extract high rates from customers for as long as possible?

We know they can do it, but there is an argument to be made for consistancy in implementing rate changes.

If UB implemented Rate Increases in the same fashion as they have implemented these rate reductions, nobody would be complaining.

By the way, my T&C's don't just apply to reductions, they apply to rate changes either way.
 

rameire

Frequent Poster
Messages
395
Thanks for explaining the intricacies of UB Mortgage Rate Change implementation to us ignorant people here.

Perhaps now you can explain how they managed to implement ECB Rate Increases straight away, for the last 9 rate changes since Dec. 2005.

Could it possibly be that UB are quite prepared to maximise their profits by passing on rate increases straight away, but are loathe to implement rate decreases in the same efficient fashion, because they simply want to continue to extract high rates from customers for as long as possible?

We know they can do it, but there is an argument to be made for consistancy in implementing rate changes.

If UB implemented Rate Increases in the same fashion as they have implemented these rate reductions, nobody would be complaining.

By the way, my T&C's don't just apply to reductions, they apply to rate changes either way.
they implemented them when they did because they could, as it states in the t's and c's.

they dont have to be consistant, why? because you signed up to their t's and c's which lets them implement them on day 1 or day 30.

and they are a bank, their main drive is to make money, so of course they are going to try and maximise profits.

and i know the t's and c's are relatant to increases and decreases.
some banks actually separate the t's and c's for increases and decreases in rates.
i know of some that for an increase, they can change it within 30 days.
but for a decrease they can change it within 7 days.
so make sure they did it within the t's and c's, make sure that there are no sub sections or extra areas on the t's and c's related to rate decrease's.

what dates did your mortgage rates actually go up? see dates below.
 

rameire

Frequent Poster
Messages
395
Below are the dates of the rate being implemented and the rates when they were actually announce.

06 Dec 2005 2.25% rate announced on 1st December
08 Mar 2006 2.50% rate announced on 2nd March
15 Jun 2006 2.75% rate announced on 8th June
09 Aug 2006 3.0% rate announced on 3rd August
11 Oct 2006 3.25% rate announced on 5th October
13 Dec 2006 3.50% rate announced on 7th December
14 Mar 2007 3.75% rate announced on 8th March
13 Jun 2007 4.00% rate announced on 6th June
09 July 2008 4.25% rate announced on 3rd july
15 Oct 2008 3.75% rate announced on 8th october
12 Nov 2008 3.25% rate announced on 6th November
 

gally74

Frequent Poster
Messages
109
you signed the loan offer, deal with the terms and conditions, dont like it, move.
kind of think this is a bit stupit,

every one knows the terms ad conditions,

this is bout being a customer and expecting to be treated like a customer.!
 
Top