Mortgage problems with ACC Bank

[Carpenter]

I've just settled a long running complaint (over a year) with ACC Bank having had recourse to both IFSRA and the (former) Ombudsman for the Credit Institutions. Turns out that a number of lump sum capital payments I made during the year were not treated as such. That and a whole list of other anomalies (including non issue of statements, altering date of DD collection without prior instruction etc) lead to me making a complaint of maladministration against the bank. The complaint was upheld, eventually, and I was awarded €1000 in compensation. Not nearly enough considering the large file of correspondence I accumulated in my efforts to sort out the mess. I'm still stuck with them unfortunately as I think the cost of moving my loan elsewhere would outweigh any advantage in moving elsewhere (the outstanding loan is relatively small). I wonder have any other AAM readers encountered similar problems when dealing with this bank, I believe I'm not alone?

 

[ClubMan]

I've just settled a long running complaint (over a year) with ACC Bank having had recourse to both IFSRA and the (former) Ombudsman for the Credit Institutions. Turns out that a number of lump sum capital payments I made during the year were not treated as such. That and a whole list of other anomalies (including non issue of statements, altering date of DD collection without prior instruction etc) lead to me making a complaint of maladministration against the bank. The complaint was upheld, eventually, and I was awarded €1000 in compensation.

Well done on pursuing the claim and getting some sort of recompense.

I'm still stuck with them unfortunately as I think the cost of moving my loan elsewhere would outweigh any advantage in moving elsewhere (the outstanding loan is relatively small).

Are you sure? ACC certainly don't appear anywhere in the best buys list and some lenders (e.g. Ulster Bank as far as I know - although they may require that there are five or more years left to run on the mortgage) will subsume or subsidise the costs of remortgaging with them so there may not be any major costs involved in moving to a more competitive lender. Use Karl Jeacle's mortgage calculator to estimate the potential savings in moving to a cheaper lender and factor in the remortgaging costs (if any).

 

[CathyK]

Hi


You should consider moving your mortgage, Ulster Bank offer a great switcher service and it wont cost you a penny to move. Do you really want to pay ACC every month, after all thats happened

 

[demoivre]

I had three mortgages with ACC bank and moved the lot a few years ago for two reasons; 1. they were incredibly slow in reducing their mortgage interest rates in response to ECB rate reductions. 2 I thought the way in which they closed off personal accounts ( current and deposit) a few years back was a disgrace. I was told in one letter that after a certain date no cheques would be honoured on my account even if I had sufficient funds! I haven't given them any business since despite them offering to pay my legal expenses in a subsequent venture.

 

[Carpenter]

Thanks for the advice everyone, I'll certainly look into the matter further. I have been bumping up my monthly payments for some time in anycase, to minimise the interest they'll make on me!

 

[mikeyny]

I too have had my run ins with the ACC , some in my favor and some that did not .let me try and remember some of the issues .

1. 1000 & 2000 USD bank drafts lodged as irish pounds (discovered by me 10 years after the fact)

2. two mortgague payments not direct debited from my account ..... when i brought it to their attention they said that the mortgague was up to date .
i got worried and contacted my lawyer and she said the onus is on the bank to take the correct funds each month.There is always extra money in that account as i live in the US and dont want to deal with missing payments and need to have cash for the ongoing repair ,maintenance,taxes etc so the issue of funds not being available is not an issue The year end statement (recieved 18 months later) showed 12 payments.

3. thier change over after being bought by Raotbank was fun to say the least , my deposit account had to be changed to a current account to facilitate direct debit mandates and their nutty idea of a minimum of 1000 for both deposit and withdrawl drove my mother (my agent for tax purposes ) crazy .

4. in changing from a deposit to a current account they neglected to enter the correct address and in one foul swoop i again became a resident of Ireland . I started to pay DIRT tax

5.I recieved a letter from Revenue enquiring about why i had changed accounts from deposit to current and then how my domicile status had changed .Back to the lawyer again

6. residence issue resolved as i could prove that i had not been a resident at any time for the period in question

7. back to revenue and ACC for a refund of DIRT tax 5.94 , money misteriously appears in my account about 6 months later after a couple of trips to the branch.



In one month Mikeyny and Mrs. Mikeyny will be moving home , i dont think i will be using ACC .

Wait and see what we go through relocating , if there are any good stories i will let you know

Mikeyny

 

[macm]

wonder if anyone could offer me some advice.

sorry i don't know all the facts of the situation but my old man is in to the acc for somwhere in the region of 150,000 including interest, this is a long standing loan which the repayments have been stopped on for some time.
don t know what the original amount of the loan was but it has now got to a stage where he is able to settle with the acc, what approach should he take,
in terms of paying back as little money as possible.

thanks in advance

 

[ClubMan]

You probably will need to post more details than that. I don't understand the bit about paying back as little as possible. If he owes €150K then that's what he should pay back. Unless there are some extenuating circumstances?