Hi Niamh
Can you tell us a bit more about this? As I understand it, this decision was made under the previous Ombudsman Bill Prasifka.
Did Ger Deering have any comments on the decision?
Brendan
He was somewhat empathetic but did say I could be worse off, that there were people in worse situations and that I had gotten one of the biggest awards.
We met as I had done a data request looking for the calculations and when they weren't able to provide them, I said I would make a complaint as they had to be there and at this time I also provided him with copies of the emails.
I was told that they don't make calculations to work out the full cost to the consumer, they come up with a figure they feel is appropriate and this is reflected in the above emails where the bank is asserting that there is no rationale used.
Another separate but also important Issue is that people in these cases are in a financial limbo until it is fully sorted out, they can't move house, they can't use that money for other options such as pensions, higher grade of insurance, holidays or general day to day expenses amongst other things. For anyone who has engaged someone to do it for them, which can be a sensible choice, they're paying fees to retrieve their own money.
There is also the stress of it all, mine has been huge and I can only imagine the stress levels of someone who lost their house, horrendous. Not to mention their credit rating
It also eats up time.
Notabene, well done on getting this far, I hope that you get your proper tracker rate restored.
I just find the fact that they make up figures they "feel are appropriate" astonishing, surely you have a case there against the FSO, thats a completely unfair method of calculating compensation. Maybe they weren't feeling generous the day they came up with the figure for your compensation!!!!
Why didn't they meet with you before making a decision on your case, was it the threat of a complaint against them that they decided to give the personal touch.
This is a great depiction of the actual process. Is it any wonder that something like 70% of claims to the FSO just get dropped. The consumer doesn't pursue them. They make a complaint and the company puts up a huge defence and throws everything at it.
Niamh, it would have been so easy for you to just drop the case. Fair play to you for being so dogged.
The insight you got into Ulster's strategy is very useful. They play chicken with them by pushing them all the way up to the adjudication stage, and then make an offer at the last minute.
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A lot of people might have crumpled when they got that offer.
Brendan
Another separate but also important Issue is that people in these cases are in a financial limbo until it is fully sorted out, they can't move house, they can't use that money for other options such as pensions, higher grade of insurance, holidays or general day to day expenses amongst other things. For anyone who has engaged someone to do it for them, which can be a sensible choice, they're paying fees to retrieve their own money.
Thank you so much Niamh for voicing this point. We are part of the PTSB mess and this sums up we're we are right now. We are completely trapped and unable to move on with life due to this. Every cent of our redress money has gone to paying the continued high costs of the rate we were put on. Houses prices in our area are on the rise again and we can do nothing but watch and pray things get resolved soon. My health is at the worst it's ever been due to the stress of it all.
These institutions have played God with people's lives in a lot of cases and they can not be allowed to get away with it or for this to continue. Frankly it's embarrassing for the Irish government that the banks are laughing at them and calling the shots.
Another separate but also important Issue is that people in these cases are in a financial limbo until it is fully sorted out, they can't move house, they can't use that money for other options such as pensions, higher grade of insurance, holidays or general day to day expenses amongst other things. For anyone who has engaged someone to do it for them, which can be a sensible choice, they're paying fees to retrieve their own money.
There is also the stress of it all, mine has been huge and I can only imagine the stress levels of someone who lost their house, horrendous. Not to mention their credit rating
It also eats up time.
And did you get your tracker back?Hmmm, this is making me think that I gave up too easy just getting my capital and interest back from UB! Perhaps I should go back and hit them up for some compo!!
When you are relieved to get something back you just forget the time it took to get there!!
Hmmm, this is making me think that I gave up too easy just getting my capital and interest back from UB! Perhaps I should go back and hit them up for some compo!!
When you are relieved to get something back you just forget the time it took to get there!!
Thank you for articulating this. I don't think people can understand how stressful it is to deal with Ulster Bank. My tracker wasn't returned to me at the end of a fixed period, and as the recession deepened my income declined. I had no option but enter into a MARP (mortgage arrears resolution process) due to decreased income, but arguably I wouldn't have been under so much financial pressure if I'd been allowed to keep my tracker. Now I have exited the MARP but am paying the higher rate of interest on the mortgage, along with the capitalised arrears that accrued while I was in the MARP.
I can't even begin to calculate my way out of this mess, and waiting on the bank to decide whether or not I'm entitled to have my tracker returned to me. Even the MARP process was soul destroying.
I did. But I had to go back and forth to the FSO with question and answers, whereas a friend of mine who I had drafted a letter on behalf of and was in an identical position to me was offered her tracker back by UB.
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