Ulster Ulster Bank Redress Update

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The 60 day letters are all I have got apart from a mortgage reduction which is my impact key. Don't think I have a letter since May so 60 days way up. Don't worry about the help line they are actually a UB internal joke as the help line is actually designed not to help. They never have the information you want and if they do they won't tell you.
 
Can someone remind me. Is they end of September when UB has to complete identification of affected customers or is it when identified customers must know the level of compensation. Someone said we should know by the end of last week.
 
Can someone remind me. Is they end of September when UB has to complete identification of affected customers or is it when identified customers must know the level of compensation. Someone said we should know by the end of last week.
According to the Central Bank All banks were to complete identification of affected customers by end September!

I'm a KBC customer and as far as I know only two people have been told they are impacted!

If the Central Bank could not enforce just this element what does it tell us!!
 
All banks are to complete Phase 2 and hand over their report to the Central Bank by the end of this month.

If you've not received a letter notifying you that you've been deemed as impacted by the middle of next week, don't despair. The Phase 2 report goes to the Central bank for review with a number of customer scenarios attached to those that were impacted and not. There is still a chance that you could be ruled as impacted after the Central Bank review.

If you have not been deemed as impacted once the Central Bank review marks Ulster Bank's phase 2 as being complete, you can still take your case to the Ombudsman.

Phase 2 = Identification of impacted customers.
Phase 3 = Redress
 
KBC have told me this week that they are months away from completing Phase 2 so you can take the end of September date with a pinch of salt as always.
 
@Aisling ellis Absoultely nothing to base this on, but i would presume they might start sending them out next week once the Sept 30th deadline has passed. I would also think it might take 3 months such as the impacted letters did (a few in Dec 2016 - but then Jan-March for the bulk of them) I've no inside information it's just a gut feeling.
 
Not to be the bearer of bad news but the way UB are ever time I have talked to them I get the feeling it will be September, but what year
 
There is literally no way of knowing how the letters are going out until after they've been questioned next week by the Finance Committee. Now is the time to get your questions over to them.

Email: [email protected] and ask for your email to be distributed to all members (this is the easiest way I've found).

Here is an a-la-carte list of suggested questions you might like to put to the committee:
  • Ulster Bank states on its website, and press reports, that redress has commenced. How many customers have been redressed to date?
  • How long will it take to redress all customers?
  • Will customers who were identified first be redressed first?
  • If this redress will be a drawn out process, how many customers per month/week will receive redress?
  • Can you confirm the percentage compensation (as reported in the Sunday Times to be 12%)?
  • What is the average redress amount?
  • What is the average compensation amount?
  • How is the time-value of the money calculated?
  • Have Ulster Bank's appeals boards been set in place and will they be able to accept appeals immediately? How long with the appeals process take?
  • Why has Ulster Bank opted to ignore the Central Bank's guidelines on Phase 3 (redress) and put this process on hold pending completion of Phase 2 (identification)?
  • Is it acceptable to put customers back on their tracker rate and not refund them for over 9 months (and counting)?
  • Would the bank find it acceptable for a customer to withhold a debt with no meaningful engagement for 9 months (and counting)?
  • Why is the bank still pursuing impacted customers for arrears and why has the bank not engaged with those customers as part of the tracker examination?
  • Has the bank handed over their Phase 2 report to the Central Bank?
  • Why has it taken so long?
  • How many customers lost homes?
  • How many customers fell into arrears as a result of being placed on the wrong rate?
  • How does Ulster Bank propose to deal with customers who left the bank to get a better rate when they were refused a return to their tracker?
  • How many customers were found not to be on the correct margin of the tracker rate (U First preferential rate)?
  • At our last meeting with Ulster Bank you stated that the vast majority of impacted customers would be contacted before Christmas 2016. We now know that was not the case. Does the bank think it's acceptable to make a commitment to the Oireachtas Finance Committee and then either blatantly lie to us OR not to make good on that committment?
 
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Hi SS

That is a great list.

I think that people who are in the constituencies of the members of the Finance Committee should email them directly and more "personally" with that list.

Brendan
 
The more I think on this the more I am of the opinion that the matter should be handed to the Garda. In October UB will have had in my case 10 months to sort things out. They have been anything but helpful. It appears that our money is gone and that their promises are not worth spit. We are having to do all the running and the agencies of the state the Central Bank and the FSO seem tooth less.
 
I emailed John McGuinness with @SaySomething 's list, and made them specific to my case.

I added a question about the bank's view on late payment fees applied to impacted customers, where there were insufficient funds in a current account to make direct debits or standing orders. Seems fair these fees would be repaid by UlB, given the fact they have been overcharging these same accounts for 8 or 9 years with inflated mortgage repayments...
 
@markwatson have spoken to the guards regarding this at length, unless you can get categoric proof that proves mens rea ie that they did it on purpose they can't do anything. As always, when it comes to law it isn't what happened, but what you can prove happened and this is the difficulty here, short of a whistle blower....

It's incredibly frustrating, but all the more reason that pressure needs to be put on through public representative and bodies such as the FSO and CB while they don't have the power we would like them to have, if more pressure is put onto them possibly something might eventually come of it. Pressure through the media is also good too, but it can't be the same people telling the same stories each time which has certainly been a difficulty up to now. I have also kept writing to Ulster Bank despite more Pfos than I can count but I know they are frustrated with the volume of letters from me and that just makes me write more ;-)
 
KBC Meeting just finished.
John McGuinness stated that the Committee is adjourned until Thursday at 9.30am. I think it's fair to assume this is the time of the Ulster Bank hearing.
I will be in attendance. Any other Ulster Bank customers who want to attend please email [email protected] to request permission - bear in mind you will not be permitted to speak or interject at all. It's simply to observe from the gallery.
I will however ask permission for a press pass to live-report on the laptop from the gallery if I can.
 
Hi all. I am new to this forum but it has been of great help to us since we received our UB letter last December. As you can expect, all the issues addressed here we have similar experience of unfortunately. I will of course notify if/when our bank finally send the redress letter.
 
I’m finding all of this incredibly frustrating.

My case is a little different to most and not going to bore users with the detail. I am fortunate to have been able to retain my family home and can only imagine how those who have not been as fortunate must feel.

I asked that my mortgage be reviewed over 12 months ago, I cannot get them to tell me whether I am impacted or not. All I want is that answer at this point so that I can either move on or make an appeal.
 
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