Key Post Ulster Bank customers who lost trackers but switched to another lender

Discussion in 'Tracker Redress' started by Brendan Burgess, 2 Jan 2019.

  1. Brendan Burgess

    Brendan Burgess Founder

    Last edited: 1 Feb 2019
    I am concerned that Ulster Bank's process for redressing these people is so complicated and frustrating, that some people will not get their trackers back.

    The purpose of this thread is to list out the contributors to Askaboutmoney who have been affected by this and summarise how they are getting on.

    If you have been deemed impacted but have switched to another lender, please summarise your experience in the response to this thread.

    Notabene - They have agreed to restore her tracker. update

    Smithers - Eligibility pack submitted and has been approved for transfer

    Whatthe -

    Bazz71 -

    Pat 123 - Got €9,000 initially. Received further cheque for €46,000 and tracker reinstated.

    Madra Progressing. UB to make an offer of further redress


    UBanker - switched to Bank of Ireland- and has completed the switch back to Ulster Bank

    John 2017 Ulster - impacted but switched to another lender - tracker refused as Buy to Let

    Ali Switched from Ulster Bank. Deemed impacted, have now switched back.
    Last edited: 1 Feb 2019
  2. Brendan Burgess

    Brendan Burgess Founder

    The process seems very complicated. This is how I understand it.

    1) Ulster Bank writes to you with a payment for compensation for the period from when you lost your tracker to the date you switched. This is usually a very small amount.

    2) The package includes an eligibility pack.
    The purpose of this is for Ulster Bank to determine if you are eligible to be offered a tracker or not.
    If you paid off your tracker in order to move home, I would imagine that Ulster will deem that you are not eligible as the "switch" would have happened anyway.
    If you had a mortgage of €200k and switched to Bank of Ireland for €200k and did not move house, you would be deemed eligible.

    3) They will write to you deeming you to be eligible.

    4) You have to sign a form saying you wish to switch back.

    5) They will contact you after that to arrange the switch back.
  3. Brendan Burgess

    Brendan Burgess Founder

    Assuming you are eligible

    You will be entitled to further redress and compensation for the period from when you switched to the date you switch back to Ulster Bank.

  4. notabene

    notabene Frequent Poster

    In my case the mortgage was approved for transfer & mortgage approval went through - I was given the full amount of compensation from impact in 2008 to December 31st, 2017. But this differs from most others as, as one bank official put it, my case at been noticed at the highest levels of the bank. However, the money is accumulating again since 1st Jan 2018 and that will only be paid to me upon transfer of the mortgage.

    The amount approved for transfer was the mortgage amount on the last mortgage statement date available (when calculating the money owed in December 2017) which was 31st December, 2016.

    As the contract was not the original contract I would not sign it - I also wanted the contract (or offer, as I think the bank officials refer to it) to be reviewed by my solicitor prior to signing it as I had no independent advice and the bank would not do this. I also noted that the term of the mortgae was not the original term of the mortgage ( I had reduced the term upon moving it) this was eventually corrected in their offer though the bank continue to refer to this as giving me 'an extended term'. They try to frame things to make the customer look as difficult and uncooperative as possible though it is them who are entirely uncooperative.

    I twice met with them & twice one of their advisors tried to get me to sign the contract sight unseen - a senior Ulster Bank official was then to try to sort out these issues, however, he issued a letter of final response, without any attempt at resolving the issues. The best analogy I can give is that it is a bit like a divorce, they're the cause of the divorce and they are insisting on deciding the settlement, and will consider nothing other than what they deem fair, which really, is deeply unsatisfactory.

    As there was no point in going to the Ombudsman at this stage (the Ombudsman can not do anything until the Central Bank's Examination is over) I got a solicitor's letter sent out to them which had little effect. I also wrote to the finance committee who were given an undertaking by the then interim CEO that it would get sorted. This was in mid June. The bank continued to play for time over the next six weeks and did not make any attempt to resolve the issue, though again, they said it was being considered at the highest levels. Not even a letter of response was issued in the end.

    GDPR requests were then done but these were incomplete as no internal information was provided nor meeting notes from the two meetings held, amongst other missing items.

    So where it currently stands is that there is an offer there should I be willing to accept a lesser contract - I have submitted an appeal to BDO in the last number of weeks, including the contract issue in it. I haven't heard anything back yet but the Christmas Post has been incredibly slow, so will see where it goes from here.

    I haven't had an offer of a sum of money in liu of the mortgage being transferred back to Ulster Bank but I presume this is as the property is back in equity and that I am currently able to get mortgage approval required to move it back
  5. Bazz71

    Bazz71 Registered User

    I think I have been lucky so far in that I received the compensation letter when least expecting it. I suspect as I apply for eligibility it will get trickier and going from your post notabene this is only the start of it. will send on eligibility pack and see how I go from there.
    notabene likes this.
  6. Sambo19

    Sambo19 Registered User

    I received redress for 3 month period when refused tracker then moved lenders. It was a ppr for the next two years then rented out. I was offered compensation for period it was a private residence but recufed tracker back. Pk was has been looking after my appeal since last july and this answer came in december.
  7. Pat123

    Pat123 Registered User

    3 months ago I received substantial compensation for the period 2010-2018 (I had moved my mortgage from UB to AIB for this period).
    This allowed me to pay off my loans which was costing me €500 per month.
    I have also been restored to a tracker mortgage in UB (ECB + 0.85%) which is saving me €200 per month.
    This saving of €700 has been a huge boost to my wife and me.

    I am still appealing my case as I think my compensation amount was €5000 less than it should have been.

    I have given a more detailed description on the following thread:
  8. Pat123

    Pat123 Registered User

    I mentioned above that UB's calculation of my refund is 5000 less than it should be.
    Unfortunately(!), I used the wrong rate for 2011 and 2012, so it looks like they may be right!