Do Ulster Bank send a letter when you reduce the term?

E

Eoghan

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Just wondering if Ulster Bank send out a letter showing how much the term has reduced? I've always reduced the principal and they send out a letter about the lower payment but I haven't got anything this time after reducing the term after making an overpayment.
 
I never got a letter despite a year of regular overpayments. Rang to enquire one day and they told me they don't reduce the term until you write to inform them.

So I wrote a letter stating all overpayment made from x date to now were to be regarded as reducing term. Got a letter confirming it had been done then
 
TheJackal said:
I never got a letter despite a year of regular overpayments. Rang to enquire one day and they told me they don't reduce the term until you write to inform them.

So I wrote a letter stating all overpayment made from x date to now were to be regarded as reducing term. Got a letter confirming it had been done then
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There's something wrong about that. Does that mean the interest we pay them doesn't drop until a letter is sent? I'm surprised they're allowed to do that.
 
Eoghan said:
There's something wrong about that. Does that mean the interest we pay them doesn't drop until a letter is sent? I'm surprised they're allowed to do that.
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The interest drops alright as it is calculated on your daily balance. But the term remains the same until to write to inform them otherwise
 
Can confirm - I'm tracking my overpayments and balance and interest amounts paid - it's definitely reducing.
 
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