90,000 Former Ulster Bank Customers Overcharged Interest on Loans

[SaySomething]

As reported by Charlie Weston today in the Independent: Charlie Weston article Link

Copyright issues so I can't copy/paste. To synopsise the article...

​

• This affects approx 1/4 of the entire loan book before it was sold on.​
• It affects customers across the spectrum from fixed to variable, to tracker rate customers.​
• It seems to be regarding the amortization or dates that the loans were calculated on.​
• Majority of customers overcharged by €50.​
• Ulster Bank will be writing to all affected customers in tranches. It will be rectified by mid 2025.​
• The first customers will be contacted before Christmas.​

Personal Note: No surprises that the Ulster Bank mortgage books were a mess.

 

[finlma]

Had a €249 refund and a phone call to apologise from AIB this week as a result of this.

 

[Marsha25]

Our mortgage was paid off about 6 years ago. We got a letter today offering us €40 as a goodwill gesture for their error. Sure it'll pay for a takeaway at least.

 

[Savvy]

Our mortgage was paid off about 6 years ago. We got a letter today offering us €40 as a goodwill gesture for their error. Sure it'll pay for a takeaway at least.

Was the letter today the first you heard from them? When this story was first reported in November it stated that UB would write to all affected customers within days.

 

[aoraki]

What Ulster Bank say and what Ulster Bank do are not always the same thing.

They are still operating in the Republic of Ireland a few years after they announced they were leaving

 

[Slim]

Similarly, we got 2 letters a couple of weeks ago, concerning 2 paid off mortgages and refunds credited to our bank account on 27th January.

 

[Marsha25]

Was the letter today the first you heard from them? When this story was first reported in November it stated that UB would write to all affected customers within days.

Yes. I hadn't seen anything about it in the media, so at first when skimming through the letter, seeing the word 'error', I thought they were going to be looking for money. Have to root out our mortgage documentation now, as apparently they will ask questions on it to complete identification checks.