Ulster Prime Time report on Ulster Bank customer who lost tracker

SaySomething

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550
No contact. I think we are all due to get an update around the end of this month? If the information I was given by the Central Bank in the Summer is correct, then Ulster Bank does not have to issue them an update by the end of this month and it has been postponed until the end of this year. Based on this, Ulster Bank customers will have to wait until the New Year to hear their outcomes?

I expect to get another non-committal letter telling me they are looking into it and they will issue another update in 60 days.
 
M

mister32

Guest
Keep at them!

Nice one about the fraud squad

In uk they have a fraud website. Do we have anything like that?

And email the likes of Michael Mc Grath
He seems about the best of them

And Pearse Doherty.

Next stop after central bank review
The ombudsman
And the European Court
 

notabene

Frequent Poster
Messages
333
Keep at them!

Nice one about the fraud squad

In uk they have a fraud website. Do we have anything like that?

And email the likes of Michael Mc Grath
He seems about the best of them

And Pearse Doherty.

Next stop after central bank review
The ombudsman
And the European Court
well the problem with the fraud is that even though you could nearly say with certainty that they did it on purpose its too hard to categorically prove it...but we'll keep at them!!
 

notabene

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Messages
333
As well actually, Ulster are under the impression that they are engaging - our last correspondence was regarding how engaging does not mean sending out a letter in which you know no more at the end of it than you did at the start, I'm sure that will make all the difference ... Sigh!
 

MorgVar

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Messages
59
As well actually, Ulster are under the impression that they are engaging - our last correspondence was regarding how engaging does not mean sending out a letter in which you know no more at the end of it than you did at the start, I'm sure that will make all the difference ... Sigh!
Another meaningless update issued from UB this week. Repeat of past 2 Letters May and July. When telephoned they will give no info just robotic replies.

As customers are we totally powerless and we appear to have no avenue to seek answers or redress ❓
 

notabene

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333
Another meaningless update issued from UB this week. Repeat of past 2 Letters May and July. When telephoned they will give no info just robotic replies.

As customers are we totally powerless and we appear to have no avenue to seek answers or redress ❓
i haven't gotten that yet - though was going to contact them to see where the letter was as 60 days passed during the week. But I wholeheartedly agree that we are definitely on the backfoot with no one to fight for us it seems both the FSO and Central Bank totally powerless when it comes to pulling them into line - I was under the impression from both the FSO and Central Bank that all customers had to be identified by next Friday but it seems that they have allowed them to miss this deadline which is quite unfair - in my own case, as in many others, this is into it's 9th year - they seem to be able to do what they want and it is egregious that they are allowed to act in this manner & drag it out this long. Having fought them through the FSO this is typical of their strategy in general. In a way, you could go with that, if you thought there would be proper compensation etc for these delays when they know full well what is going on - however....I highly doubt there will be anything of the sort.
 

SaySomething

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550
i haven't gotten that yet - though was going to contact them to see where the letter was as 60 days passed during the week. But I wholeheartedly agree that we are definitely on the backfoot with no one to fight for us it seems both the FSO and Central Bank totally powerless when it comes to pulling them into line - I was under the impression from both the FSO and Central Bank that all customers had to be identified by next Friday but it seems that they have allowed them to miss this deadline which is quite unfair - in my own case, as in many others, this is into it's 9th year - they seem to be able to do what they want and it is egregious that they are allowed to act in this manner & drag it out this long. Having fought them through the FSO this is typical of their strategy in general. In a way, you could go with that, if you thought there would be proper compensation etc for these delays when they know full well what is going on - however....I highly doubt there will be anything of the sort.
I was informed verbally by the Central Bank in the Summer that the deadline had been extended to November for Ulster Bank. I agree it's completely unfair.

I also didn't get the update but it arrived approx 2 weeks late from the last 60 day limit - I think it was due on the 22nd? I received mine on 10th of August last. I suppose I can expect to wait a similar amount of time again.

There has to be some way to put pressure on the Central Bank/FSO/Ulster Bank to sort this. Has anybody had any success lobbying politicians?
 

notabene

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Messages
333
I was informed verbally by the Central Bank in the Summer that the deadline had been extended to November for Ulster Bank. I agree it's completely unfair.

I also didn't get the update but it arrived approx 2 weeks late from the last 60 day limit - I think it was due on the 22nd? I received mine on 10th of August last. I suppose I can expect to wait a similar amount of time again.

There has to be some way to put pressure on the Central Bank/FSO/Ulster Bank to sort this. Has anybody had any success lobbying politicians?
I wrote to my TD who is also a Minister in January but received no reply - I may try again - I met them recently but it was in my workplace so it wasn't appropriate to bring it up!
 

SaySomething

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550
Still no substantial update here. I continue to receive letters every 60 days or so; the next is due before the end of this month (next 3 weeks or so). The longer it goes since I exited the MARP, the more difficult I'm finding it financially, and I was hoping they'd have got in contact with mortgage holders by now.

Has anybody else heard or have an update please?

Of note they're in the news today: Headline from the Irish Times "Ulster Bank is most fined financial institution in Ireland" http://www.irishtimes.com/business/financial-services/ulster-bank-is-most-fined-financial-institution-in-ireland-1.2850427 Today's fine relates to anti-money laundering protocols. We know that they also under investigation for the tracker mortgage issue and another fine is due, however I'd say it's unlikely it'll be concluded this year. It's a dubious title to hold and they'll probably retain the crown into 2017...
 

notabene

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333
Still no substantial update here. I continue to receive letters every 60 days or so; the next is due before the end of this month (next 3 weeks or so). The longer it goes since I exited the MARP, the more difficult I'm finding it financially, and I was hoping they'd have got in contact with mortgage holders by now.

Has anybody else heard or have an update please?

Of note they're in the news today: Headline from the Irish Times "Ulster Bank is most fined financial institution in Ireland" http://www.irishtimes.com/business/financial-services/ulster-bank-is-most-fined-financial-institution-in-ireland-1.2850427 Today's fine relates to anti-money laundering protocols. We know that they also under investigation for the tracker mortgage issue and another fine is due, however I'd say it's unlikely it'll be concluded this year. It's a dubious title to hold and they'll probably retain the crown into 2017...
Probably not worth much but when you have written to them have you stated that they are keeping you in a worsening financial state? might be worth being explicit with them - i'm not sure it will have much affect but it is worth trying - I think from what Gerry Mallon said in August it will likely be Christmas - and it will still be months after that before its fully rectified...
 

SaySomething

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Messages
550
Probably not worth much but when you have written to them have you stated that they are keeping you in a worsening financial state? might be worth being explicit with them - i'm not sure it will have much affect but it is worth trying - I think from what Gerry Mallon said in August it will likely be Christmas - and it will still be months after that before its fully rectified...
I haven't actually but I suppose it's worth a try. The financial difficulties over the past 7 years are well documented (and verified) on my end to this point anyway. I exited the MARP optimistic that I could manage repaying the full amount pending restoration of the tracker but if it's going to be another year it will be very hard to keep everything up. If I did SFS today I'd automatically qualify for MARP but I really, REALLY don't want to go through that process again.
 

UDurcan

Registered User
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23
SaySomething..You seem pretty confident that you will get your tracker back...are you basing this on other case studies or have the bank given you some indication of this?
 

notabene

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333
I haven't actually but I suppose it's worth a try. The financial difficulties over the past 7 years are well documented (and verified) on my end to this point anyway. I exited the MARP optimistic that I could manage repaying the full amount pending restoration of the tracker but if it's going to be another year it will be very hard to keep everything up. If I did SFS today I'd automatically qualify for MARP but I really, REALLY don't want to go through that process again.

i can understand that - can you go to MABs maybe to get you through for the moment or is there anything else you can do like rent a room out? I know its not ideal but if it got you over the next while
 

SaySomething

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550
SaySomething..You seem pretty confident that you will get your tracker back...are you basing this on other case studies or have the bank given you some indication of this?
I have a duplicate copy of my file. My original contract states that I have the tracker rate for the life of the mortgage. I have a copy of my fixed rate instruction. There is nothing on the fixed rate instruction stating that I may lose my tracker on expiry. I also have a copy of the letter of rates offer after the fixed rate expired. I think I've quoted it here previously. I was not offered my tracker back after the expiry of the first fixed rate term.
 

Brendan Burgess

Founder
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37,849
The financial difficulties over the past 7 years are well documented (and verified) on my end to this point anyway. I exited the MARP optimistic that I could manage repaying the full amount pending restoration of the tracker but if it's going to be another year it will be very hard to keep everything up. If I did SFS today I'd automatically qualify for MARP but I really, REALLY don't want to go through that process again.
A very interesting point.

You could write to them saying that you have been making real sacrifices pending the restoration of your tracker.
You were expecting it to be resolved by now.
As they are so late in doing the review, could they please, as an interim measure, reduce your monthly repayment to €x.

It will probably get lost in the UB admin quagmire, but if they don't respond positively to you, you will have another stick to hit them with if you appeal the level of compensation.

Brendan
 

UDurcan

Registered User
Messages
23
I have a duplicate copy of my file. My original contract states that I have the tracker rate for the life of the mortgage. I have a copy of my fixed rate instruction. There is nothing on the fixed rate instruction stating that I may lose my tracker on expiry. I also have a copy of the letter of rates offer after the fixed rate expired. I think I've quoted it here previously. I was not offered my tracker back after the expiry of the first fixed rate term.
Thanks Saysomething....my situation is similar to your own. I really hope that the outcome is good for us all but i am fearful that Ulster Bank will find some little detail in that fixed rate authority that will allow them to deny us that tracker back. I say this because there doesnt seem to have been a one size fits all when it has come to previous cases taken by customers to the fso....some got them back and others didnt.

I just hope that eventually one of those good news letters fall through my letterbox....it will make a big difference to my household.
 
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SaySomething

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Messages
550
Thanks Saysomething....my situation is similar to your own. I really hope that the outcome is good for us all but i am fearful that Ulster Bank will find some little detail in that fixed rate authority that will allow them to deny us that tracker back. I say this because there doesnt seem to have been a one size fits all when it has come to previous cases taken by customers to the fso....some got them back and others didnt.

I just hope that eventually one of those good news letters fall through my letterbox....it will make a big difference to my household.
As do I UDurcan. I've gone through all the T&C/correspondence with a fine toothcomb though and can't see any reason why I wouldn't get it back.
 
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