Ulster Ulster Bank Redress Update

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Today's update from the bank. As I suspected. Another 60 day letter.

In relation to the query about how the refund/redress is paid out, that's set out in the CB guidelines.
 

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Go public. Stick to the plain facts of what has happened to u. Email Michael McGrath. Contact the national media. If we all speak up, they will have to listen and act.
If you behaved like them and decided to not pay your mortgage for 8 years, so you think they would tolerate a generic letter response every 60 days.
We would all be living in a portaloo in a car park somewhere.
 
Mark Watson said:
I note changes to the Ulster Bank T.M.E. web page stating redress has started. I await the post.
Click to expand...
I wonder will it be similar to the debacle in November/December of last year where they updated their website saying they had started contacting customers but in reality letters only started arriving in the last week in December?
Like you, I will be listening out for the postman.
 
With the finance committee update meeting next month i would say this is an attempt by UB to say they have started this process. They will probably write to a handful of people in order to meet the milestone of starting the redress process and the rest of people will be left waiting like with the other phases.
 
@moneymakeover no resolution yet - deemed impacted on 25th Jan - but no action after this to sort the situation in any way from the bank and a summer of writing to them most weeks to no avail. Got weekly replies with the complexity line but nothing else. No replies from them since the end of July, bar 60 day letter last week.

Tried FSO to get them to move the bank along as they weren't following the CB guidelines - they wouldn't do anything until final instructions from CB - awaiting an explanation on why current guidelines which are very clear can't be adjudicated upon which I was promised in July but no response and I feel at this stage it won't be forthcoming

Got two government Ministers on to it also but no answers yet there either - now it was end of July/August...but.....

So...thoroughly frustrated!
 
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In a phone call with member of the TME (Tracker mortgage examination) team last week. They told me that the calculations will be as follows:
  1. Redress - where the mortgage is reinstated to the position it should have been if the correct rate had been applied.
  2. Refund - refund of overpaid monies in respect of the mortgage.
  3. Money Time Value - a payment in recognition of you not having access to the money you overpaid to the bank.
  4. Financial Advice - This is (I think) €600 to cover the cost of independent financial advice. If you decide not to seek advice you are entitled to hold onto the payment.
  5. Compensation - The amount of money compensation the bank deems appropriate given your circumstances.
This all roughly follows the guidelines set down by the Central Bank.

They also informed me that the redress letters were going out within the next few weeks and that the very next letter I would receive would be redress. I find this turn of phrase interesting because my last letter was a 60 day holding letter (see above), so this alludes to the fact that I may receive a redress letter before that timeframe is up.

I hope this helps anybody with queries on the format of the letter. I've not received mine yet and will update when I have any further information.

In the meantime, I suggest all affected customers write to the Oireachtas Finance Committee ahead of the 5th October hearing for Ulster Bank. Also, Michelle Hennessey from TheJournal is looking for tracker mortgage stories and you can submit yours by emailing trackermortgage@thejournal.ie
 
SaySomething said:
In a phone call with member of the TME (Tracker mortgage examination) team last week. They told me that the calculations will be as follows:
  1. Redress - where the mortgage is reinstated to the position it should have been if the correct rate had been applied.
  2. Refund - refund of overpaid monies in respect of the mortgage.
  3. Money Time Value - a payment in recognition of you not having access to the money you overpaid to the bank.
  4. Financial Advice - This is (I think) €600 to cover the cost of independent financial advice. If you decide not to seek advice you are entitled to hold onto the payment.
  5. Compensation - The amount of money compensation the bank deems appropriate given your circumstances.
This all roughly follows the guidelines set down by the Central Bank.

They also informed me that the redress letters were going out within the next few weeks and that the very next letter I would receive would be redress. I find this turn of phrase interesting because my last letter was a 60 day holding letter (see above), so this alludes to the fact that I may receive a redress letter before that timeframe is up.

I hope this helps anybody with queries on the format of the letter. I've not received mine yet and will update when I have any further information.

In the meantime, I suggest all affected customers write to the Oireachtas Finance Committee ahead of the 5th October hearing for Ulster Bank. Also, Michelle Hennessey from TheJournal is looking for tracker mortgage stories and you can submit yours by emailing trackermortgage@thejournal.ie
Click to expand...

@SaySomething I know, from following this forum, that you have been through the wringer with this issue. I hope this letter arrives soon for you.
 
Whats the difference between points 1 and 2 below?

  1. Redress - where the mortgage is reinstated to the position it should have been if the correct rate had been applied.
  2. Refund - refund of overpaid monies in respect of the mortgage.
  3. Money Time Value - a payment in recognition of you not having access to the money you overpaid to the bank.
  4. Financial Advice - This is (I think) €600 to cover the cost of independent financial advice. If you decide not to seek advice you are entitled to hold onto the payment.
  5. Compensation - The amount of money compensation the bank deems appropriate given your circumstances.
 
Have been following this thread over the past few months. Was also identified as an "impacted customer". Praying to God this will all be resolved soon, am completely fed up waiting at this stage
 
I spoke to Ulsterbank at my local branch last week and they indicated that something would be happening shortly (before the end of September). I spoke to the TME helpline yesterday and was told that they "couldn't tell me" when there would be an update. This was different to the usual "don't know" version we normally get. They went on to advise me not to contact my branch in relation to this matter again as they would not have the information that the TME team has.
 
@Ganga29 your mortgage has to be reinstated to the correct position before the refund can be calculated. It will be 2 separate pieces of information on the letter. For some customers, who were in arrears, there may not be a refund but there will be reinstatement/redress.
 
@justo the entire debacle has taken a huge toll personally. I will be celebrating with a very large gin the day that the redress occurs.

To all: If you have an Ulster Bank current account, and still have your Ulster Bank mortgage, the new account numbers issued in July now mean that you can check your balance in the AnytimeBanking interface online/on the app. Might be worth making sure that everything is set up...
 
Ya it seems to be a good job I have it myself you can see your balance monthly, you can't transfer extra money into the account if you wanted to pay a little more of it
 
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