Ulster UB customer amounts credited and debited to mortgage account one week later figures removed

anna23

New Member
Messages
3
Hi all

Just wondering can anyone explain the following

A debit and credit figure appeared on my mortgage account one week later when I look at the account again the debit and credit figures have been removed.

I rang TME team and they don’t know why this has happened. I’m not in arrears.

I received my letter in October to say I was deemed impacted.



Thank you
 
Last edited:

Brendan Burgess

Founder
Messages
41,561
Hi anna

This is how UB normally does it.

Let's say your mortgage is €100,000 before anything happens.

They work out that you were overcharged €30,000 interest.

They reduce the balance to €70,000.

But the overcharge of €30,000 was accounted for by overpayments by you of €20,000 and a balance €10,000 higher than it should have been.

So they then send you a cheque for €20,000 and increase the mortgage balance by €20,000.

So the net effect should be as follows

Balance reduced to €90,000

and you have a cheque for €20,000.

Does this help in any way?

If not, maybe give the exact figures and we will try to interpret what happened.

Brendan
 

anna23

New Member
Messages
3
Hi Brendan

The mortgage figure was 130,000. The two adjustments were 35,000 and -25,000 the mortgage balance was reduced to 120000. But when I looked at mortgage account a week later. The mortgage balance was gone back up to 130,000 and the figures of 35,000 and -25,000 were removed from the account no where to be seen. I did take a screen shot of the account when I saw the balance reduced.

I rang UB TME team and they can’t tell me why this happened. All they say is that they hope to have all customers sorted by end of April.

Thanks Brendan for the help.
 

Brendan Burgess

Founder
Messages
41,561
OK,

My guess is that they realise that they have made an error in your calculation and so removed it.

I understand that Ulster Bank knows that they have big problems doing the calculations and they haven't a clue how to fix them.

In theory, you should have got a cheque for €25,000

Brendan
 

anna23

New Member
Messages
3
Thanks Brendan. Only have to wait and be patient. Hopefully it won’t be too long more.
 
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