Ulster Ulster Bank Redress Update

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@Maria1976 Thanks Maria! will be interested to hear how you get on with them if you don't mind. I was deemed impacted in January. You could have a case for getting the whole lot back - it will be interesting to see what they have to say for themselves tomorrow.
 
In my own battles, I had tried to get the FSO to adjudicate on the bank having done nothing to remediate the situation since being deemed impacted. A customer still with the bank will have had their interest rate restored. As mine was moved, it is a bit more complex, but the bank has made no efforts to remediate or to say what their plan is.

To cut a long story short, I finally got a letter today more than two months after asking why they would not adjudicate in the case at present. The FSO washed their hands of it - saying that it is a failure in the 'examination process' and it is a matter for the Central Bank - passing the buck as I was referred to them by the Central Bank and they know full well the Central Bank can't intervene. So for anyone in that situation it really is wait and see until the bank takes action
 
So it was just a call to say they owed me an extra 40 quid. Something to do with the time value on our last mortgage payment to them. As I said to the lady on the phone "Grand so. Haven't a clue what that means, but happy days"
 
The Sunday Times have an article today here on the Ulster Bank redress. (Free registration required to read).

About 3,500 customers are being offered compensation of 12% of the amount overcharged when Ulster Bank wrongly moved them from cheap tracker mortgages. The package includes a flat payment of €600 to cover independent financial advice.
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Anything would be a start (still no letter) but interest on the capital over payment should be applied daily the way it is charged on a mortgage. I over payed by about Euro 8 per day and 12% is 1% per month over a year far less than the difference between rate charge and the actual rate of interest. I don't also see the need for independent financial advice the letter from Ulster bank should out line the settlement and the Euro 600 should be part of the apology.
 
Mark Watson said:
Anything would be a start (still no letter) but interest on the capital over payment should be applied daily the way it is charged on a mortgage. I over payed by about Euro 8 per day and 12% is 1% per month over a year far less than the difference between rate charge and the actual rate of interest. I don't also see the need for independent financial advice the letter from Ulster bank should out line the settlement and the Euro 600 should be part of the apology.
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It will be your choice whether or not you use the payment to avail of financial advice. If you choose not to you simply hold onto the payment.
In my complicated case I will definitely be using it to pay for financial advice.
 
Hi Guys,

first time poster here. I'm also pretty ignorant as to the terminology being used by Ulster bank.

Is what we will receive the following

A) 12% of the amount we were overcharged + €600 for financial advice.

B) 100% of the amount we were overcharged + 12% compensation. + €600 for financial advice.

Could I make an FOI request on all of the data of my mortgage with Ulster bank so that I can do the maths myself to check their figures?
 
@David_Ryan Customers will receive:
  1. Redress - 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 (if due, this will depend on whether you were in arrears or not).
  3. Compensation - 12% of the refund amount will be added as compensation.
  4. Money Time Value - a payment in recognition of you not having access to the money you overpaid to the bank.
  5. Financial Advice - €600 to cover the cost of independent financial advice. If you decide not to seek advice you are entitled to hold onto the payment.
@Brendan Burgess has an excellent calculation sheet pinned to the top of this forum which explains how the mortgage redress is worked out.
 
You can request a data access request foe everything connected with your mortgage. Anything on file under your name and details.
 
Ball-parking some figures for a half a mil mortgage with ten years of interest over-charging and additional over-payments. Lots of assumptions, and generally ignoring the baserate movements.

Compensation 12%
10 years interest paid at 4.5% 222,227.72
10 years interest paid at 1.15% 53,160.95
Interest overcharge 169,066.77
Compensation on Interest overchange 20,288.01
Mortgage remaining 300,000.00
Mortgage remaining - Overcharge 120,933.23
Mortgage remaining - Overcharge - Compensation 100,645.22
​
How realistic is the 12% compensate rate?
Will the interest overcharge be compensated, any evidence of that?
 
@SaySomething thanks, I just downloaded it, the downloaded Excel calculates about a 100K when given half a mil as the input, which is a fairly big difference, 170K-100K=70K.
 
@Pensch just bear in mind that the spreadsheet only goes to 2014... You will have to extrapolate the rest of the information for the following years.
Truthfully though the best way to calculate the overcharge is to run side-by-side loan amortizations. It's a bit time consuming but it's a great way to check calculations if there are/were any arrears on the account.
 
No letter received here anyway. According to the helpline it is going to be a number of months before they are all out. She cannot say if it will run into the new year. I asked her what order are they going in and she advised no real order they are just getting through them as best they can! So no information really. Very frustrating.
 
SaySomething said:
@Pensch just bear in mind that the spreadsheet only goes to 2014... You will have to extrapolate the rest of the information for the following years.
Truthfully though the best way to calculate the overcharge is to run side-by-side loan amortizations. It's a bit time consuming but it's a great way to check calculations if there are/were any arrears on the account.
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Hi, I have a Excel spreadsheet that I would like to upload.
Rough guide, assuming 10 years of usury, it looks like for every 100K borrowed, you will get back 25K!
 
New to the forum.

I’ve been trying to get UB to review my mortgage since last November. Getting the usual 60 day letters. Rang them today and given the usual ‘review is ongoing’ nonsense. Asked was I ruled as impacted or otherwise and was told that they did not have that info.

Can I ask, should all impacted borrowers have been identified by now or does anyone know if that part is still ongoing?
 
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