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.
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.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.
Hi, I have a Excel spreadsheet that I would like to upload.@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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