# Ulster Bank update December



## SaySomething (20 Dec 2017)

Ulster Bank's statement issued today: https://digital.ulsterbank.ie/perso...lster_banks_tracker_mortgage_examination.html


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## SaySomething (21 Dec 2017)

Where to start?
I received a package today from Ulster Bank, by courier. Which I believe was accelerated along by the radio coverage yesterday and today of my case to be quite honest.
Anyway, an adjustment was made to my mortgage overnight, credit in/debit out. I've got a redress, compensation, financial advice payment cheque.
I'm still going through the figures. However I can share that I've received a compensation payment of €1,500.


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## Mortub2005 (21 Dec 2017)

Glad to hear you finally got your letter @SaySomething. Well overdue.


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## Miakk (21 Dec 2017)

Great news for you but what do you think of that compensation?! Would it pay for the therapy one might need after what you & your family have been put through? (Not suggesting that you personally need it, just that it would be understandable!)


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## Brendan Burgess (21 Dec 2017)

SaySomething said:


> However I can share that I've received a compensation payment of €1,500.



Hi SS 

Are you saying that the total cheque is for €1,500?  Or is that just the compensation element? 

Brendan


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## SaySomething (21 Dec 2017)

It's the compensation element.
I'm wary to mention the exact figures because I need to audit them.
The bank say that I'm entitled to 13.5% compensation on the redress figure. They deem that the redress is equivalent to the overpayment refunded to me and NOT the overcharge which accrued on the account. The overcharge amount is significantly higher; many multiples of the refund amount.
The compensation is 13.5% of the redress figure or a flat payment of €1,500, whichever is higher.


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## Brendan Burgess (21 Dec 2017)

SaySomething said:


> They deem that the redress is equivalent to the overpayment refunded to me and NOT the overcharge which accrued on the account. The overcharge amount is significantly higher; many multiples of the refund amount.



Hi SS 

I would agree with them on that. What matters is what you overpaid, not what you were overcharged. 

AIB and ptsb paid compensation based on the amount overcharged. That was wrong in my opinion.

You had some people who got no refund because their arrears exceeded the amount by which they were overcharged. I would have deemed them as not affected. Yet they got 10% or 15% of the overcharge. It was paid to them.  They did not even apply it to clear the remaining arrears.

Brendan


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## SaySomething (21 Dec 2017)

I think what's clear here is that there are inconsistencies in the schemes applied from bank to bank!

It is what it is. That's the offer the bank has made. I'll be lodging the cheque tomorrow, auditing the documentation, and then reviewing my options. 

I should also mention for Ulster Bank customers still waiting on their packages/those who haven't read theirs in detail:

The bank asks that you sign a new interest rate agreement with them. You can pick either your tracker rate or the SVR. You must sign it within 6 months of receiving your redress package or you will revert to SVR. 
If you sign the tracker agreement, you should note that the bank has a clause that you will lose your entitlement if you extend the term of your loan.


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## MrBanks (21 Dec 2017)

Hi All,

I too received my redress letter and cheque by courier this evening. I am in shock to be honest. Like above our documentation is same. I hope everyone else gets sorted soon.
I am taking advice on the new forms.


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## Mortub2005 (21 Dec 2017)

@SaySomething Sorry for all of the questions but does that mean someone who was not making full repayments might not get any compensation? Sorry if that is a silly question but I am totally confused now. We were in MARP for a number of years and might have been underpaying our mortgage by about 200 euro pm.


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## MrBanks (21 Dec 2017)

Please see attached for compensation details.


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## Bel18 (21 Dec 2017)

Delighted for you both!


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## SaySomething (21 Dec 2017)

@Mortub2005 see above. You’d get minimum €1,500 compensation.


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## Mortub2005 (21 Dec 2017)

Thank you @SaySomething  and @MrBanks it's a lot clearer now. Great to see you have both been sorted out before xmas.


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## justo (22 Dec 2017)

SaySomething said:


> Where to start?
> I received a package today from Ulster Bank, by courier. Which I believe was accelerated along by the radio coverage yesterday and today of my case to be quite honest.
> Anyway, an adjustment was made to my mortgage overnight, credit in/debit out. I've got a redress, compensation, financial advice payment cheque.
> I'm still going through the figures. However I can share that I've received a compensation payment of €1,500.


 
Wow. Congrats.


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## corktim (29 Dec 2017)

MrBanks said:


> Please see attached for compensation details.



Mr Banks I love the way they say in the letter that they look at compensation based on your personal circumstances. What’s the bet that the % is the same for all only difference being if it was your home or an investment property.


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## jamestkirk (3 Jan 2018)

Congrats to the folks who have received their letters. Like a lot here I haven't received mine yet. i feel very frustrated regarding it and a little isolated. Can I ask is it better to get the help of someone like Padraic Kissane or go it alone? I know thats one of those questions, but we have had a huge issue with Ulster bank already over them issuing wrong information about us to ICB and we felt we let them of the hook very easily. Many thanks


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## David_Ryan (3 Jan 2018)

Still no letter here  Rather unwisely booked a ski holiday I can’t really afford for February based on information that I would be sorted by now, by a staff member in my local branch. Helpless line indicated no particular date but said I should be sorted by June 

I will hurt Ulster financially for this one way or the other for the way I have been treated and the stress they have caused me


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## MrBanks (3 Jan 2018)

The only thing I would say is do not be disillusioned by the info you are getting from the 'helpless line' or indeed the mortgage centre. I rang about a week before we got ours and was told there was no adjustment on our balance , no notes indicating our redress cheque was being issued etc etc.  Then 7 days later and 8 years on, the Redress arrives. Put all your attempts for info/clarification in writing and keep them for appeal purposes.


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## Chazza80 (3 Jan 2018)

Still nothing my end either....Still fighting the good fight...was on to the wasters today...wasting my time...


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## jamestkirk (7 Jan 2018)

Hi All,

I am making request pursuant to the Data Protection Acts of Ulster Bank. I asked another poster here who gave me a link to a good site. But has anyone drafted up specific requests in relation to the redress that they would be willing to share? Just want to make sure that i have the correct wording. Appreciate anyone that can help. Many thanks James T


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