UB Tracker Return, but capital repaid because I was on SVR, FSO awards compensation

Well done. And good to see the ombudsman is now awarding reasonable amounts of compensation, it was about time that office stopped being so soft on banks in their award amounts.

Your success shows that you can win you just have to persevere with your case. And that is no easy thing.
 
Thanks Bronte. I agree completely, these things can definitely be won but the hard part is keep going and not give in the obstruction and bureaucracy of banks. Checking back over some papers made me realise how frustrating the whole process of dealing with the bank was. Many times I rang phone lines which were not answered, left messages which were not returned and sent letters which were not acknowledged and on one occasion the existence of which was even denied.
I must say this was in stark contrast to the FSOB who I found to be most efficient (perhaps because of criticism I had previously heard) and I was expecting the findings to take longer.The findings included a list of all my attempts to contact the bank which were regular and sustained. The bank was criticised for the delays in their replies and this was, I feel, a major factor in the compensation being increased. Good luck to anyone else in the process and don't give up hope!
 
Mise Éire

That's great news and thanks for the update.

Well done on sticking with it. It's a pity that the FSO didn't have to give you your overpayments back.

But the story could be very interesting for the ptsb customers whose trackers are being reviewed at present.

Brendan
 
MiseÉire said:
However, they did feel that the bank failed to respond properly to the attempts to resolve the matter and that the compensation offered was not reasonable. They have directed the bank to repay the overpaid interest and increase their compensatory payment from just under 2k to just under 7k.
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Well done, on both winning your case and your perseverance in continuing to adjudication.

Apart from the return of overpaid interest, you got €7K in compensation, to date anyway I think it’s unusual for the FSO to award such compensation. In my experience, and from other reports on AAM, the compensation element of the FSO’s findings has always been minimal, if awarded at all.

Hopefully the FSO will continue to award reasonable compensation to deter providers from continuing with their bad behaviour.
 
Thanks Guys. I think the amount reflects that it is clear that I wouldn't have made the capital repayments had I been on the tracker which I should have been. I don't think I ever really expected to get the money back (I think Brendan first suggested it) but looking back I think it was important to have a strong starting point and knowledge that nobody gets exactly what they're after.
Having said that, I am sure I will be annoyed when I am paying the SVR instead of ecb +1.15 on my next mortgage.
 
MiseÉire said:
the hard part is keep going and not give in the obstruction and bureaucracy of banks. Checking back over some papers made me realise how frustrating the whole process of dealing with the bank was. Many times I rang phone lines which were not answered, left messages which were not returned and sent letters which were not acknowledged and on one occasion the existence of which was even denied.

Good luck to anyone else in the process and don't give up hope!
Click to expand...

Indeed that is the hard part, know all about phones unanswered etc. Banks in my opinion have a policy to do things that way. They are not what their ads would have you believe, not when you have a problem that is of their making.
 
Hi All,
Got a registered letter out of the blue last week. To cut a long story short (read posts above!) I went to the ombudsman and was quite happy overall with the resolution, despite the frustration involved.
The letter informed me that due to being on the wrong rate I had paid extra for redeeming the mortgage and was therefore entitled to further redress, compensation, a payment for Time Value of Money and a payment towards professional advice, whether I decide to get it or not.
Absolutely delighted to get an unexpected, fairly large cheque. However, on Page 10 of the letter explaining the process it mentions that I may be entitled to get my tracker back and gives a number to ring to see if I fulfil the criteria. I have recently begun to draw down a mortgage for our (completely separate) new build. When we first met with the bank the best rate was 3% variable which suited us at the time. My initial reaction was to cash it immediately to help with the ongoing project which has many areas over budget. But the thought of getting to port the tracker to the new build stopped me from cashing it on Friday.
Would appreciate the thoughts of anyone as to whether I should be happy with an unexpected bonus or get ready to go back to the trenches with the Bank again.
Thanks,
MiseÉire
 
@MiseÉire Congratulations! Cash the cheque - completely separate to whether you can get you are eligible to get your tracker back and also you can still appeal the sums awarded with the cheque cashed. Apply for an appeal pack and discuss with them moving back on to your tracker - as far as they are saying at the moment to me, in that situation you would move on to the tracker mover product which i think is ECB +2% for ten years but you'd need to contact them to know exactly.
 
Thanks a lot @notabene and thanks for sharing all your hard earned knowledge on this topic. In the letter I was given a number to ring to discuss and get application forms to return to the tracker and will do so this afternoon. UB have a fixed rate for 2.6% which I didn't opt for as I like the idea of chipping away at the mortgage with extra payments (if/when I can!) so I chose the 3% SVR on my new mortgage. I will see what the call brings. Thanks again.
 
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