# Ulster restored my tracker, gave me a refund, but say I am in arrears!



## Tracy Beirne (7 Jan 2015)

I am looking for some advice please, like everyone else on here we were in the same position with Ulster Bank. We had 4 mortgages with them and in Sept they agreed to reinstate trackers on all four mortgages back to 2009. However from March 2012 we fell into arrears on 3 of the mortgages because of the incorrect interest rate. However when Ulster Bank did their calculations the refunded part monies to us and the rest came off the balance outstanding but wait for it the arrears remain. When we questioned this with Ulster bank they told us that they were not allowed give full refund to us but were also not allowed to reduced the arrears. Surely this seems crazy has anyone any thoughts ion this or advise us were to go now


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## 44brendan (7 Jan 2015)

There is no rationale to the response "they are not allowed". This retort makes no sense as they can capitalise arrears internally.
Your post indicates that when the refund of over-charged interest is taken into consideration you repayments are fully up to date. If that is the case then UB are totally incorrect in classifying a portion of the repayments as being in arrears. However before sending a formal complaint to them you need to be fully sure that your calculations are correct. I.e. that the amount in arrears is equivalent or less than the amount refunded to you as overcharged interest. If that is the case you should issue a strong letter of complaint to them and ensure that you are not being charged surcharge interest on the arrears amount. If complaint is not addressed to your satisfaction you can approach the Ombudsman.


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## Tracy Beirne (7 Jan 2015)

Thanks for that, they stated that we were €54k in arrears and that we were due €90k approx, they refunded us €39k into our bank account approx and took the rest of balance outstanding but left the arrears as €54k.  Surely this can't be correct.  Our point is that we would probably never have gone into areas if we were on the correct rate at the time as we would have come to some sort of deal with the.  They will not show us how they came to the €90k refund either.  our credit rating has been shot for the last 2yrs through no fault of our own


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## Dermot (7 Jan 2015)

Hi Tracy.  I think what you need to do is to formally request in writing how they arrived at all the figures.  You need to keep all your contacts with the bank in written form. You need to get all your bank statements together from the time of the overcharge. You need to get all the documentation showing the tracker rates that Ulster Bank were charging and the dates that they came into effect.  You need to get all your relevant correspondence together that you had with Ulster Bank. 
When you have all this done copy same and get a reputable company who specialise in assessing bank interest charges. 
Take 44brendan's advise as well.
I am sure that there will be posters on here who can advise you on a good firm to calculate your interest charges absolutely accurate.  It could be well worth it and anyway you should be able to charge this as an expense on your rental income


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## Fin Crusader (9 Jan 2015)

Ulster bank are lying, they want the arrears to remain on your account for the required time, then they can say you are in default, eventhough they have refunded you the monies owed from their overcharging and move in, beware. There is no other logical explanation to their reasoning.


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## Tracy Beirne (21 Jul 2015)

Still no joy with Ulster Bank, they refuse to show me how they made their calculation and are telling me we are still in arrears can anyone advise of a good firm that maybe able to help me out on this


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## Asphyxia (21 Jul 2015)

What they have done is illegal, send a solicitors letter to them threatening legal action, this will be referred to their legal department who will make a legal assessment. There is no legal basis for their actions to date, the legal department of the Bank will then tell the administrative part to cop itself on and address the situation. If you go down the legal route you will in all probability win. The bank's actions  make no sense and as such cannot be defended by the bank. The bank will end up having to pay all legal costs associated with the action. Try Padraic Kissane, ( I do not know the man personally and I have never been a client of his. ), he appears to have good knowledge of issues confronting consumers regarding the various actions of banks operating within the State.


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## Tracy Beirne (21 Jul 2015)

thanks for that just spoke to the bank there and they are sticking to their guns saying these are arrears and we have to pay them!


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## Joe_90 (21 Jul 2015)

A rudimentary spreadsheet should give you some guidance.

You need to compare the interest due at the higher rate with the interest that should have been charged at the lower rate over the period of time.

Then you need to look at where you should have been based on the correct interest rate and repayments.  If you PM an email address I'll send you a spreadsheet.


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## Brendan Burgess (21 Jul 2015)

Hi Tracy

This makes no sense. 

I have written a Key Post on the topic 

*Calculating the refund when a tracker is restored*

Ulster Bank should have wiped the arrears and restored your ICB record.

Brendan


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## 44brendan (21 Jul 2015)

Tracy Beirne said:


> Still no joy with Ulster Bank, they refuse to show me how they made their calculation and are telling me we are still in arrears can anyone advise of a good firm that maybe able to help me out on this


This is an absolute nonsense response from the Bank. They are obliged to give you this information. You need to get a good financial advisor to act for you at this stage as UB appear to be ignoring all reasonable requests. They are in breach of the Consumer Credit Act in not providing you with this information.


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## Tracy Beirne (21 Jul 2015)

Sorry Joe new to this how do i pm you


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## Gerry Canning (21 Jul 2015)

Tracy Beirne.

Appears Father teddish !

From what you post you are not in arrears .
From what you post your ICB is in poor shape.
From what you write you have the documentation that clears you.
From what you write Ulster appear (unable?) to sort.

Suggest write (reg Letter) once more to them , request appropriate documentation, request your icb be cleared .
Give them 14 days and advise that reluctantly matters if not resolved will be taken further.
If no proper response , let me know by private mail and I will give you a good solicitor to talk this over with.
You can then decide what to do.


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## ClubMan (23 Jul 2015)

Wouldn't complaining, getting it resolved or getting a final response and then taking it to the FSO if necessary be a better idea than going to law...?


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