Ulster Ulster Bank Redress Update

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No letter received by me either - phoned them and they confirmed that they were "posted on Thursday and Friday" and that we will receive them by Wednesday at the latest.
 
I rang them also. Same story although I got told to wait until Friday just in case my postal service was delayed. I'm Dublin based and regular post normally arrives within a day of posting...

This time I was told that there was a delay in them being posted due to them needing the CBI (Central Bank Ireland) to approve the letters before they were sent out. Apparently some of the letters have been delivered already, I'd love to hear from someone who has received one to see if there is any sort of substantial update.
 
@justo - compensation to be a % of your overcharge ie if it was €40,000 overcharge, 10% compensation = €4000 in compensation

They over charge for a decade and they think 10% is enough?

I would expect at least 30% on the sum owed, has Pauric Kissame suggested a number to anyone?
 
@ I have not been offered any compensation, or indeed any return of my money at all, so I am not in a position to accept it. What I will be seeking is the overpayment returned plus the cost of independant review of the figures plus the financial and other costs of the overcharge . The financial costs include late payment fees on my current account for being over my overdraft and the costs of taking a mortgage 'holiday' for 4 months to try to catch up on my accounts. At this stage we come to additional costs to be paid to me for the fraudulent manner the money was taken and the related stress and range of missed opportunities that arose. As mentioned however, no offer at all is forthcoming.
 
What department within the cops are supposed to look into financial crimes?

Central Bank blah blah, wheres the law?
 
I received my update letter from UB today. Key points
- This is an update in March (even though there is no real update) as promised by them when they wrote to me at end of January saying i had been identified as being wrongly denied a return to tracker.
- They are making progress with review, once completed they will then commence writing to customers with details of redress and compensation.
- Expected timeline for this is in the next "few months", however given the complexity involved, this work will take a number of months to complete.
- There will be an independent appeals plan to which you can make an appeal upto 12 months from date of your redress.
- At time of redress, a payment will be made to us which we can choose to use to cover the cost of independent financial advice.

Again no commitment on dates
 
Received exactly the same holding letter as @Ganga29 this morning from Ulster Bank. It's really a nothing letter telling us to keep waiting, no set date about when next correspondence is due which is very frustrating. We have been put back on a tracker rate since January.
 
Same here - absolutely no deadline set and since phase 2 (the identification of affected customers phase) is not due to be completed until September 2017(per CB deadline), I wouldn't hold out any hope that any of us will hear anything in terms of reddress until after September 2017. The guy on the "helpline" told me identification of affected customers is their priority.

Did anyone else find it infuriating and ironic that they put a giant bold warning at end of the letter: Your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it

Is this some sort of joke??!!
 
I haven't received this letter yet, but at least they answered you my friend on the 'help' line I had to hang up after waiting 30 minutes with no response!
 
For those who are still waiting, here's a copy of the letter I received today.
2017-04-04 Ulster Bank Page 1 For Publication.jpg 2017-04-04 Ulster Bank Page 2 For Publication.jpg
 
Hi
New to this forum. Just wondering. Got my letter from Ulster Bank in December. Back on tracker. Still awaiting on update letter, however, I'm expecting that soon (as above - Nothing of note it seems to what is happening. Just wait it seems). My question? Should I seek or already have sought legal advice or will I just wait & see what they will offer re compensation and reimbursement? Didn't go into arrears over the last 10 years (at times though it was very, very tight) or have to take a mortgage holiday. So just asking is the best option just to wait and see.
 
Hi all,

I came home to another letter from UB today dated 31 March. It just states that the review is ongoing and that they expect it to be a number of months before they will be in contact about compensation and redress. Sounds like it could be a long road.
 
@Frank105 there will be a payment to cover your legal/financial advice when they do eventually move to the redress and compensation phase. I'd hold fast and engage a professional for their services then. There's little they can do to assist you at the moment until they know how much Ulster Bank are going to offer you.

For what it's worth I have sought advice but my situation is complicated thanks to being in the arrears process and also a FSO complaint into the mix.
 
Hi all,

I came home to another letter from UB today dated 31 March. It just states that the review is ongoing and that they expect it to be a number of months before they will be in contact about compensation and redress. Sounds like it could be a long road.

ditto
 
Different letter received here dated 31 March - apologised for delay saying head of remediation would hopefully be back to me in approximately ten days. I presume this is as I had moved my mortgage to a different bank and they haven't begun to think about how they are going to sort it out. They still haven't come up with a plan to mitigate the damage by being on a higher rate of interest.
 
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