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

Eoghan

Registered User
Messages
33
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.
 

TheJackal

Frequent Poster
Messages
210
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
 

Eoghan

Registered User
Messages
33
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
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.
 

TheJackal

Frequent Poster
Messages
210
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.
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
 

HollowKnight

Frequent Poster
Messages
165
Can confirm - I'm tracking my overpayments and balance and interest amounts paid - it's definitely reducing.
 
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