SaySomething
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It was first reported by Indo, but that is behind a paywall, so I'm favouring the free-to-read link from RTÉ on Friday.
Link to report: https://www.rte.ie/news/business/20...00-ulster-bank-customers-to-receive-payments/
According to Will Goodbody for RTÉ, this specifically relates to customers who engaged with the MARP process. There was a calculation error on exiting forbearance agreements. This resulted in customers repaying at higher interest rates for a longer period of time.
Remediation began in March, and most (but not all) of the customers have been contacted.
For my own part, I received a recalculation letter in Oct last year and small refund. But this seemed to be another separate issue.
However, I also got an ECB letter at the start of August, which gave me a net decrease in my mortgage repayment of €4 per month, even though the ECB rate increased by 0.25%. My mortgage is still with Ulster Bank and has not yet been transferred to AIB. So I suspect I am to receive another letter.
I rang the bank about the decrease and was told that this was 'very normal' due to the date the repayments fell. They said I had paid my mortgage on the 30th July and the letter issued on 1st of August so that would explain the discrepancy.
Link to report: https://www.rte.ie/news/business/20...00-ulster-bank-customers-to-receive-payments/
According to Will Goodbody for RTÉ, this specifically relates to customers who engaged with the MARP process. There was a calculation error on exiting forbearance agreements. This resulted in customers repaying at higher interest rates for a longer period of time.
Remediation began in March, and most (but not all) of the customers have been contacted.
For my own part, I received a recalculation letter in Oct last year and small refund. But this seemed to be another separate issue.
However, I also got an ECB letter at the start of August, which gave me a net decrease in my mortgage repayment of €4 per month, even though the ECB rate increased by 0.25%. My mortgage is still with Ulster Bank and has not yet been transferred to AIB. So I suspect I am to receive another letter.
I rang the bank about the decrease and was told that this was 'very normal' due to the date the repayments fell. They said I had paid my mortgage on the 30th July and the letter issued on 1st of August so that would explain the discrepancy.