Ulster Ulster Bank 'further redress" for a tracker restored 5 years ago!

Karro77

Registered User
Messages
29
That's fantastic diver. So thrilled for u. Great to see its moving!! Do u mind telling us what way they'e worked it Out? Is it a percentage of overcharge? What is TVM?
 

Karro77

Registered User
Messages
29
Time value of money, what would we do without Google! How is this calculated?

We got our overpayments back a
And our capital repayment was higher than the overpayments and at the time they gave this in a lump sum too, I know this practice stopped about a month after we got our cheque. Just trying to figure do they pay it on both amounts as they should or only on the overcharge?
 

diver

Frequent Poster
Messages
178
That's fantastic diver. So thrilled for u. Great to see its moving!! Do u mind telling us what way they'e worked it Out? Is it a percentage of overcharge? What is TVM?
Compensation is calculated at 8.5% of total redress amount due to my mortgage being an investment mortgage. It will be higher if your property is your PPR.
TVM is calculated based on the corrected tracker margin from the date of impact to the date of redress. Essentially, because I was overcharged, I didn't have the use of this overcharged money. Had I not been overcharged, I could have earned interest on this sum.
 

Karro77

Registered User
Messages
29
Thanks diver. Good luck with the appeal. I guess we just have to wait on the letter and see...
 

Karro77

Registered User
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29
Didn't get a letter but credit on mortgage account of 2000.

I rang and she said I'm in the first stage of redress and bringing mortgage account back to where it should have been - next stage is compensation etc and I should get further letter in few weeks?
 

Gen360

Frequent Poster
Messages
97
Received letter and cheque this morning for top up mortgage. Hoping to use appeal now to get the main mortgage back which they are still ignoring. I know of others in similar position who got letters about top ups today but no news of main mortgage, ub are obviously still playing silly buggers with the central bank on this cohort. Looking forward to the appeal and ombudsman process.
 

MiseÉire

Frequent Poster
Messages
31
Hi All,
I am moving this post as it was on the non redress thread.
Got a registered letter out of the blue last week. To cut a long story short I went to the ombudsman (see my previous posts) 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
 

Karro77

Registered User
Messages
29
Hi miseeire, as far as I know you can accept this cheque without prejudice. It doesn't affect your right to appeal or get back on your tracker. Obviously double check that but thst is certainly my understanding. From what I can see if they are perhaps offering you a tracker back, it seems like they will give it you you? I take it you have sold the original property from your post so I'm not sure if that would give them an out?

Was that the first letter you received? I' waiting very impatiently now for my follow on letter from.initial. hoping for tomorrow but who knows.
 

MiseÉire

Frequent Poster
Messages
31
Thank you @Karro77, No I am still living in the original property while our new build is taking place. As far as I am aware this was the first letter that I got on the subject (unless my wife opened one and presumed that there was nothing in it, which she has no memory of) and when I see what you and others are going through I am really glad of that. It was a very welcome surprise to get a cheque attached to an unexpected letter like that. Fingers crossed it won't be long before you have a similar experience! Thanks again and good luck!
 

Karro77

Registered User
Messages
29
Can I ask you if the further redress included overpayments? My friend got a significant amount back on tgat so I'm wondering should I expect the same? My mortgage has been reduced but a further 2k which shows they can't have calculated it all correctly in 2013. The not knowing is driving me mad but what can u do!

Thrilled for u. Same thing happened to my friend so it was a great surprise! Good timing for u too. Such a long road dealing with this for everyone!!
 

MiseÉire

Frequent Poster
Messages
31
I thought mine had been settled and had long forgotten about it. When I paid the lump sums to reduce the balance the figure owed was calculated using the higher interest rate rather than the tracker. This meant I had overpaid to redeem the mortgage so these overpayments amounted to a nice sum, and the rest (redress, TVM and Payment for professional fees) were less (don’t have figures here but I think redress was 12% of the overpayment). No reduction in mortgage for me as it had been paid off in full. Not sure if that helps but I really hope you get your money back soon so the long journey comes to an end.
 

Karro77

Registered User
Messages
29
Thanks a mil. I'm gonna try put it out of my mind until it arrives as it could be anytime between now or the end of June or beyond!! Need to stop thinking about it all. I went through this before when it was really difficult. This money is ours and we all deserve it but it' going to be a lovely bonus now rather than the life saver it was 4 years ago. I'd rather see anyone who has yet to get initial payments back sorted first as I know what that's like. I will update when I hear anything though. Best of luck with the new house!! Hopefully all of this and a new build will put the whole thing to bed for you forever!
 

MiseÉire

Frequent Poster
Messages
31
Hi all,
Just a brief update. I helped a mate some time ago to get his tracker back and he got a nice cheque yesterday. He is thrilled. I hope you all get sorted soon.
M
 
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