F
F@ces
Guest
Hi all,
Hopefully someone can give me their opinion on this. We have had many problems with Ulster Bank since gaining a mortgage with them over 2 years ago, but I won’t go into them here (it culminated in a 5 page complaint letter sent to them last April). Since then we have had more problems, but the below is related to an application we made a few weeks ago to avail of our 6 month Moratorium/Payment Break option (we decided to use it as we are getting married in September).
We initially contacted them and it was arranged to have a meeting about it with a lady in one of the branches. We organized time off work, and went to work early that day, only for it to be cancelled that morning. We were then told that all we needed to do was fill out a form. We duly obliged, and 2 weeks or so later my fiance was contacted by the aforementioned lady. It was refused. At first she stated the current economic climate as the reason, then back tracked and said the conditions for using it are “Redundancy, Ill Health and Maternity Leave”. I rang Ulster Bank and was told I shouldn’t have been given the reason of current economic climate, and was told I would be contacted in “48 hours” (their favorite promise, which is never fulfilled). I wasn’t contacted. I rang a number of days after that again, and long story short I was told it should have been rejected at branch level. I asked why we arranged appointments, filled out forms and was promised call backs. The gentleman told me “they don’t reply to these things”.
Anyway, I looked in our contracts at the weekend, and here is what it states about it. Do we have a reason to believe they are unfairly rejecting our option?
“…..
Payment Break Option: At any time after 6 months from the drawdown of the Home Loan (subject to the prior consent of the bank) a payment break of up to 6 months may be taken. The Bank’s agreement to a request for a payment holiday will be subject to satisfactory conduct of the mortgage/account and all other loans, current accounts, credit cards or overdrafts with the Bank, and will not be given if any arrears have arisen at any time in respect of the mortgage. In the event of a Payment Break being given it may be necessary to increase Life Assurance so as to insure that there is sufficient cover in place, at any one time to repay the balance outstanding on the Home Loan.
When a payment break has ended, the underpaid amount will be included in the mortgage balance and the account recalculated over the remaining term. The mortgage term is not increased beyond that which was originally sanctioned.
…….”
Our time with this Bank has been a nightmare; we are even looking at moving away from them now (we’ve made an application to AIB), and I am in the process of putting together a complaint to the ombudsman (I’ve never done this before, but feel we are left with no choice). Perhaps you will interpret the above differently to me, or they have themselves covered. I just don’t know!
Any opinion is much appreciated
Hopefully someone can give me their opinion on this. We have had many problems with Ulster Bank since gaining a mortgage with them over 2 years ago, but I won’t go into them here (it culminated in a 5 page complaint letter sent to them last April). Since then we have had more problems, but the below is related to an application we made a few weeks ago to avail of our 6 month Moratorium/Payment Break option (we decided to use it as we are getting married in September).
We initially contacted them and it was arranged to have a meeting about it with a lady in one of the branches. We organized time off work, and went to work early that day, only for it to be cancelled that morning. We were then told that all we needed to do was fill out a form. We duly obliged, and 2 weeks or so later my fiance was contacted by the aforementioned lady. It was refused. At first she stated the current economic climate as the reason, then back tracked and said the conditions for using it are “Redundancy, Ill Health and Maternity Leave”. I rang Ulster Bank and was told I shouldn’t have been given the reason of current economic climate, and was told I would be contacted in “48 hours” (their favorite promise, which is never fulfilled). I wasn’t contacted. I rang a number of days after that again, and long story short I was told it should have been rejected at branch level. I asked why we arranged appointments, filled out forms and was promised call backs. The gentleman told me “they don’t reply to these things”.
Anyway, I looked in our contracts at the weekend, and here is what it states about it. Do we have a reason to believe they are unfairly rejecting our option?
“…..
Payment Break Option: At any time after 6 months from the drawdown of the Home Loan (subject to the prior consent of the bank) a payment break of up to 6 months may be taken. The Bank’s agreement to a request for a payment holiday will be subject to satisfactory conduct of the mortgage/account and all other loans, current accounts, credit cards or overdrafts with the Bank, and will not be given if any arrears have arisen at any time in respect of the mortgage. In the event of a Payment Break being given it may be necessary to increase Life Assurance so as to insure that there is sufficient cover in place, at any one time to repay the balance outstanding on the Home Loan.
When a payment break has ended, the underpaid amount will be included in the mortgage balance and the account recalculated over the remaining term. The mortgage term is not increased beyond that which was originally sanctioned.
…….”
Our time with this Bank has been a nightmare; we are even looking at moving away from them now (we’ve made an application to AIB), and I am in the process of putting together a complaint to the ombudsman (I’ve never done this before, but feel we are left with no choice). Perhaps you will interpret the above differently to me, or they have themselves covered. I just don’t know!
Any opinion is much appreciated