Ulster Bank Loan Default - Won't Accept New Payment Proposal

HostBidder said:

I wonder what would happen if you stopped paying them altogether and then when they send you a demand letter asking about the loan you reply with "what loan"?

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That is what I would do. However you are obviously a very different type of person.

Why make a complaint to the ombudsman, you would probably win, but what good would that do you.

You should reread Brendans first post. Do as he suggests, that is pay them what you can afford each month by standing order.

Then FORGET ABOUT it. There is no fight, no stress, no worry, just you getting on with your life and enjoying being pregnant.

Just a little update for you. I took a week to think about this...and I have decided that I am going to write a formal compliant (though I have done this a few times before) and ask for a final letter with regard to their response, I am also going to ask for copies of all documentation with regard to the loan to be sent to me as soon as possible. If they respond and say they don't have them, I will ask them for a settlement figure and say I will pay €70 per month until that figure is paid off. At this stage I am so fed up with the whole thing, that even if/when I can afford to pay (and I would be stretching myself to limit to meet the repayments even with a fulltime wage) I think that is all I will I offer. What's the worst they can do? Take me to court, wreck my credit rating, as I said before, I can't see myself getting back on my feet within 6 years anyway, financially, not fully anyway so I don't think that will make much difference.

The one thing I will say though is that I was so scared - scared to answer the phone, scared when I heard the post hitting the mat and for what?! Madness, they can't take what I don't have.

Again, a huge thank you to all who replied. I will let you know what the response is - if I get one, I won't be holding my breath!

People have argued on this site before that lack of paperwork isn't an issue for the bank, nor are agreements marked draft or void. Of course, it depends on how you ask the question. The bank will likely refer to existing correspondence which seems to establish a loan of some sort existed if you refuse to pay.

Update*

A small update on this. Despite sending a letter requesting all documentation, a copy of the original loan agreement and what the exact o/s balance on the loan is, all I received is ANOTHER automated letter.

The automated letter thanks me for my letter and asks me to send "a signed authority to the Money Advice Agency" to enable them to disclose account information.

I cannot begin to tell how frustrated I am with this! Are they not legally obliged to send me the documentation I requested under the FOI without me having to go through MABs? What do I do now? I have set up an appointment with MABs but I am loathe to go through with it, I am fully aware of how bad my financial position is and now it is getting better, I don't feel mentally able to sit down and go through this whole crazy episode from start to finish with another person...

Ironically, I have been taken on full-time - so I am now in a position to start full repayments - it will be a stretch but anything to get rid of this shower!!!! I advised this in the letter and asked that they send their proposal as this is now the case....

NEVER again will I deal with these people. I am not calling anymore - doing everything in letter form. As always, all advice appreciated...

Breathtakingly bad behaviour

I would not acknowledge this as a response to your query. Write again, include your letter and their letter, cc to complaints again and ask them again for the documentation.

Yes, I am glad you agree, I nearly cry everytime I see their envelopes on the doormat! So angry and frustrated now.

I am within my rights to ask for this information without the involvement of a 3rd party? Am I right about this?

I will write again tomorrow and ask them to specifically address my requests and explain their reasons as to why they have not responded to them. I will also take your advice and CC the compliants dept.

I just want to pay the bloody thing now and be done with it...am at the end of my thether here - another sleepless night for me...

I absolutely agree that it is frustrating and annoying but try not to let it get to you, ESP if you are only getting automated responses.

As it is now July and you are aiming for full repayments in September, I would try not to let their letters get to you.

You can in effect develop your own automated response, refer to their letter, note they have not addressed your concerns, and start including a log of correspondence, adding each new letter as sent

Ulster Bank if they go to court will have to provide the court with the loan documentation and in any formal proceedings they need to give you a copy of this as well.In simple terms it means we gave you a loan and you agreed to repay it by signing the agreement. If they don't have this they are in trouble. The whole thing seems an enormous mess that should be referred to the Ombudsman. Keep notes of every contact,date and time and who exactly you spoke too and what was said.

millieforbes said:

Breathtakingly bad behaviour

I would not acknowledge this as a response to your query. Write again, include your letter and their letter, cc to complaints again and ask them again for the documentation.

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Fully agree. This is an absolute disgrace and you should not have to put up with it.

Do not lose any sleep.

Set up a standing order for the amount you are comfortable with.

Tell them what you are doing.

Make a formal complaint to the Ombudsman. It looks as if UB will do nothing about this until you make a formal complaint to the Ombudsman. I th ink at that stage, the Ombudsman team in UB will resolve this with an apology and compensation for maladministration.

Brendan

VED, do you have any update on the above issue ? I'm in the same boat as you...