# Tracker Issue with Ulster Bank



## giggles (12 Dec 2014)

Tracker taken out in April 2006 with Ulster Bank
Fixed in July 2006 for 2 years
In July 2008, bank was contacted regarding ending of fixed rate - 2 phone calls - they refused to hand back the rate so went on to variable rate. I did not write to them at the time but did try to sort out over the phone. 

The bank did not make me aware of a complaints procedure nor of the FSO 

Continued this until the new year in 2009 - however, variable rate was far higher and apartment was falling toward negative equity. I got an offer from AIB to move the mortgage which I did, taking a small top up to cover a loan and credit card balance necessary to move the loan - as I was moving it I also dropped the term of the mortgage - but this was only done on the basis of Ulster Bank's flat refusal to give back the original tracker. I had tried both in Janaury and March on the phone again to get Ulster Bank to fix the tracker - again flat out refused and eventually moved the mortgage 10 months later in May 2009.

In 2012 I became aware of others having had the same problem and took a case to the Ombudsman - it has been going back adn forth over the last 2.5 years. The bank presented a very scattered case - It took three attempts from them to say that they did offer me the tracker in July 2008 (lies! and their first offering was that they offered a different tracker which later was blamed on a typo)

They said I did not contact them, I provided phone records. They said these were to the part of the bank that deals with mortgages moving (so frazzled I can't actually think of the word), to make it look as if I had been moving the mortgage all along.  I showed that no, it was the phone number on the inside address and body of their letter which they sent to customers who's fixed rates were ending. All sorts of antics like this.

They ignored that many others have been in the original situation

The Ombudsman finally made a decision this week, after 10 months in adjudication, for I think the 3rd time - and did find that the bank erred adn that I should have defaulted to the tracker rate. 

They said that investigating whether the rate was ever offered was obviated as I had moved the mortgage, this of course, was the whole starting point of the mess as it was not offered.

They said that I did not write to the bank regarding the offer at the end of the fixed period, I did not do this as they did not offer the correct tracker rate of which to avail any other acceptance would have violated that contract.

Though the bank did not notify me of my rights of complaint, they said I could have written to them - I contacted them by phone and the bank did not keep a record of their class.

They then insinuated, without investigation, that I may have moved the mortgage simply to restructure my finances - which was not the case at all, they were restructured because the bank refused to give the tracker and the Variable was better elsewhere.

They did offer €25k in compensation but this is far less than the full value of the tracker not to mention the increase in house prices in the time that this has been going on 

They also said that I had saved myself interest by moving to a lower term mortgage anyway

The only right of appeal now is the high court which is expensive - but i am wondering if anyone has any experience of this.


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## Ravima (26 Dec 2014)

They have offered you €25K. What do you think your loss was and can you back that up? If you can, they can you not try to negotiate some compromise?


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## todo (26 Dec 2014)

Sounds like you've been through the mill giggles.

Are you saying the the 25,000 compensation is no longer on the table?

Its incredible that the bank offered you compensation which in my view admits that they done some wrong, and they must have done something very wrong to offer that much and then the FSO finds against you.

It should be straight forward to work out your costs since end of July 2008, overpaid interest plus cost of moving mortgage etc.

I'd be inclined to bring them to the high court, anyone got an idea of the cost of representing yourself?


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## Fin Crusader (26 Dec 2014)

Firstly, did Ulster bank offer 25,000 compensation in writing ?


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## peteb (27 Dec 2014)

lets be clear here, the 25k is unlikely to be some form of compensation - merely the overpaid interest and capital.  As for the FSO he cant do anything about you moving to AIB.  Nor can the bank.  They can only refund the above.


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## 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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## rameire (20 Jan 2015)

the interest would have come off the Mortgage.
The overpayment in Capital would have been refunded to you.
the arrears remain as you were refunded the overpayment,
for your arrears to reduce you would have had to put the capital refund agains them, thus reducing your refund amount.


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## giggles (6 Feb 2015)

Sorry for the delay in reply, yes totally through the mill - had to try to forget about it all for the last few weeks. The 25k is was decided by the FSO, the bank had offered 12.5k last September which I refused. This was to pay back the interest differential over the last six years. What we had worked out was about 30 for the last six years and the tracker was worth about 125 over the rest of the term of the mortgage.  When the bank did go to pay the 25k at Christmas there was quite a lot of messing around on their part not following the FSO's explicit instructions and still the FSO did nothing. I was left to fight with them over it and the FSO came back after Christmas and just said fine it's done. 

There was no compensation for all of that, nor for the loss of the next 24 years, the FSO felt that I had benefitted enough by dropping the term when I moved the mortgage. Of course forgetting that this means higher payments in the interim as well as increased interest as no tracker and being with AIB who have continually increased the interest rate until very recently.

Am sorry I didn't file high court application as have read since in consumer law of a rule where bay provider leaves you making an economic decision you wouldn't have otherwise after their actions, purposeful or erroneously. I'm going to look into if you can file a late application. I did move the mortgage, fair enough but it was after the bank erred and the on stonewalled so surely you shouldn't be  penalised for that?


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## rameire (6 Feb 2015)

You should have asked them for a breakdown of the figures.  As in how they arrived at the 12.5k.
This way you could check the differences between your interest calculations and the banks


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