# Ulster Bank Update By Phone



## SaySomething (26 Jan 2017)

*Background: *

I have had my tracker rate restored since December but I'm still paying for the underpaid interest that probably shouldn't have been there in the first place. We are low income family, paying for this underpayment is putting us into financial difficulty.

Ulster Bank said in their most recent correspondence that we would receive a letter in March with a further update, but notably it doesn't say that the account will be resolved then, more the letter will set out a proposed timeline.

*Last Week:*

Given I've calculated the amount of wrongly applied interest, and I know roughly how much the mortgage repayments should be per month, I wrote to Ulster Bank advising them that I will pay an approximate correct amount every month. Then when the mortgage is correct I will change my standing order to the exact amount. Basically, better it be in my pocket now while I'm struggling. It is my money anyway, and I can't afford to continue to cover all the bills and pay for something that has been wrongly charged.

*Today:*

I got a phone call from Ulster Bank.

On behalf of the Arrears Team they invited me to enter back into the MARP for the next 6 months. At the end of which they would hope to have an update on progress and hopefully (but no certainty) that my account will be fixed. This is to prevent me from going into technical arrears while the account is in the tracker investigation.

I refused because if I was paying the correct amount there would be no need for me to be in the MARP. I realise this might seem foolish to some but the emotional and personal ramifications of entering back into the MARP again are too much for me.

Because Ulster Bank have to fix my account at the end of the investigation, it's irrelevant whether I'm in a MARP or not.

*Interesting content of the phone call:*

Ulster Bank agree with the rough figure that I will owe per month when my account is sorted. There is only one way they can know this - that is if they have reviewed my account.

All the accounts are being processed in bulk. This means that even if my account has been reviewed, it will be held until everyone is fixed, at the same time.

It is going to be at least 6 months before the review comes to a redress letter. July 2017 in the earliest. Not March 2017 as the letters some of us received suggest.


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## Brendan Burgess (26 Jan 2017)

SaySomething said:


> I'm still paying for the capitalised arrears that probably shouldn't have been there in the first place.



This doesn't make that much sense and probably due to you not understanding what capitalisation of arrears means. 

http://www.askaboutmoney.com/threads/capitalizing-arrears-explained.173303/

I have no doubt that the balance on your mortgage is overstated if you have been charged the wrong rate of interest. 



SaySomething said:


> On behalf of the Arrears Team they invited me to enter back into the MARP for the next 6 months.



I think you should do this. There is no downside.  It wipes out any arrears you have and begins the process of restoring your ICB record. 

If they ask you to fill in an SFS, just send it back to them marked "Large refund due from UB ." 

Brendan


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## SaySomething (26 Jan 2017)

Sorry you're right. I keep on explaining it wrong. I'll edit the original post now.

Because the overcharged interest was applied to the capital balance of the loan, I'm not in arrears at the moment. I've been managing to meet the repayments up until now. The ICB record at the moment reflects the arrangements I made with the bank under MARP and not arrears. Regardless the bank have to fix that once the investigation is complete. 

I understand this might seem mad but there is literally no need for me to be in a MARP so why should I be? Entering/exiting a MARP has been soul destroying over the past few years and I really, really don't want to go down that road again. I'm not prepared to give them an SFS or anything else for that matter. They owe me, not the other way around.


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## Brendan Burgess (26 Jan 2017)

There is no downside to being in MARP. 

If they ask you to complete the SFS, do as I suggest. 

There is an upside in that, if after the refund, you are still in arrears, it will be much easier to deal with them. 

Brendan


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## notabene (26 Jan 2017)

@SaySomething I agree on time line - acknowledgement letter today said months to complete the investigation stage of the letter - very different from specifying a start on the next part in March as it is just about February so March would be next month


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