# 6 year time limit - out of time - any other options?



## soso14 (2 Dec 2015)

Hi all,

I took out a tracker with UB in 04 - fixed in 06 for 3 years till April 09. I was never offered my tracker back when rates where sent out in April 09 - I was put back on SVR. I fixed again in 2010 and just this month rolled off fixed again. 

I feel really stupid as wasn't thinking about the tracker issue while I was paying fixed and am only now realising that I should have been offered the tracker rate per my original loan agreement.

To say the last 5 years have been difficult is an understatement - the house is deep in negative equity and now we find out we are paying way above what we should have been paying.

The 6 years as stated in the consumer protection code passed in April 15 and I just wondered if anyone out there has approached banks outside this timeframe? If so - have you had any success and what tactics did you employ?

I understand that the 6 years have passed and that the bank could dispute a refund but it frustrates me that this means the bank get away with over charging me for the next 25 years.

At this stage I'm ready to hand the keys back to the bank and let them do their worst.

Thanks


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## rob oyle (2 Dec 2015)

To get an answer to this, you'll really need to give more information on your circumstances - look around for the standard template for information and copy/paste and then complete it.


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## peteb (3 Dec 2015)

I had a friend who was in the exact same situation as me regarding her UB tracker.  I wrote both letters, so nothing was different.  But the bank gave hers back with no issue where they told me no, and I had to go through the FSO.  But as the Rob Oyle says it will depend on your circumstances.  

There was no obligation for them to offer you a tracker after the fixed rate......unless it was in your contract.


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## todo (3 Dec 2015)

peteb said:


> I had a friend who was in the exact same situation as me regarding her UB tracker.  I wrote both letters, so nothing was different.  But the bank gave hers back with no issue where they told me no, and I had to go through the FSO.  But as the Rob Oyle says it will depend on your circumstances.
> 
> There was no obligation for them to offer you a tracker after the fixed rate......unless it was in your contract.



If the Bank is in breach of the consumer protection code by not informing the customer that they would not be able to return to their tracker rate. Then I think they have a case. 

Its time for the consumer protection code to be enforced in relation to financial institutions.


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## soso14 (3 Dec 2015)

*Thanks for replying - pete b my contract seems to be quite similiar to yours (found in an old post)


History*
I purchased a house in October 2004 and took out a tracker mortgage with Ulster Bank. ECB rate + 1.15%. 

 In October 2006 with rates starting to increase I made the decision to switch to a fixed rate for 3 years. When the three years was up I asked what rates where avialbale to me and they sent out a sheet that outlined Standard Variable Rate and further fixed rates. I took what the bank sent at face value and believed what they sent me was all I was entitled to.

 The wording of the fixed rate form stated that if I didnt make a decision I would revert to "Ulster Bank Home Loan rate ........in accordance with General Condition 2 of the Offer of Advance originally accepted by you".

Based on the above I believe the home loan rate was the ECB + 1.15% which it states in my originalk loan offer is fixed for the term of the loan? and therefore believe I should have been also given the option to go back to the rate detailed in my original loan offer. 

I  stayed on SVR for about two years and again asked the bank in 2010 what rates where  available to me and again they sent out SVR and fixed rates - I fixed for 5 years and have just rolled off.  I was dis cussing rolling off fixed with a friend of mine who advised me to look into this.

I was disappointed to realise that the 6 years passed in April 15 - normally I would have picked up on this earlier but have had a lot going on personally over the last 5 years and with the mortgage fixed I put this to the back of my mind.

Please let me know if you need more information?

Do I have any other options at this point? am willing to be tough with the bank as I think its a disgrace the way they have treated their customers.

Thanks a mill.


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## peteb (3 Dec 2015)

Your only option is to go to the bank and be hard about it.  If you want I can see if I can dig out the original letter I posted them.  but as you would have seen it had mixed effect, friend got hers, they told me to go jump.  Do all in writing.  Dont bother with phone calls - the answer will always be no.  You need to lodge it as a complain with them and address it to right department.


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## soso14 (4 Dec 2015)

Thanks Peteb - yes- could you send me your original letter and I'll draft something up for the bank.


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## bogstandard (4 Dec 2015)

A glimmer of hope - you say you fixed originally in October 2006, this means your fixed rate fell under the central bank code effective August 1st 2006 and the central bank is reviewing all tracker issues from the implementation of the code.

Thankfully the central bank is not bound by the 6 year rule.

There's another thread about it.


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## Black_Adder (20 Jan 2016)

Of course if the Ombudsman was to look carefully at his powers there is the aspect of continuing conduct and improper motive. I wonder where these could take us?


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