Ulster Rate Acceptance Form

ragdal

Frequent Poster
Messages
69
Hi
My redress letter states that I have to complete the Rate Acceptance Form within 6 months.
there are 2 options:
Option 1: Retain the current Tracker interest rate
Option 2: Transfer to the Standard Variable Rate (SVR)

Not sure why I have to complete this form. Surely the bank have to put me back to my original position. So why do I have to accept this rate?
Also, in completing this form, are you altering your original loan offer agreement?
Does anyone have any information on this?
 

notabene

Frequent Poster
Messages
333
Yes is a new agreeement which is a bit different from the original in its terms and conditions - have been fighting for the original myself for the last year with no success so far but you’ll have to decide for yourself if you want to accept or continue to fight for original conditions. The bank has said in my own case that they can’t provide ‘historical’ conditions from 2006 in 2019
 

SaySomething

Frequent Poster
Messages
550
I’ve refused to sign it and hold them responsible for honouring the terms of the original contract. It’s been noted on my appeal & I’ve raised it with the Central Bank and Finance Committee. I’m awaiting a coherent response. We can’t be expected to sign a document that supersedes the contract we rely upon. Especially as they unilaterally changed some T&C of our contracts a year or so ago to move us off their historic computer systems. We had no choice either.
 

Brendan Burgess

Founder
Messages
37,849
ragdal

You have to be practical here.

If you are being offered the original tracker rate, then you should accept it and sign the form.

If I understand it correctly, there are theoretical changes to the contract which are of no significance whatsoever. For example, the new contract says "If you fix your rate in the future, you will not be able to return to your tracker". There are no circumstances in which you should be fixing your rate in the future so this is completely irrelevant.

I agree fully that the Central Bank should have told the lenders to put people back on the right rate without any messing about, but in some cases, the CB seemed to insist that the rate should not be changed without the borrower's consent.

Brendan
 
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