TRS not changed to 30%

rameire said:
its not that simple,
they cant just change the number.........
if only it were so easy, like people expect it to be.
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It sounds like bad system set up if you ask me.

You set up a key based on:
Single or joint
FTB or Non FTB (can be based on actually be start year with some manual overrides)
Start Year

This will give you the rate and the max relief available which can be applied to the annualised interest (which will already be calculated elsewhere).

The problem is that IT departments in every large organisation are unfit for purpose. Going back 10 or 12 years something this would have been coded, tested and implemented by a small team in less than a month. The issue now is that IT areas have been flooded by people with no discernible skills.

It is one area of evolution in which we have regressed over the last decade.
 
you must also remember that the mortgage systems in use are donkey years old.
and they are owned by outside companies,
which as you say are have moved on so have very few people who know the systems.
 
rameire said:
you must also remember that the mortgage systems in use are donkey years old.
and they are owned by outside companies,
which as you say are have moved on so have very few people who know the systems.
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I've no doubt.

They're probably written in qbasic with 40 people working on the project for 6 months (including one qbasic programmer on a one week contract!)
 
The bigger issue with the bank systems is that all changes are validated. Think back to the first vat changes a and how long that took on some government systems to see the scale of the changes.

Time to change the variable: 2 minutes
Time to re-compile everything: X hours
Time to run validation testing: X weeks (yes weeks)

And those timescales are assuming no bugs show up.

As for the bank systems, it is in their interest to get it right, and beyond a little bit of bad pr, no downside to delaying the process to ensure they get it right. Getting it wrong would have pretty large consquences.
 
Whatstracker said:
My next payment is due on 27th, interest rate has been updated on line but no change to payment due or TRS.
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I just spoke with PTSB who reckon that none of their mortgage accounts have had the TRS changed to 30% yet but that people with a variable rate mortgage will have seen changes to both tax relief and payment simply due to the rate reduction.

Who knows what the real story is but I was told we need to wait another few weeks yet for the budget changes to be applied.

My mortgage payment is debited on the 5th of each month so I guess if my June payment was going to be reduced then I would have been notified by now
 
yeah the problem with the them delaying these things is that for those of us that passed year 7, all TRS has stopped until such time as they sort out the new budgetary changes! The least UB could have done would have been to leave the 25% there until such time as they could make the correction.
 
Hi folks,

I got a letter from PTSB today saying the TRS has changed obviously due to the budget changes (now 30% TRS in my case). I rang PTSB and asked what was happening with the backdated TRS since the budget. As usual the guy played dumb and said that's a thing for the revenue to tell me. I'm going to ring them now and no doubt, as people have said above, the revenue will tell me it's that bank's issue.

My question is - from the discussion above - is if they are giving me the backdated money is it better to tell them to take it off the principal or just let them spread it over the rest of the TRS for the year? The only thing I can think of is if it comes off the principal - no matter how small it is - it will decrease the overall interest over the loan so that's the way to go. I'm just curious why some posters were adamant that the bank don't spread it out over the year and get it as a lump sum.
 
corklad said:
Hi folks,

I got a letter from PTSB today saying the TRS has changed obviously due to the budget changes (now 30% TRS in my case). I rang PTSB and asked what was happening with the backdated TRS since the budget. As usual the guy played dumb and said that's a thing for the revenue to tell me. I'm going to ring them now and no doubt, as people have said above, the revenue will tell me it's that bank's issue.

My question is - from the discussion above - is if they are giving me the backdated money is it better to tell them to take it off the principal or just let them spread it over the rest of the TRS for the year? The only thing I can think of is if it comes off the principal - no matter how small it is - it will decrease the overall interest over the loan so that's the way to go. I'm just curious why some posters were adamant that the bank don't spread it out over the year and get it as a lump sum.
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*** UPDATE ***

A few conflicting stories after a few phone calls...

First of all I rang the revenue TRS helpline and the really helpful lady knew what I was talking about right away. She said that PTSB are unusual and they actually keep the backdated TRS in a "sub-account" to the mortgage but it doesn't come off the mortgage. She game me the PTSB number and told me to ring them and they would pay me out the money on bulk.

So then I rang back PTSB. This time got a nice lady who this time was on the ball - last time the guy hadn't a clue (why can't they all know the same things and save me being on hold twice!! :mad:). I told her the story and she explained to me that the backdated TRS is being spread over the rest of the months of the year. I asked if I was able to get that as a lump sum but she said the bank doesn't do that.
 
With the difficulties Ulster Bank is having with their systems, I am wondering if we're going to get that relief this year?

Also, does anyone knows how much in advance a bank should contact you before a fixed rate period ends?
 
Whatstracker, I got mine applied in June payment (mortgage does out the 7th) so am in my second month!!

I would call & call them!! There is no reason why everyones is not updated!!
 
allie12 said:
Whatstracker, I got mine applied in June payment (mortgage does out the 7th) so am in my second month!!

I would call & call them!! There is no reason why everyones is not updated!!
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Allie did you get any written notification?
All i see is a reduction in line with the reduced interest rate.
 
I don't think we got anything in writing, I just kept calling them every other day asking when the amended TRS was due and how much would it be. It changed online about 16 days before the payment was due out.
 
TRS not changed t 30%

Hi All

I got a letter from PTSB yesterday regarding my TSR, apparently the 25% was applied in Jan but in fact our mortgage went up by €10 in Feb. The difference now this month was €51.00 and apparently this included all the back pay.. this seems ridiculous to me, they are not at all helpful in PTSB.
Anyone else get experience the same? What should we be entitled to mortgage taken out in 2007, €315K - on a tracker rate since 2010

Very frustrated and unhappy PTSB customer
 
We got our first increased payment from ICS at the end of May. What I'm not clear on is how they're dealing with what is owing for January to April, will we get an extra payment or is it spread over the payments through the rest of the year. How are other banks dealing with this?
I'll put a call into ICS and report back.
 
Got my letter today from PTSB. Mortgage reduced by 110 to 1070.

When i first read the letter i thought the reduction was 10 euros based on my mortgage monthly repayment being 1080 but when i checked my statements i realised my mortgage was actually 1180 before the reduction.

Have to say i am happy with that reduction. In the 6 years we have had our mortgage this is the cheapest repayment to date. Before end of 2011 it was 1430 at it's highest.
 
karibou57 said:
With the difficulties Ulster Bank is having with their systems, I am wondering if we're going to get that relief this year?
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I'm wondering the same, still no 30% from Ulster bank for me, and they haven't even taken my mortgage payment out this month yet, probably because of the 'technical issues'
 
becky_1979 said:
I'm wondering the same, still no 30% from Ulster bank for me, and they haven't even taken my mortgage payment out this month yet, probably because of the 'technical issues'
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Really?!?! mine is due tomorrow for this month.... Hopefully they'll get the 30% passed while they're fixing stuff!! Also, would you know when Ulster Bank is supposed to notify you when your deal is comin to it's end? (In my case my fixed rate period is ending in september)
 
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