# Level of compensation



## AnneB77 (16 Jan 2018)

My tracker mortgage was returned by Ulster bank last March but am still like so many others awaiting my redress and compensation package. My question is are consumers actually satisfied with the compensation being offered by the banks. My understanding is that people are getting about €1500 compensation on average which I think is absolutely appalling. I cant understand how our government is allowing a financial institution who stole my money for in my case eight years, offer this amount in compensation back. I am just wondering how others feel about this and if anyone has any ideas on what can be done to challenge it.


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## peemac (16 Jan 2018)

Don't know where you are getting your €1500 from. That might be for people very mildly affected.

Generally it seems to be 15% of the overcharged amount. So if €50,000 was overcharged the refund is €50,000 + €7,500 comensation + return back to your tracker.

Always best to see what you get rather than pre-emt it and cause yourself needless argument.


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## SaySomething (16 Jan 2018)

Not true. The compensation figure is directly related to your overcharged amount. It's a percentage calculation. The percentage applied depends on the level of harm caused to the customer. 

You may be confused by my personal situation, where I was given €1,500 in compensation, which of course I will be challenging through the proper channels. There are number of options open to us all including the bank appeals panel, the Financial Services Ombudsman, and the courts.


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## moneymakeover (16 Jan 2018)

But the general point remains
10% 15% is hardly sufficient compensation.

Time value of money 5% total in despite years going by.

It seems the approach is to give the minimum and everyone has to appeal.


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## notabene (16 Jan 2018)

In my situation with Ulster Bank, I didn't go in to Arrears so I was given 12% - I will be appealing as there was significant consequential loss during this period.


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## Joanne Heeney (16 Jan 2018)

In our case we were struggling to pay the mortgage but didn't miss a payment but we did approach UB to agree a lower payment structure for five years to take the pressure off us. At the time it was a blessing but looking back on it now , we would have managed the payments if the correct amount had been charged on our account. The mortgage dropped back by 800 per month but if the correct rate had been applied it would have dropped by av 600 per month and we could have avoided restructuring . We seem to have paid very little off the overall bal of the  mortgage in the past five years because of the lower rate.  Would we be entitled to more compensation do you think ?


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## Wardy7 (16 Jan 2018)

10% for us with PTSB


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## AnneB77 (16 Jan 2018)

My point is that it is an appalling compensation amount and extremely unfair that banks were allowed to set the figure themselves. I’m aware that the compensation is a percentage of the total but was giving €1500 as an example as most people I know that is the amount they are getting


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## Chazza80 (17 Jan 2018)

Still waiting guys...got a letter from the ombundsman this morning. Saturday before Christmas after 5 months of battling to get a copy of my letter of offer it arrived! It reads that my full mortgage is to track the ecb rate for the life of the mortgage. When the letter arrived this morning it read that Ulster bank are still unsure of what's wrote in plain English on my letter of offer and are waiting on the central bank to finish there review. They have so far told me I've been effected on a quarter of my mortgage but not the 3 quarters that's still on a staff rate fixed at 3 per cent. The wait continues


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