No notification of tracker rate reduction from UB

rameire

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394
You re living in cloud cuckoo land if you think UB 'forgot' how to change the configurations in their system to pass on the ECB cuts.

They realised their error after, and only after, media coverage and a huge volume of calls and letters to the support team.
factual information here, ub rate increases and decreases are inputted manually into their systems but the system then amends all the rates on the mortgages automatically.
ub actually thought they had 30 days to decrease the rates from date of implementation by the ecb, they didnt read their own ts and cs. this was until it was noticed, due to it being noticed they amended their rates and backdated the decreases to the relevant dates.
it wasnt due to media coverage or due to complaints, it was due to someone checking the ts and cs and notifying the head guys in ub they got it wrong.
 

Ceist Beag

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1,121
factual information here, ub rate increases and decreases are inputted manually into their systems but the system then amends all the rates on the mortgages automatically.
ub actually thought they had 30 days to decrease the rates from date of implementation by the ecb, they didnt read their own ts and cs. this was until it was noticed, due to it being noticed they amended their rates and backdated the decreases to the relevant dates.
it wasnt due to media coverage or due to complaints, it was due to someone checking the ts and cs and notifying the head guys in ub they got it wrong.
rameire given that you don't work for ub you certainly claim to know a lot about what went on here! :rolleyes: Either that or else I think you're given ub far too much benefit here. I don't for a minute believe it was a mistake.
 

kcb

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45
factual information here, ub rate increases and decreases are inputted manually into their systems but the system then amends all the rates on the mortgages automatically.
ub actually thought they had 30 days to decrease the rates from date of implementation by the ecb, they didnt read their own ts and cs. this was until it was noticed, due to it being noticed they amended their rates and backdated the decreases to the relevant dates.
it wasnt due to media coverage or due to complaints, it was due to someone checking the ts and cs and notifying the head guys in ub they got it wrong.
Christ, I always thought UB were a disorganised and incompetent shower but I never realised they were that bad!

Unreal.
 
I

irishpancake

Guest
rameire given that you don't work for ub you certainly claim to know a lot about what went on here! :rolleyes: Either that or else I think you're given ub far too much benefit here. I don't for a minute believe it was a mistake.
I do think there are a number of posters in this thread who certainly have a vested interest in "muddying the waters" and trying to sow doubt in the minds of ordinary UB/RBS customers, regarding the magnitude of the stroke UB/RBS were intent upon pulling on their customers.

I'm talking about all the posts regarding rate announcements dates, implementation dates, the "t's and c's", customers ignorance of these, now UB/RBS's ignorance of these same "t's and c's".

The plain simple facts are that UB/RBS have always in the past, since Dec. 2005 in my own case, passed on ECB Rate Increases as soon as they could, i.e. in the next Mortgage Payment due.

They departed from this practise on this occasion, for their own greedy reasons, and are now furiously back-peddling to try to recover some form of honour and dignity.

But of course we all know that there is No Honour Among Thieves :(
 

edwardg

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10
While this post maybe slightly off topic I just want to say something not in defence of the Ulster Bank. I have had a mortgage with them for several years. In that time I have been lucky enough to be in a position to make some major capital repayments off my loan. When I made one of the capital repayments I clearly in bold letters asked them to shorten the term of the loan and maintain my same level of payments. What did they do? Keep the same term and reduce the payments. Three letters and five phone calls later they sorted it out with the usual profuse apologies from Mr. Molumby. A variation of this happened to me with a subsuquent capital repayment.

British Government Minister John Reid described the Home Office as not fit for purpose when he took it over a few years ago. The same description could easily apply to the Ulster Bank. Their incompetence is breathtaking. I have worked in both the private and public sector and I have never experienced the level of inefficiency that I have observed with Ulster Bank over the last few years.

I have no connections in anyway with the financial industry I just feel so frustrated when you get these letters after a long struggle apologising for the inconvenience caused and emphasising the importance they attach to your customs.
 

kcb

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45
Their incompetence is breathtaking.
That sums them up alright.

I would have moved mortgage except that I have a good rate with them and would not get it elsewhere, especially now.

I have had problems with accounts, overdrafts and a credit card fiasco to beat all.

A friend had to wait almost 6 months to get a credit card. Again, you would give them a miss except that they have good rates etc.

From the outside They seem to invest all their time/money in good rates and advertising and pay peanuts to hire idiots to manage their admin.
 

desperatedan

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111
I think the "No honour among thieves" quote just about drove poor old rameirri over the edge (of the world) :p

Perhaps UB are actually the Flat Earth Society :confused:
 

finbar

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157
I took out my tracker mortgage with Ulster bank in 2004, having read through all of the paerwork/ terms and conditions i signed with the mortgage etc i rang ulster bank to find out why i have not recieved any notification or reduction in my mortgage for any of the 2 half percentage point decreases etc. There is no mention of a 30 day period to pass on ECB rates in my mortgage paperwork i signed to which i informed them over the phone. They said they would get back to me in a few days . I got a letter off them about three days later to say my case was looked into , and that all ECB reductions are to be passed on , about a week after the OCT and a week after the Nov one. Not DEC1st and Jan 1st ( 30 days after the ECB reduction they first speeled out to me over the phone). The mortgage paper work is a legal document that clearly states my Mortgage must track the ECB rate by 1.05%. So anyone with a circa '04 mortgage should check thier orrigional loan offer paperwork and demand this from Ulster bank. !
 

Luckycharm

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541
My mortgage is from 2004 and got a letter from UB yesterday regarding my letter of complaint and they said that would be changing the ECB rate within a week of the date so will be interested to see how much they my mortgage payment will be on the 1st Dec. They also included a brochure for the Financial Ombudmans.

Ironically I was at a do last week where the Financial Ombudsman was the guest speaker, I managed to have a chat with him after and brought this up- he said they were entitled to do what was within their t and c's.
 

plant43

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Messages
385
Well my payment came out today and I fully expected to see both rate decreases applied, but only the first one was. I called Ulster Bank and they said the second one would be reflected in my December 28th payment. I said I thought second rate decrease was passed on on the 24th November, he said they have 30 days to pass it on again?

So I'm all rather confused.
 

rameire

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394
Well my payment came out today and I fully expected to see both rate decreases applied, but only the first one was. I called Ulster Bank and they said the second one would be reflected in my December 28th payment. I said I thought second rate decrease was passed on on the 24th November, he said they have 30 days to pass it on again?

So I'm all rather confused.
firstly, you got an idiot on the phone,
secondly you are right in saying you got the first rate reduction in the repayment, and you are correct in saying that the rate reduced on the 24th, which means you will be paying interest at the lower rate from the 24th to the end of the month,
but as the rate was applied on the 24th they were not able to amend your direct debit which was paid today, this is due to their system which started pulling the direct debit 5 days before it is actually due, so they started pulling your direct debit on the 23rd the day before your rate was changed, so the system still thinks it was at the higher rate,
this is also good news for you, as it means more of the capital has been paid off which in turn will reduce the interest you pay in the future, it may be a few cent but its still something.

you may think the system is stupid, its not, its a good way of working, just imagine they upped the repayments the day before your due date, and sent out a letter to you, you wouldnt received the letter until after your payment was applied for , thus meaning you could have missed your payment, due to insufficient funds in your account.
its just a buffer time so nothing can effect your repayment.
 

phantom60

Registered User
Messages
45
From the outside They seem to invest all their time/money in good rates and advertising and pay peanuts to hire idiots to manage their admin.

According to their website their Flexible Variable Rate is currently 6.1%.
Doesn't seem a good rate to me.
 

Luckycharm

Frequent Poster
Messages
541
firstly, you got an idiot on the phone,
secondly you are right in saying you got the first rate reduction in the repayment, and you are correct in saying that the rate reduced on the 24th, which means you will be paying interest at the lower rate from the 24th to the end of the month,
but as the rate was applied on the 24th they were not able to amend your direct debit which was paid today, this is due to their system which started pulling the direct debit 5 days before it is actually due, so they started pulling your direct debit on the 23rd the day before your rate was changed, so the system still thinks it was at the higher rate,
this is also good news for you, as it means more of the capital has been paid off which in turn will reduce the interest you pay in the future, it may be a few cent but its still something.

you may think the system is stupid, its not, its a good way of working, just imagine they upped the repayments the day before your due date, and sent out a letter to you, you wouldnt received the letter until after your payment was applied for , thus meaning you could have missed your payment, due to insufficient funds in your account.
its just a buffer time so nothing can effect your repayment.
Rameire- do you work for UB or not you seem to be defending them to the hilt and seem to take any critcism of UB personally why is that?

Any there was a reduction this month I presume this is the Oct one and there will be a further reduction in my Jan payment?
 

Mpsox

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1,615
Firstly, and in the interests of clarity, I used to work for UB but left a number of years ago, however I still have contacts in the bank.

As a tracker mortgage holder, I've always got letters from them advising me of any mortgage increases or decreases. Where the bank did mess up was by leaving me on an interest only mortgage for a number of months(whilst we were selling a house) after it should have moved to a standard repayment. it did probably take longer then it should have for them to sort it out, but they did and gave me a compensation cheque for €100.25 (and I'd love to know how they calculated that one out)

UB used to be a great bank to do business with. However in 2006 they integrated their IT systems into that of their parent group, RBSG, and in my view took a significant step backwards as a result as the RBSG standard system was nowhere near as good as the UB internal systems. That has hampered UB staff in recent years.

Secondly, virtually everyone in UB is now reporting in to RBS and the real power is in Edinburgh. The discretion that the local manager had is gone. The stories from UB staff dealing with RBSG are scary, in particuler when it comes to resolving issues that are out of the norm for RBSG/or are Irish based only issues

I can't comment on whether or not UB had system issues that Rameire says, my experience of UB is that it is a distinct possibilty and also that it's a possibility that people in RBSG did not understand either the T&Cs that UB apply or how they would normally have dealt with these in the past.

Can I also ask that posters refrain from using comments such as idiots,lackeys and minnions when referring to UB staff. The majority of staff in UB are decent hardworking people but quite often the person you are dealing with has their hand tied behind their back when dealing with you due to heir employers poor systems and training. That is not a staff members fault

Hopefully the new change in senior management in Edinburgh, with Fred "the Shred"" Goodwin being ousted from the top, will begin some change in UB
 

rameire

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Messages
394
Rameire- do you work for UB or not you seem to be defending them to the hilt and seem to take any critcism of UB personally why is that?

Any there was a reduction this month I presume this is the Oct one and there will be a further reduction in my Jan payment?
again i do not work for ub, see previous posts for info, secondly, im informing you of what is happening, if you do not like that, its your choice.

if i know things for a fact i will post them otherwise i would not post,
it is my judgment and factual information which is disputed and discredited which is hard to take critcism on.
 

Alan Robert

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Messages
38
Want to check UB mortgage repayments.

Reviewing mortgage statements. The o/s bal is previous balance minus repayment. I would have thought the new o/s bal would be previous bal minus repayment add back the monthly interest.

Please comment on example to show me where my thinking is flawed

Term 10 years
Loan amount 100,000
i/r 4%
monthly repayment 1,012

after 6 montly payments I would say the o/s bal is 95,891, but UB mortgage statement would be 93,928( 100,000 - 6 x 1,012)

UB redemption value might be different but when you only have statement it is hard to keep tabs on UB!!
 

kcb

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Messages
45
Will we have the same problem this time with Ulster Bank? Or will they do the right thing and pass on the rate decrease?
 

rameire

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Messages
394
Will we have the same problem this time with Ulster Bank? Or will they do the right thing and pass on the rate decrease?
im sure they will do it properly and quickly this time,
some people will have their rates change on 17th dec, others 20th of dec and the rest on the 1st jan
 
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