On 16 March 2007 I hand delivered a cheque in the amount of Euros 29,000.00 to Ulster Bank House Mortgages, College Green. In my covering letter I informed them that the purpose of the cheque was to reduce the capital amount borrowed. I also informed them that I wished to shorten the term of my mortgage and maintain the same level of monthly payments going forward increasing in line with ECB interest rate increases.
At the end of March I received a letter from the Bank confirming receipt of the cheque and the revised capital amount outstanding. They also informed me that my new gross monthly repayment would be EUR 522.00 when it should have been EUR 794.00 (the current level as of 1 April 2007). I e-mailed the Bank three times at the beginning of April pointing out their mistake and asking to rectify their mistake. I did not receive an acknowledgement to any of my e-mails.
On 13 April I wrote a short letter to the manager of the Ulster Bank Mortgage Centre along the lines below:
1. Why did you fail to carry out the instructions in my letter dated 16 March (attached)?
2. Why did you fail to reply to three e-mails from me (attached) drawing attention to your error?
3. How does the Bank propose to compensate me for the interest I will now overpay on this account due to your failure to carry out my instructions?
4. What procedures are in place in the Bank to monitor and deal with incoming e-mails from customers?
I am really sick and tired of financial institutions in this country. Having switched mortgages and paid off mortgages in recent years I have been dumbfounded at the incompetence of the financial institutions I have dealt with. They have mislaid deeds, lost life assurance policies and generally failed to carry out simple and clear instructions. In one case a financial institution mislaid the original of a life assurance policy and tried to get me to fill in a lost policy form. Is it possible for ordinary individuals to object to the renewal of banking licences on the basis of incompetence or that the institution is not fit for purpose.
This problem with the Ulster Bank is just one problem too far for me. If the shoe was on the other foot and I was the one at fault I am sure they would plague me almost daily to resolve the problem At what stage in this process is it acceptable for me to bring this problem to the attention of the relevant financial regulator – I have already send Ulster Bank three e-mails and a letter.
EdwardG
At the end of March I received a letter from the Bank confirming receipt of the cheque and the revised capital amount outstanding. They also informed me that my new gross monthly repayment would be EUR 522.00 when it should have been EUR 794.00 (the current level as of 1 April 2007). I e-mailed the Bank three times at the beginning of April pointing out their mistake and asking to rectify their mistake. I did not receive an acknowledgement to any of my e-mails.
On 13 April I wrote a short letter to the manager of the Ulster Bank Mortgage Centre along the lines below:
1. Why did you fail to carry out the instructions in my letter dated 16 March (attached)?
2. Why did you fail to reply to three e-mails from me (attached) drawing attention to your error?
3. How does the Bank propose to compensate me for the interest I will now overpay on this account due to your failure to carry out my instructions?
4. What procedures are in place in the Bank to monitor and deal with incoming e-mails from customers?
I am really sick and tired of financial institutions in this country. Having switched mortgages and paid off mortgages in recent years I have been dumbfounded at the incompetence of the financial institutions I have dealt with. They have mislaid deeds, lost life assurance policies and generally failed to carry out simple and clear instructions. In one case a financial institution mislaid the original of a life assurance policy and tried to get me to fill in a lost policy form. Is it possible for ordinary individuals to object to the renewal of banking licences on the basis of incompetence or that the institution is not fit for purpose.
This problem with the Ulster Bank is just one problem too far for me. If the shoe was on the other foot and I was the one at fault I am sure they would plague me almost daily to resolve the problem At what stage in this process is it acceptable for me to bring this problem to the attention of the relevant financial regulator – I have already send Ulster Bank three e-mails and a letter.
EdwardG