Ulster Prime Time report on Ulster Bank customer who lost tracker

MAX01

Registered User
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39
Bank of Ireland conspicuous by its absence
I rang their help line a couple of times, impossible to get any information from the official. She could not confirm if my case had been reviewed or when I could expect a response.
In their interim report last week I was very surprised to note that no sum has been set aside for the tracker review. Does this mean that they have no intention of restoring trackers?
 

PJDCol

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134
Yes its just more time wasting.....I have worked in banks for years and know how easy it is calculate that.
 

notabene

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338
UB will drag this out as long as humanly possible. Will be mid '17 I'd say
I agree - at the least. I was suspect of their update letters with absolutely no new information. I suppose for AIB they are under pressure to get it done in order to be able to float their stock.

I don't think that they are afraid of anyone I know a letter sent to the previous CEO in March by the FSO wasn't replied to until May - that doesn't show any fear to me!

And by dragging it out there is also the possibility that they can pull all customers over the time limits though I presume what results from the review will allow new time limits for appeal but the whole saga is contemptible to be perfectly frank
 
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still wondering

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1
I would have thought that the additional staff and supervision costs alone would have cost €5m.

Presumably some people will get their trackers back and refunds.

But they probably don't have to account for the future cost of giving people back trackers.

I wonder if the €5m is the expected fine from the Central Bank?

Brendan
Hi Brendan,
I went to the FSO about losing my tracker with UB but they found against me. I had been told it was always possible to get back on tracker. Do I have any hope now with the CB involved?
Many thanks.
 

notabene

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338
Hi Brendan,
I went to the FSO about losing my tracker with UB but they found against me. I had been told it was always possible to get back on tracker. Do I have any hope now with the CB involved?
Many thanks.
Ger Deering the new Ombudsman, wrote to the CEOs of all the banks in March to confirm that they would consider all cases which had been through the Ombudsman's office under the examination - so yours will be reviewed even though you lost your case.
 

BlueSky

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42
I agree - at the least. I was suspect of their update letters with absolutely no new information. I suppose for AIB they are under pressure to get it done in order to be able to float their stock
Notabene, when you mention update letters, do you mean letters UB send you about this process?
I have been through failed negotiations with UB, then lodged a complaint with FSO a year ago. Eventually FSO suggested I defer the complaint and wait for results of CB/UB investigation. I got confirmation on the phone from UB a number of months ago that my case is being reviewed, but I haven't received any letters about it. Now wondering if I ought to be concerned!
 

notabene

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338
Notabene, when you mention update letters, do you mean letters UB send you about this process?
I have been through failed negotiations with UB, then lodged a complaint with FSO a year ago. Eventually FSO suggested I defer the complaint and wait for results of CB/UB investigation. I got confirmation on the phone from UB a number of months ago that my case is being reviewed, but I haven't received any letters about it. Now wondering if I ought to be concerned!
Yes - though not easily done & I have been very persistent in doing it - I'd say they are totally fed up of me, but I, am also fed up of them and am going to keep at them.

They sent a general letter on 8th June & noted the next update would be in 60 days. They sent another last week, with no new info again noting they would update again within 60 days. Since I reply to all of these looking for more info - I got another again today with the same lack of info so I wrote again, explaining what an update is and that I wanted an actual update on what the had done in the last 60 days.
 
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notabene

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338
http://www.irishexaminer.com/business/ulster-bank-eyes-tracker-mortgage-redress-clarity-by-year-end-414400.html

According to this, Ulster have yet to start identifying customers, unfortunately not surprising and means it will be into next year before any contact. However, I would be very interested to know why the delay

Also figures of 2000 customers and 1500 estimated by RTE and Charlie Weston in today's Indo would put figures of € 59,000-78000 per customer, if for arguments sake all were given equal money - don't think that is likely but it is an interesting exercise as when you hear €118m it sounds like a lot

I think also your back payment & compensation need to start to be separated as if you got €40,000 for arguments sake and called it compensation, in most cases that would just be the return of your over charge and not compensation
 
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rameire

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395
it is frustrating that you are not getting any relevant factual information, but you will not get this until they have reviewed all of their mortgages.
they are reviewing every single mortgage ever held in First Active and Ulster Bank.
the initial review will not include the actual difference that is due back to the customers that were impacted, this will be further on down the line after the customers have been identified and notified.

so the first real contact will be to advise that a review has taken place on the mortgage and the mortgage is either in the pot or not in the pot to be calculated correctly.
the actual calculation will then be completed down the line, and this will take some time depending on the amount of impacted customers.
 
M

mister32

Guest
The banks must have clear guidelines from central bank then?

I mean if those same institutions who kept saying: no you're not entitled to a tracker , if they take another look why would they reach a different conclusion?

And if they are employing say 300 employees to look at the contracts, what instructions are ther issuing to the employees? Be honest this time? Be more generous?

Obviously they are not going to waste the time of 300 employees?
 

peteb

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1,650
The banks must have clear guidelines from central bank then?

I mean if those same institutions who kept saying: no you're not entitled to a tracker , if they take another look why would they reach a different conclusion?
Because Ulster Bank in particular fed the line to their staff to deny deny deny! The staff never looked. They just said no. Ulster Bank used the FSO like a complaints office to see which trackers they would give back. If you got through the guantlet you got it back!
 

notabene

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338
Because Ulster Bank in particular fed the line to their staff to deny deny deny! The staff never looked. They just said no. Ulster Bank used the FSO like a complaints office to see which trackers they would give back. If you got through the guantlet you got it back!
Seems to be correct, several cases where a pattern emerged that they would halt the adjudication at the last moment, make an offer & hope to settle it without the adjudication going ahead but this was done as far as I've heard (and as happened in my own) only just as the adjudication was about to be made & I presume in cases they thought they might then lose - contemptible behaviour
 

notabene

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Messages
338
it is frustrating that you are not getting any relevant factual information, but you will not get this until they have reviewed all of their mortgages.
they are reviewing every single mortgage ever held in First Active and Ulster Bank.
the initial review will not include the actual difference that is due back to the customers that were impacted, this will be further on down the line after the customers have been identified and notified.

so the first real contact will be to advise that a review has taken place on the mortgage and the mortgage is either in the pot or not in the pot to be calculated correctly.
the actual calculation will then be completed down the line, and this will take some time depending on the amount of impacted customers.

The point is that They were to have all customers identified by 30th sept when report is due into the central bank & others such as AIB have completed this task - and yes then they will begin contacting customers. However Ulster won't confirm any of that - and it seems from remarks last week this is because they haven't started any of it and the identification process alone will now go on until Christmas, at least. Absolutely unfair to customers who are stuck in financial limbo while the bank does it in their own sweet time. Ulster, from my own experience with the fso, are desperate at meeting deadlines.

this should all be being communicated to customers instead of saying they don't know what is going on, that they don't have timetables and that they couldn't tell you if there was. They had sent out letters saying they would update every 60 days, to send you another letter with no info about what has changed over the last 60 days simply isn't good enough. There should be proper content and guidance for customers as to what is happening at that moment saving stress and hassle for everyone.

Imagine the opposite situation where you are in arrears to the bank, you are expected to keep the bank informed as to your financial situation and what is happening there - it cuts both ways.

In my own situation it is a lot clearer than others but the bank are burring their head in the sand
 
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notabene

Frequent Poster
Messages
338
The banks must have clear guidelines from central bank then?

I mean if those same institutions who kept saying: no you're not entitled to a tracker , if they take another look why would they reach a different conclusion?

And if they are employing say 300 employees to look at the contracts, what instructions are ther issuing to the employees? Be honest this time? Be more generous?

Obviously they are not going to waste the time of 300 employees?

As far as I know it was AIB employing the 300 - not sure how many the rest have employed
 
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