# Ulster Bank compo



## peteb (19 Sep 2016)

As I'm sure some people know, I got my tracker back after going to the FSO because UB refused to admit they were wrong.

At the time I was so happy to get the damn thing back, I didnt even think of the fact they should possibly be compensating me for the time, effort and drama.

Should I be entitled to some form of compensation?  Do I wait for general review they are doing to complete before seeing if they randomly issue compensation or do i fall outside of that as I got my tracker back nearly 4 years ago?  

Before anyone says it, greedy possibly.  But dont ask, dont get!


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## Brendan Burgess (19 Sep 2016)

A very interesting question. 

Before the PTSB restitution scheme last year, people who got their trackers reinstated, did not get compensation at all other than a refund of the overcharge. 

Then ptsb awarded 10% of the refund to everyone.  Some of the recipients have said that was not enough and have appealed internally or else complained to the Financial Services Ombudsman. 

I don't think that you need to do anything just yet.  When Ulster Bank publishes the results of their review, you may well be automatically included. If not, then you should apply for the same level of compensation as everyone else. 

Brendan


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## peteb (19 Sep 2016)

I guess I'll be keeping a close eye as to how quickly they sort it out in general.  Although I wouldnt be holding my breath.


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## notabene (19 Sep 2016)

peteb said:


> As I'm sure some people know, I got my tracker back after going to the FSO because UB refused to admit they were wrong.
> 
> At the time I was so happy to get the damn thing back, I didnt even think of the fact they should possibly be compensating me for the time, effort and drama.
> 
> ...




I think so - oppotunity cost of not having it, stress involved, overpaid trs liability, time, costs if you paid someone else, cost of your own time if you did it youself etc I could, and have gone on to the bank,  but they just deemed me difficult - they will of course want to pay as little as possible & no punitive damages in Ireland - supposed to return you to the position you would have been in had it not happened

In my own situation, it means I'm unlikely to be able to buy a house now, though it was easily doable in 2012 when case first went to the ombudsman - I can't see the bank handing me over the difference in a house price between now and then though it is wholly their fault I wasn't able to move while it was all being dragged out though the ombudsman. As things stand,  I would have been far better not to bother trying to get the tracker back both financially and otherwise and of course as the bank drags this out the worse that opportunity cost differential gets not to mind the stress of it


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## cremeegg (20 Sep 2016)

Ulster bank love to pay out compensation, you just have to ask.

I have received €1,500 just because they cannot execute a simple banking transaction properly. Another poster has received considerably more, see http://www.askaboutmoney.com/threads/ulster-bank-another-system-failure.200325/#post-1485552 post 5.

Just detail the cost to you, the inconvenience, any damage to your reputation due to their failure etc. 

It seems that in your case their error has already been established, all you are arguing about is how much would compensate you for the consequences of that error.


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## peteb (20 Sep 2016)

cremeegg said:


> Ulster bank love to pay out compensation, you just have to ask.
> 
> I have received €1,500 just because they cannot execute a simple banking transaction properly. Another poster has received considerably more, see http://www.askaboutmoney.com/threads/ulster-bank-another-system-failure.200325/#post-1485552 post 5.
> 
> ...



My point is more whether i should let them review it as part of the Central bank review or whether i should be writing to them and asking!  Baby number 2 on the way.  An extra few quid would be useful!!


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## Gerry Canning (20 Sep 2016)

peteb.

Suggest do not trust Central Bank Review ,they have over the years shown their Bank friendly credentials !
Suggest do as cremeegg says and fully cost YOUR time and YOUR hassle.


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## peteb (20 Sep 2016)

how does one actually tally that up years later?  Is it a case it should be 10% of the refund because that is what a professional adviser would have charged?


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## peteb (20 Sep 2016)

Brendan was it definitely 10% PTSB got as standard?  If anyone has any advise on how to draw up such a letter any thoughts would be appreciated.

I have heard reliably that UB are no where near making any offers of anything yet.


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## notabene (20 Sep 2016)

peteb said:


> Brendan was it definitely 10% PTSB got as standard?  If anyone has any advise on how to draw up such a letter any thoughts would be appreciated.
> 
> I have heard reliably that UB are no where near making any offers of anything yet.


well, if a professional charges 20% for fees as I was quoted - that is a base anyway- you don't have the same experience or training so therefor one can assume it took you longer and also you were not detached as a professional would be thereby increasing the stress of doing it. Did you miss out by not having that money - again a lot of that can't have a qauntifiable amount put on it but you can try - did you have a TRS liabaility after receiving TRS based on a higher interest rate? 

I sent them a list - When the case was with the FSO, prior to adjudication, Ulster stopped to make an offer - they offered €12,500 as a 'good will payment'

I sent them back a list of all expenses incurred such as those above - not with € figures but a list of expenses - and they were not for the taking - deemed me difficult right away and said that they could not agree with any of those costs and sent it back to adjudication - so I think @creameegg might be somewhat optimistic on the tracker compensation there - and remember its by 1500 or so people


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## notabene (20 Sep 2016)

notabene said:


> well, if a professional charges 20% for fees as I was quoted - that is a base anyway
> 
> I sent them a list - When the case was with the FSO, prior to adjudication, Ulster stopped to make an offer - they offered €12,500 as a 'good will payment'
> 
> I sent them back a list of all expenses incurred such as those above - not with € figures but a list of expenses - and they were not for the taking - deemed me difficult right away and said that they could not agree with any of those costs and sent it back to adjudication - so I think @creameegg might be somewhat optimistic on the tracker compensation there - and remember its by 1500 or so people


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## notabene (20 Sep 2016)

notabene said:


> well, if a professional charges 20% for fees as I was quoted - that is a base anyway - you don't have the same experience or training so therefor one can assume it took you longer and also you were not detached as a professional would be thereby increasing the stress of doing it. Did you miss out by not having that money - again a lot of that can't have a qauntifiable amount put on it but you can try - did you have a TRS liabaility after receiving TRS based on a higher interest rate?
> 
> I sent them a list - When the case was with the FSO, prior to adjudication, Ulster stopped to make an offer - they offered €12,500 as a 'good will payment'
> 
> I sent them back a list of all expenses incurred such as those above - not with € figures but a list of expenses - and they were not for the taking - deemed me difficult right away and said that they could not agree with any of those costs and sent it back to adjudication - so I think @creameegg might be somewhat optimistic on the tracker compensation there - and remember its by 1500 or so people


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