@Brendan Burgess I couldn't agree more. I've written to the Central Bank about this more than once, along with querying the extension of the December 2017 deadline. This is the most recent reply I've received to this query:
"The issues raised will be considered in the context of our broader supervisory work.
In relation to your engagement with your lender under MARP, you have the right to appeal the lender's decision to Ulster Bank's Appeals Board under the Code of Conduct on Mortgage Arrears 2013."
The letter then goes on to recommend if I'm not satisfied with the outcome I have the right to make a complaint to the FSO.
I've also written to my own bank about this, twice since the beginning of December asking for clarification. I haven't received a response to either letter.
How this works for a customer that was/is in arrears but charged the wrong rate of interest:
While I was restored to my contractual tracker rate before Christmas, I had accrued arrears on my account since my tracker rate was not returned to me many years ago, also I entered in/out of MARP a few times. I've used your spreadsheet pinned to the top of this board to get a rough calculation of the incorrect arrears figure and estimate it's roughly €35,000. So while I'm paying the right rate of interest
now, I'm paying interest on a sum of money that I should never have been charged in the first place. This represents a difference of approx €250 per month to me. Plus I'm still marked as being in arrears.
My bank say:
" We will now continue with our detailed assessment of your mortgage account. This is like to take a number of months due to the complexity of the review and the necessity for independent assurance by a third party, which will help us ensure that all our customers receive a fair and consistent outcome.
This is the first in a number of communications that you will receive. We will write to you again in March 2017 to provide an update on the progress of the review, which will include timeframes for the information set out below." (redress/compensation/payment towards independent professional advice/independent appeals process)
The language in the letter is key (emphasis my own). I read it that it's unlikely that my account will be fixed in March. In fact I have no idea when it will be fixed, nor it appears do the bank. In the meantime, I continue to overpay on a mortgage that the bank admits has been wrongly charged.
When you are in financial difficulties and enter in/out of a MARP, €250 per month is the difference between scraping by and having enough to pay your bills in full and on time.