Ulster Ulster Bank Redress Update

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notabene

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So Ulster Bank were to write to customers in March regarding the redress process.

As my account was not immediately restored upon being noted as an impacted customer, because the account is currently with an alternative bank, I wrote to their head of remediation in early March.

I was inquiring as to when the redress process would start as it was now March and what the plan was to take back my mortgage from the current bank as this should have been enacted upon recognising that I was an impacted customer.

Reply yesterday - back to the PFO style 60 day letters - saying that that investigation is ongoing and they will update within 60 days - no sign of redress or sorting out the situation - I, needless to say, was absolutely livid so have replied back today. I have also copied the letter both to the Finance Committee and the Central Bank to let them know of further delays in what Ulster are saying publicly.
 
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SirMille

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Have you tried to get anyone working in the media to pick up on your situation?
 
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SirMille

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Does anyone know if Padraic Kissame is on this forum? Or if he visits another forum regularly? Has anyone met the man himself?

I do not want to get the run of myself, Brendan has advised to be patient and sit tight.
 

elcato

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He is very active on this forum but you should contact him seperately to deal with your specific case. He is very approachable and helpful.
 

SaySomething

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Well I gave up waiting for the promised letter as my doormat was empty again today. So I rang the tracker unit to get some answers.
  1. Customers with a promise of a letter in March will be written to in March, however the letters will be dispatched by the end of the month (as of today they had not been dispatched).
  2. Customers will receive their letters in early April.
  3. There will be no figures, redress, or compensation in the letters.
  4. The letters will simply advise customers that the investigation is ongoing with a commitment to write again with a further update within 60 days.
Wait longer. Can't begin to describe my frustration. I'll share the actual letter when it arrives.

Like @notabene I've also gone public on this issue btw and will continue to.
 

justo

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This is incredible and incredibly frustrating for you. The premise in the letter is that they are not in a position to give you any information on your specific case because they are dealing with loads of other cases. What kind of a defence is that?

Clearly the CB is impotent and the banks still dictate the rules of the game.
 

notabene

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@justo exactly - they are saying they want to do them in bulk but the guidelines say that this does not have to be the case. In fact, that once a customer is identified as impacted the redress process should start then, so very frustrating. It shows complete indifference to the customer, not one bit of remorse
 

justo

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@notabene I wonder if this bulk processing is related to the fact that the banks set aside a sum of money to cover costs prior to investigating the scale of the debacle? Given the fact they have a specific amount set aside to cover the costs, it would make sense that they want to know the total cost of this before they are in a position to repay customers. Perhaps the compensation allocated will simply be divided on what they have left after making repayments. Otherwise, they could surely work through each case systematically and close the cases, one by one.
 

Mark Watson

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So they wrote in January saying that they would update in March. That is approx. 90 days now they want an additional 60 days. I read that the UB had only 2000 cases. If that is so then 150 days excluding weekends is 107 days is about 18 cases a day.You would think that they would have a dozen staff on the like of this. So that is including weekends about a 1.5 cases a day. The work load isn't exactly stressful. After reading the facts concerning my own case. That is a failure to apply the correct interest rate on my mortgage from March 2011. I worked it out in about 15 minutes on a spread sheet.
 
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justo

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@justo - compensation to be a % of your overcharge ie if it was €40,000 overcharge, 10% compensation = €4000 in compensation
I guess the element of redress is the one variable where the banks have wiggle room then. They can't know how much redress money they have left to offer until they have processed all repayment and compensation calculations. Hence not moving until all accounts have been finalised. Just speculating I suppose...
 

SaySomething

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Confirming that I've received no letter in March as the postman has been for the last time this month. I'd assume the vast majority of customers are in the same boat. Very disheartened but not surprised given their track record to date.
 

auxred

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I spoke to them yesturday and asked about the March letters.

I was told that no letters went out in March but the investigation is ongoing.
 
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