Ulster Redress amount lodged, then alot taken back out??

MichelleSinead

New Member
Messages
6
Just wondering if anyone can help me understand this as UB haven't been helpful so far!
I got the letter last week to state I was part of the tracker mortgage examination, I am very lucky in that they have already lodged an amount into my account as the "redress" I assume.

There is a credit for 45,359.68 and then a debit for €26,031.95. My balance owed has reduced by €19,327.73 the difference between the two amounts above.

I called Ulster Bank TME department as stated on the letter and they said they cannot give me any information on it but that the "Redress and Compensation letter" is still being drafted and will be with me before the end of May.

I firstly assumed the €26K is the part they have to pay back to Revenue as TRS but Revenue haven't paid more to the mortgage than me so I doubt that is the case.

Now I'm thinking the 45K is the full interest I paid and the 26K is what I should have paid?

Has this happened to anyone? Any ideas as to why the credit then the debit?

Appreciate any input, I know plenty of you have been waiting a long time and I am very lucky to have mine addressed so quickly, just curious but will have patience and wait it otherwise.
 

SaySomething

Frequent Poster
Messages
548
Yes that's correct. They refund the full amount of mischarged interest to the account. Then issue your overpayments back to you and adjust the account balance. The debit amount should be your refund excluding your redress amount. You'll find out more when you get your redress and compensation letter but I would ask them to confirm what your new monthly repayments will be now that your balance has adjusted.
 

MichelleSinead

New Member
Messages
6
Thank you SaySomething, that is excellent. I had guessed my redress would have been approx 6-8K so 19K is very unexpected. I logged into their "manage my mortgage" account and it shows the new monthly payment, it is 400€ less than what I was paying.

Thanks for your quick response!
 
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