I heard from EBS in November 2016 re BTL rate (like a tracker rate) overcharge. Wasn't aware at all up to that point that my account was impacted. Received letter and refund/ compo cheque in Jan 2017.
Ulster Ulster Bank Redress Update
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I heard from EBS in November 2016 re BTL rate (like a tracker rate) overcharge. Wasn't aware at all up to that point that my account was impacted. Received letter and refund/ compo cheque in Jan 2017.
EbsLoannotrafor
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I am with ebs . Rang them today they said the review would be largely compete by Dec , I asked what largely meant , does it mean I could be on the not largely complete element and put into eternal purgatory , probably due to the size of our mortgage and the fact it suits them to have it as a contingent liability for longer rather than real liability , he hummed as if in agreement and then checked himself . He gave me a scenario of ebs tracker mortage that would be redressed( turned out was mine) but was very "who knows when " about timeline . There is obviously a policy of stalling in all the banks now for whatever reasons , this is a fragrant abuse of customer rights and the cb and ombudsman need to challenge this behaviour -THAt IS THEIR JOB( not to guide the banks through their mess which is what they are doing) , again I wonder is it time to get Europe involved ? Take the CB to Europe with the banks , they have no shame and only if someone bigger gets involved will it be sorted in a reasonable time . I complained 18 mts ago to bank and to have the external review of that complaint not complete at this stage , would not be acceptable in any other European economy . Has anyone looked to taking a case to Europe ? We could be stalled for 5 years , these people if they think they can get away with it will do this - these are the same people who felt they could get away with not offering the rightful tracker in the first place . It is good to talk here but as I said should it not be someone like Europe who can control them be involved , we are the peasants ! I will want redress fir the list of second car , the fact my husband drew down his pension At 50 to enable us to continue paying it , which they knew all about as they had the sf statement for restructuring . Compensation is not just interest it is the list of other things , remember they would have known it too on sf statement , so it will have to be acknowledged . Is their a European ombudsman to enforce decisions otherwise it is just a piece of paper complaining and more delaying tactics .
Mark Watson
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I had the morning off so sent this to UB. Hopefully they will also get the hard copy.
10th April 2017
Dear ,
thank you for your recent letter dated 31/3/2017. I note that your review is still continuing and no specific end date is given. With reference to your initial communication, I had lived under the illusion that the three months from January 2017 where required to sort out this matter. The letter also informs me that until that point is reached in the next few months I as an already identified customer must await the banks good grace to allow redress.
This runs contrary to the diretions issued from the Central Bank of Ireland.
Examination of Tracker Mortgage Related Issues
The framework for the Examination is a phased approach. Phase 1 involved the development and submission of detailed plans by relevant lenders. This phase has been completed.
Phase 2 requires lenders to conduct the review of their mortgage loan books in line with our framework. These reviews are extensive in that lenders must review the underlying loan documentation and customer files for the in-scope accounts to determine their specific contractual obligations, and also to determine if the documentation that each customer received had the potential to confuse or mislead the customer, both on a stand-alone basis and when read in conjunction with other communications – be they written or verbal – made to the individual customer.
In this respect, the Central Bank invoked its powers under Section 22 of the Central Bank (Supervision and Enforcement) Act 2013 to set specific timelines for lenders to complete Phase 2 of the Examination, the last of which will be completed by no later than end September 2017. The timelines have necessarily taken account of the size of the relevant lender’s loan book, the scale and complexity of issues in the lender, and the complexities associated with completing a thorough review, in line with the key objectives of the Examination.
By this date, the Central Bank expects all lenders to have identified all affected accounts, stopped further harm, and have commenced engagement with most impacted customers. The Central Bank is rigorously monitoring the completion of this work.
Phase 3 of the Examination relates to the calculation of redress and compensation for customers identified as having been affected by tracker mortgage related issues.
Phase 4 relates to the implementation of a redress programme in respect of these customers.
Phases 3 and 4 may run concurrently with Phase 2 and, as such, the Central Bank expects lenders to commence Phases 3 and 4 as affected customers are identified.
I draw your attention to the above sentence beginning Phases 3&4 and the expectation of the Central Bank that lenders are expected to commence redress, compensation and implementation as affected customers are identified. It is now over 4 months since my account was identified and the holding letter I have received makes it clear that Ulster Bank have no intention of following the Central Bank of Ireland directive as delivered to Oireachtas. I also bear in mind that pre 2013 the Central Bank cannot enforce redress but I understand that there is an expectation that lenders will comply.
At least I should have an idea in this time frame of the amount involved, compensation levels, what the correct outstanding balance of my mortgage is at this time and if I can choose to keep the payment for independent financial advice if I choose not to seek an appeal.
I look forward to having the above information and a financial package as a result of the Central Bank of Ireland directive without delay. Ulster Bank may shelter under the phrase “may run concurrently” but that is not what the Central Bank details as it expects lenders to run a programme of redress and compensation concurrently. I do not see how I am linked to Ulster Bank mistakes on other mortgages as our legally binding agreement is between myself, my spouse and Ulster Bank. These have no bearing on my mortgage account and I see no need for colliegieality on this issue.
10th April 2017
Dear ,
thank you for your recent letter dated 31/3/2017. I note that your review is still continuing and no specific end date is given. With reference to your initial communication, I had lived under the illusion that the three months from January 2017 where required to sort out this matter. The letter also informs me that until that point is reached in the next few months I as an already identified customer must await the banks good grace to allow redress.
This runs contrary to the diretions issued from the Central Bank of Ireland.
Examination of Tracker Mortgage Related Issues
The framework for the Examination is a phased approach. Phase 1 involved the development and submission of detailed plans by relevant lenders. This phase has been completed.
Phase 2 requires lenders to conduct the review of their mortgage loan books in line with our framework. These reviews are extensive in that lenders must review the underlying loan documentation and customer files for the in-scope accounts to determine their specific contractual obligations, and also to determine if the documentation that each customer received had the potential to confuse or mislead the customer, both on a stand-alone basis and when read in conjunction with other communications – be they written or verbal – made to the individual customer.
In this respect, the Central Bank invoked its powers under Section 22 of the Central Bank (Supervision and Enforcement) Act 2013 to set specific timelines for lenders to complete Phase 2 of the Examination, the last of which will be completed by no later than end September 2017. The timelines have necessarily taken account of the size of the relevant lender’s loan book, the scale and complexity of issues in the lender, and the complexities associated with completing a thorough review, in line with the key objectives of the Examination.
By this date, the Central Bank expects all lenders to have identified all affected accounts, stopped further harm, and have commenced engagement with most impacted customers. The Central Bank is rigorously monitoring the completion of this work.
Phase 3 of the Examination relates to the calculation of redress and compensation for customers identified as having been affected by tracker mortgage related issues.
Phase 4 relates to the implementation of a redress programme in respect of these customers.
Phases 3 and 4 may run concurrently with Phase 2 and, as such, the Central Bank expects lenders to commence Phases 3 and 4 as affected customers are identified.
I draw your attention to the above sentence beginning Phases 3&4 and the expectation of the Central Bank that lenders are expected to commence redress, compensation and implementation as affected customers are identified. It is now over 4 months since my account was identified and the holding letter I have received makes it clear that Ulster Bank have no intention of following the Central Bank of Ireland directive as delivered to Oireachtas. I also bear in mind that pre 2013 the Central Bank cannot enforce redress but I understand that there is an expectation that lenders will comply.
At least I should have an idea in this time frame of the amount involved, compensation levels, what the correct outstanding balance of my mortgage is at this time and if I can choose to keep the payment for independent financial advice if I choose not to seek an appeal.
I look forward to having the above information and a financial package as a result of the Central Bank of Ireland directive without delay. Ulster Bank may shelter under the phrase “may run concurrently” but that is not what the Central Bank details as it expects lenders to run a programme of redress and compensation concurrently. I do not see how I am linked to Ulster Bank mistakes on other mortgages as our legally binding agreement is between myself, my spouse and Ulster Bank. These have no bearing on my mortgage account and I see no need for colliegieality on this issue.
Hi there I got something similar in the post so I rang Ulsterbank to see what is going on or to see when they are going to offer redress the guy said should be in the next couple of months but definitely not going to go on till next year, we will see, anyone else get a similar story.
If they or when they do make an offer who should I go to to get there handy checked out, or are we to take there word that it all 100%
If they or when they do make an offer who should I go to to get there handy checked out, or are we to take there word that it all 100%
It is so frustrating that their is no time-line for this process. There is obviously no requirement for the banks to communicate the amount of the over-charge and estimated redress within a reasonable length of time. Still awaiting communication from BOI 5 months after they wrote to me to say they had been over-charging me for 9 years.
Mark Watson
Registered User
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Sorry should have kept up to date with what happened. Received a reply talking about waiting and it was a priority. The same letter as is in the jpg file above. So I sent a reply basically asking that they would read my previous letter enclosed and actually answer the questions I raised. I await a response. Then I will raise the issue of fraud if it is not satisfactory.
I sent a letter back to them replying to above after getting it on thursday, quoting cb guidelines and then filed a complaint with the FSO on Thursday also saying that they are not following the guidelines as printed by the central bank, that they are obfuscating and prevaricating again. My own theory is they are waiting to see how ptsb and aib get on as to how to play theirs, but that is pure speculation. They know well how much they owe as they are well able to figure it out, sharpish when a borrower owes them.
To say that all must be done together and that it is unfair not to, is a nonsense - does that mean that if mine was breached in 2008, and someone else in 2010 - that they should then have to wait a further 2 years to be impacted the same amount of time - that is the sort of logic which they are using - delay tactics!
To say that all must be done together and that it is unfair not to, is a nonsense - does that mean that if mine was breached in 2008, and someone else in 2010 - that they should then have to wait a further 2 years to be impacted the same amount of time - that is the sort of logic which they are using - delay tactics!
S
SirMille
Guest
Agreed, it is sophistry of the highest order.
And it would not surprise me in the least if there were controlled opposition on the field of play.
And it would not surprise me in the least if there were controlled opposition on the field of play.
Brendan Burgess
Founder
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Guys - I am not sure what you are achieving repeating the same thing over and over again in this thread.
The downside of it is that if there is something genuinely new, it will probably be missed in all the noise.
It's up to ye, but I suggest that you only post something if there is something genuinely new. And that does not include reporting that you called them again only to be told the same thing you have been told ten times before.
Brendan
The downside of it is that if there is something genuinely new, it will probably be missed in all the noise.
It's up to ye, but I suggest that you only post something if there is something genuinely new. And that does not include reporting that you called them again only to be told the same thing you have been told ten times before.
Brendan
Mark Watson
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Without one post above I would have not known I had received a generic letter.
Mary O Brien
Registered User
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UB won't tell me whether or not my account has been impacted..just said to wait for a letter in 5-6 working days .no letter
Mary O Brien
Registered User
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I received a letter today asking if I have reviewed my mortgage rate recently. ..no mention whether I'm an impacted customer???
I also received the letter asking if I had reviewed my rate recently. I feel like sending one back asking had they. Interestingly they didn't take the DD for my mortgage this month, after querying this I was told it was due to a computer upgrade that I should have been told about then I was told it was because the DD had been cancelled. They still can't tell me who cancelled it or why. Launched another complaint to add to the ever growing list. I'm really starting to feel that this bank is about to implode. If I don't get a resolution to my complaints soon I'm going to the media as It's like banging my head off a brick wall at this stage.
I spoke to a member of the UB tracker team on Friday.
They informed me that the majority of customers have now been identified and written to.
I asked when they plan inform people like myself who have highlighed their case but not yet been told.
They believe they still have a small number to identify which will happen over the next few months.
After that they will write to any unsuccessful cusomers by the end of the year.
They informed me that the majority of customers have now been identified and written to.
I asked when they plan inform people like myself who have highlighed their case but not yet been told.
They believe they still have a small number to identify which will happen over the next few months.
After that they will write to any unsuccessful cusomers by the end of the year.
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I just took delivery of my new Crystal Ball, the old one that I got in 2007 appears to have been faulty ( I think I got it from the same supplier as the banks )
What the new ball is telling me is this -
By the end of the year almost everybody will be identified and put back on there Tracker rate. Any redress or compensation will happen in the new year not long after the ECB announces the interest rate hike and the bank has a few quid extra in the coffers ( I think they were expecting this before the end of last year but the ECB spoiled the plan).
The poor people who don't make it onto the "identified" list will appeal but will probably try and fix at the rate that they are now offering in the letters we are currently receiving, this rate will of course not be available but at least the bank can say they offered it to us.
As for all the poor people who get their Tracker back they will now be stuck with the same quandary as before- to fix or not to fix. But this time the consequences will be made very, very clear.
Unfortunately the Crystal ball doesn't tell me which category I fit into, that model costs more and I can't afford it at the moment.
What the new ball is telling me is this -
By the end of the year almost everybody will be identified and put back on there Tracker rate. Any redress or compensation will happen in the new year not long after the ECB announces the interest rate hike and the bank has a few quid extra in the coffers ( I think they were expecting this before the end of last year but the ECB spoiled the plan).
The poor people who don't make it onto the "identified" list will appeal but will probably try and fix at the rate that they are now offering in the letters we are currently receiving, this rate will of course not be available but at least the bank can say they offered it to us.
As for all the poor people who get their Tracker back they will now be stuck with the same quandary as before- to fix or not to fix. But this time the consequences will be made very, very clear.
Unfortunately the Crystal ball doesn't tell me which category I fit into, that model costs more and I can't afford it at the moment.
SaySomething
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Update letter arrived.
We now have a new case reference number which is to be referred to in all correspondence. More numbers to refer to and complicate things.
Text reads:
Italics around the word impacted are the bank's emphasis not mine.
This was the first update letter since that dated 31 March 2017.
We now have a new case reference number which is to be referred to in all correspondence. More numbers to refer to and complicate things.
Text reads:
'I refer to your complaint regarding the interest rate on your mortgage account. Please note we have updated the case reference on your complaint above.
As advised, your complaint is being deal with as part of the wider tracker mortgage examination being undertaken by the Bank. The Bank has previously confirmed to you that your account was deemed as "impacted" and our letter dated 31 March 2017 advised that the review was ongoing. We will provide you with a further update within 60 days.
If you have any queries etc...
Once again, thank you for your patience in this matter'
As advised, your complaint is being deal with as part of the wider tracker mortgage examination being undertaken by the Bank. The Bank has previously confirmed to you that your account was deemed as "impacted" and our letter dated 31 March 2017 advised that the review was ongoing. We will provide you with a further update within 60 days.
If you have any queries etc...
Once again, thank you for your patience in this matter'
Italics around the word impacted are the bank's emphasis not mine.
This was the first update letter since that dated 31 March 2017.
SaySomething
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