TRS not changed to 30%

I rang the Revenue after that... Spoke to a really nice girl who checked with her Supervisor.. The official line is that the Revenue are currently working with the UB with the aim of providing a lumpsum refund in December for 2012, with the introduction of the revised TRS being implemented in March 2013, at which point Jan13 and Feb13 will be refunded! She did confirm that this was not guaranteed!

I also asked if there was any danger that UB would take what they owe us off the Capital instead of taking it off the December mortgage payment and she advised that this would be an issue for UB!!

I hope the above makes sense!
 
ok
so, if UB make a lump sum payment in December to cover the extra 5% for the rest of the year, it will be separate from the normal December Trs payment, thus meaning that it will not reduce the December payment, which would have been great.
But, this will mean that it is sitting as a credit on the account, and you will be entitled to this TRS lumpsum back into your current account.
 
Im not sure I follow. I got the impression that we would have a reduced mortgage payment in December (normal payment, less TRS, less backdated revised TRS from Jan12) = reduced overall payment due to UB in Dec?
 
ideally that would be the way it would make most sense and would be most beneficial for us the customers.
The normal TRS payment will come in as normal and will reduce the mortgage payment as it does every month.
But I cannot see the backdated lump sum payment being made to the account on the same day, it will pop in further on in the month.
as it will probably have to be calculated manually or by a separate system that will then apply the payment.
once applied to the mortgage it may be after many peoples direct debit date or it may not be recognised by their mortgage system as a normal trs payment and as a lumpsum trs payment, thus meaning it will not reduce the monthly direct debit.

for example, if you ever receive a lump sum trs payment due to under payment of trs, it is paid in March for the previous year, this payment does not reduce that monthly direct debit, it is lodged as a lump sum and can be withdrawn by the customers.
 
We're redeeming our UB mortgage - what will happen in this case?
Will UB's redemption figures include the TRS adjustment? Will I have to apply to revenue seperately? Will UB send us a cheque in Dec/March?
 
UB will not then make up the shortfall,
you will need to do a tax return to the revenue.
so you will need a cert of interest
and a statement of trs paid

send both of these off to the revenue.
 
rameire said:
UB will not then make up the shortfall,
you will need to do a tax return to the revenue.
so you will need a cert of interest
and a statement of trs paid

send both of these off to the revenue.
Click to expand...

Thanks for such a prompt reply!
 
are people saying they continued to get 25% in year 8? Because I'm pretty sure mine just got cut entirely as my mortgage jumped up €100 between December and January last year.
 
peteb said:
are people saying they continued to get 25% in year 8? Because I'm pretty sure mine just got cut entirely as my mortgage jumped up €100 between December and January last year.
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your ceiling would have reduced from 10,000 per person to 3,000 per person.

so if you were paying more interest than 3000 per person on your mortgage this will account for a drop in trs.
 
Love the way they make it sound - "get a payout". What they mean is get the relief we are entitled whilst Ulster Bank yet again fail to get up to speed.
 
I just paid my November mortgage payment to UB, and my TRS has not increase. Is there anything I can do to ensure I get the relief in my December mortgage payment?
 
The trs lump sum will not reduce your direct debit in December. You will have to write to ub to get the tis lump sum refunded. Or wait till you receive the notice letter and then reply
 
rameire said:
The trs lump sum will not reduce your direct debit in December. You will have to write to ub to get the tis lump sum refunded. Or wait till you receive the notice letter and then reply
Click to expand...

Great, which probably means we wont get any money before the new year now, we all know how prompt Ulster Bank is at sending out letters.
 
I spoke to UB mortgage department last week to confirm I was still on 25% and they advised I would receive a letter out in December advising me of what they owed me for the 5% TRS increase and giving the option to knock it off the mortgage or for them to send me out a cheque for that amount. I presume if they send this letter out in December you wont see any money until well into the new year.
 
Once the money is in the account you can request the refund. So if you use online banking and can see your mortgage you will see the credit hit your account
 
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