# Ulster Bank restored our tracker, but no compensation?



## Phase2 (1 Sep 2015)

Hello, I cannot find a similar post to this (other than the PTSB cases and I have read that very informative thread).

My lender is Ulster Bank. After several years disputing the matter, and ultimately with the assistance of a third party, UB have finally restored our tracker and reduced our balance by the interest amount over charged to the account and reimbursed over paid capital. We were also offered and received a very small goodwill gesture. I cannot recall being asked to and I have no record of signing a document in full and final settlement.

We were overcharged for a period of 6 years. For the first few months of that 6 years we financed the monthly mortgage payment from savings. Thereafter, we built up an overdraft of €10,000 and associated fees trying to service the mortgage. Eventually UB agreed an alternative arrangement. They would not agree a second and we went into arrears, however, they finally agreed a third arrangement. The latter was very much welcomed by us as it was a lower interest rate for a 3 year period. We are still in that arrangement.

However, we feel we should be compensated for the overcharge for that 6 year period, for the credit rating we now have (we would not have had to agree an alternative arrangement, let alone go into arrears, had we been on the correct rate) and for the general hardship it caused. In addition, we believe we should be reimbursed the €6k it cost to engage a third party to assist us (our sole reason for engaging a third party was because of the non response of UB to countless letters from us over a 2 year period).

1. Has anyone sought compensation and/or reimbursement for costs from Ulster Bank? and what was the outcome?
2. If I was to seek compensation, how would I go about it?
3. How do I determine what the compensation should be? (I see reference to 8% on the PTSB thread)
4. Should we leave it well enough alone in case they review our situation again and take the temporary arrangement away from us?

I really don't want to engage a third party to do this again because of the cost involved.

Regards,


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## rodger (1 Sep 2015)

I don't know much but what about sending a solicitor's letter?

And if you have an existing adviser did he not demand some compensation for you and others like you that he advised?


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## Phase2 (1 Sep 2015)

Thanks for your your reply. I would prefer to write initially myself and if I get nowhere then maybe the Ombudsman - if that is the way to go.

The advisor I had would not entertain my demand for compensation. He said that (a) UB don't pay compensation and that any request for same would be flatly refused, (b) my request for compensation would delay the reimbursement of the interest/capital at least another year, (c) I should be happy to get the tracker back as the Ombudsman's decisions in UB cases were inconsistent, and (d) the alternative arrangement was worth keeping. So I followed his advice and the reimbursement has now been paid along with a token goodwill gesture.

However, I wonder now if his advice was influenced by the fact that his fee was a percentage of the amount of interest and capital reimbursed only - hence my post for alternative views on this matter.


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## Mrs Vimes (2 Sep 2015)

Your adviser was entirely incorrect that Ulster Bank don't pay compensation, I have received almost €6,000 from them in the past few years as compensation for their total incompetence.

Their complaints people and their mortgage arrears support unit are the most useless people I have ever has the displeasure of dealing with - letters seem to go into a black hole, when we were in MARP each time they agreed something with us they screwed up something else. We eventually got out of MARP and back to a reasonable place financially but they continued to mess up.

I actually found them quite forthcoming with compensation on the larger screw-ups.

My brother has an ex-First Active mortgage with them and when they had their "IT trouble" 3 years ago he rang them to see when his mortgage would be taken and they sent him €150 for his trouble (of having his payment taken late!). Another time they sent him a letter addressed to some randomer (his address on envelope) and when he returned it they sent him another €150.

I think your adviser is off his rocker tbh, or maybe he doesn't want to deal with the idiots any more either.

My blood pressure has gone up even thinking about the hell they put us through!


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## peteb (2 Sep 2015)

Mrs Vimes said:


> Your adviser was entirely incorrect that Ulster Bank don't pay compensation, I have received almost €6,000 from them in the past few years as compensation for their total incompetence.
> 
> Their complaints people and their mortgage arrears support unit are the most useless people I have ever has the displeasure of dealing with - letters seem to go into a black hole, when we were in MARP each time they agreed something with us they screwed up something else. We eventually got out of MARP and back to a reasonable place financially but they continued to mess up.
> 
> ...



Their incomptence in relation to what? the context is likely to be quite important.


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## Brendan Burgess (2 Sep 2015)

Phase2 said:


> The advisor I had would not entertain my demand for compensation. He said that (a) UB don't pay compensation and that any request for same would be flatly refused, (b) my request for compensation would delay the reimbursement of the interest/capital at least another year, (c) I should be happy to get the tracker back as the Ombudsman's decisions in UB cases were inconsistent, and (d) the alternative arrangement was worth keeping.



I have to say that  I think you got very good advice from your advisor in this case. 

a) It has not been the practice of Ulster Bank to pay compensation for loss of trackers. I am aware of them making goodwill gestures but they have not been paying the amounts which ptsb have been paying.  So he was more or less right in this. 

c) he is absolutely right in this.  I have seen dead certs being dismissed by the Ombudsman. It's tough. It's unfair. But if UB agrees to give you back your tracker and don't make an offer of compensation in advance of going to the Ombudsman - grab it with both hands. Had the Ombudsman ruled against you, the loss would outweigh any compensation. 

d) if you are still on an alternative arrangement, then your credit record would not be clear anyway.  If you don't need the alternative arrangement, you should consider scrapping it and getting your ICB credit record fixed. 

So 
b) It would delay the deal.  I think it probably would.  

The advisor sounds as if he knew what he was doing. I think you were right to take his advice on this. 

A lot of people are annoyed now when they see ptsb paying out compensation. But ptsb is an unusual case in that the CB seems to have insisted on the compensation. 

I don't think that the Ombudsman awards compensation for the loss of trackers other than the refund of the overcharge and the restoration of the tracker.  

Brendan


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## Rebuttal (21 Oct 2015)

Phase2

Did the loss of the tracker mortgage cause you to go into arrears ?

I am not aware of your current situation vis a vis Ulster Bank. Depending on this situation, in relation to the 6,000 euro spent by you obtaining legal advice to get your tracker back, if these expenses are vouched then, yes, you should be able to recover this money from UB. Write them a letter with a copy of the said expenses. Inform them that if they do not refund the money you will take legal action to recover same. The fact of the matter is that U.B. unlawfully  took you off your tracker mortgage. Believe me when I say this, if the bank was in anyway in the right, you would not have got your tracker back. The 6,000 euro is a legitimate expense incurred by you in challenging the sharp practices of Ulster bank, to which you are entitled to recover.


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## Maggs065 (29 Nov 2016)

In light of recent developments, do people think that Ulster Bank will pay compensation to people that got their tracker rates restored? Like Phase2 I got back my tracker rate and overpaid interest/capital, but did not receive any compensation.
I also employed a financial consultant (at a cost of €3000) to deal with Ulster Bank as they were not engaging with me.
It took a year to resolve, but eventually got it sorted in December 2013.

TIA
Maggs


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