Ulster Ulster Bank Redress Update

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MrBanks

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Ours also. The monthly payment was debited on same date but was 500 euro less than normal! Then about a week later letter arrived.
Has anyone had any joy from the mobile mortgage advisor from your area? Do they have any concrete info on individual cases
 

justo

Frequent Poster
Ours also. The monthly payment was debited on same date but was 500 euro less than normal! Then about a week later letter arrived.
Has anyone had any joy from the mobile mortgage advisor from your area? Do they have any concrete info on individual cases
Thanks. I think we are mixing up two different issues.(1. Letter of redress 2. letter that notified us we were impacted and mortgage rate adjusted). I'm interested in the redress and compensation letter (1 above). I'm wondering if the letter is always prefaced by an adjustment to the mortgage balance. If this is the case, I can monitor by balance online, and know the letter is imminent if the balance is adjusted.
 

Frank105

Registered User
Hi. Just looking for some information. I got my letter last December to say I was one of those effected. Went back to tracker rate a month later. (saving almost €200pm). Got my letter in March (well dated 31st March but arrived a week into April!) & nothing since.
So, just wondering, when it finally does arrive, have I the option to take the money they owe me or do they take it off my mortgage. I get that the compensation is my money but will I have the option to take what I overpaid & use that money as I want. Hope that makes sense .
 
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Ganga29

Registered User
I'd like to add a kind of opposite question also: does the mortgage adjustment come first always, then the letter?
Looks like this is the case. Certainly in my case it is.
Also when you see your adjustment you will see a Credit Figure (for example 40k) and a debit figure 28k). In this scenario the mortgage balance is reduced by 12k and the redress (Cheque refund) is 28k. Note this 28k figure does not include 12.5% comp, time value calculation or legal fees so the value of cheque you get should be greater than 28k. This is my understanding from speaking to other people on this forum and also matches the information i received from the helpline this morning.
 
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Wardy7

Guest
@Frank105 what you should get is:

1) reduction in capital balance

2) overpayments into your hand

3) compensation into your hand

That’s if your case is straight forward!
 

Frank105

Registered User
Thank you. I think my case is pretty straight forward. Haven't taken any legal advice or anything yet. Was waiting to see what the offer/letter would say. Thanks again.
 

Cairo81

Registered User
Hi all.first time posting...we like many on this forum were impacted, received our first letter in Jan 17...and just the usual correspondence since. On the 1st of December which was last Friday..there was a large adjustment done on our mortgage account. One debit and one credit...received no paperwork to correspond..rang mortgage line and was told that letter would be out in few days..and that the credit which l can see on acc will be issued back to me +€650 for legal advice + compensation..he didn't state how much comp we will receive. Still waiting for letter. Just wanted people to hang in there. You might get something before Xmas. Also option to appeal if we see fit.
 

Sparky2104

Registered User
It's all speculation but maybe those with 1 dec adjustments are in the 1000, all else wait for 1 Jan adjustments and letters thereafter . Interested to know if anyone gets and adjustment mid month or after 1 December .
 

justo

Frequent Poster
It's all speculation but maybe those with 1 dec adjustments are in the 1000, all else wait for 1 Jan adjustments and letters thereafter . Interested to know if anyone gets and adjustment mid month or after 1 December .
I agree with the speculative nature of this. My mortgage comes out on the first of each month. No adjustment and no letter. I had been thinking that I would periodically check my mortgage balance rather than check for mail in the letter box.
 

Smagee2010

Registered User
afternoon all. rang the helpless line today usual story. rang the mortgage ops peo0le in Dublin and they told me there was an adjustment on the mortgage and were able to give me the total amount of redress due. I'm still lying down 8 can' bele8ve it. worth the wait I'm told there is a letter of redress imminent
 

Ganga29

Registered User
@Smagee2010 great news. Did the mortgage ops people tell you the exact amount of redress or did they tell you there was a credit and debit adjustment on your mortgage account? I take it you dont have access to your online mortgage account so only found out about this adjustment when you called?
 

Joanne Heeney

Frequent Poster
Great news, when did you receive your first letter ? Dec or Jan ? Also what year did you take your mortgage out ?

Thanks
Joanne
 

Smagee2010

Registered User
hi. I got the idea from people on here who have online accss to their mortgage accounts and could see big adjustments to their mortgages online followed soon by a redress letter. I called this morning and asked could they see any adjustments on my account. they gave me the exact redress figure and said I should have a cheque by the end of the month. mortgage balance last month was 181k after adjustments today they told me it was 168k. I'm a boi customer but have mortgage with Ulster. watching out for the postman now
 

justo

Frequent Poster
hi. I got the idea from people on here who have online accss to their mortgage accounts and could see big adjustments to their mortgages online followed soon by a redress letter. I called this morning and asked could they see any adjustments on my account. they gave me the exact redress figure and said I should have a cheque by the end of the month. mortgage balance last month was 181k after adjustments today they told me it was 168k. I'm a boi customer but have mortgage with Ulster. watching out for the postman now
Did the adjustment correspond to the date of the month when you mortgage was due to come out, or was it just random?
 

Bel18

Registered User
Great news! After reading your post I called the helpless line and was told 750 letters now sent out, but couldn't tell me if mine was one of them. When I asked if he could give me an idea of what I may be due back he said he would "not be comfortable" discussing g figures as calculations are ongoing. Called the Ops team then and was told pretty much the same and that there was no adjustment to my account as yet, so looks like it'll be next year for me
 
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