Ulster Bank's proposal to deal with offset mortgages

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Ulster Bank will argue with a customer over 30 euro on a credit card bill, they're a bank so why are they giving away 58 million euro to customers when according to them, they are entitled under the T&Cs to do whatever they like?

They're giving 4500 offset customers free money willingly yet they are fighting 5300 customers, the ombudsman and the high court over customers entitlement to a tracker mortgage refund?

Banks do not just give away money! Especially if they are 'legally' entitled to manipulate the T&Cs as they wish. There is something not quite right about this whole thing.
 
Getplanning said:
I'm with you on this. It's all smoke and mirrors with UB. I sent formal complaint, got a final response, badly worded response, incorrect details etc. They are covering things up on these mortgages. I'll be submitting a complaint to the ombudsman. FA originally sold us these mortgages, UB took them over but they were sloppy with their paperwork, T&Cs etc.
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Great news! Good to know I'm not alone. Cheers Get planning. Can I ask was your argument similar to mine? Am I missing something that I could also throw into the mix?
 
Ben Don said:
Ulster Bank will argue with a customer over 30 euro on a credit card bill, they're a bank so why are they giving away 58 million euro to customers when according to them, they are entitled under the T&Cs to do whatever they like?

They're giving 4500 offset customers free money willingly yet they are fighting 5300 customers, the ombudsman and the high court over customers entitlement to a tracker mortgage refund?

Banks do not just give away money! Especially if they are 'legally' entitled to manipulate the T&Cs as they wish. There is something not quite right about this whole thing.
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Agree 100% with this, they don't give out free money as 'good will' payment. There's no such thing as good will with a bank.
 
Doni666 said:
Great news! Good to know I'm not alone. Cheers Get planning. Can I ask was your argument similar to mine? Am I missing something that I could also throw into the mix?
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Never got your email but yes I'm complaining to the FSPO. They will still close the accounts regardless so not sure what happens after if the FSPO does take up a case and deems the closing of the accounts to be a breach of T&Cs?
 
Getplanning said:
Never got your email but yes I'm complaining to the FSPO. They will still close the accounts regardless so not sure what happens after if the FSPO does take up a case and deems the closing of the accounts to be a breach of T&Cs?
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Will send again!

Didn't someone before on a previous thread say Danske Bank did similar with offset mortgages and had to reopen current accounts? I'm going to make sure that anyone taking over these mortgages will know I've a complaint in with FSPO for breach of contract with UB.

More than likely compensation will be paid so get saving!
 
I don't know the full story of Danske back. However they kept a commercial presence in Ireland and as such had a banking licence.

I have read while looking up this one that they did offer write downs to individuals and that they paid outside contracts for another entity to do the day to day running of the mortgage book.
 
Doni666 said:
Thanks Keninf it maybe old but also a precedence?
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If I recall they removed the offset feature without offering any compensation. This was challenged and they were forced to reinstate. I think Pepper are managing them now but with limits on the num of transactions etc. Have no idea what was in their terms and conditions and how blatant their breach was. Plus as Keninf said they still kept a presence in Ireland and Danske are an EU bank.

I’m sure Ulster was aware of the Danske situation,so must have come into their thinking.
 
aoraki said:
If I recall they removed the offset feature without offering any compensation. This was challenged and they were forced to reinstate. I think Pepper are managing them now but with limits on the num of transactions etc. Have no idea what was in their terms and conditions and how blatant their breach was. Plus as Keninf said they still kept a presence in Ireland and Danske are an EU bank.

I’m sure Ulster was aware of the Danske situation,so must have come into their thinking.
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I agree with you but just to split hairs, UB aren't offering compensation but a goodwill payment.

UB are also aware of the fact BoI, AIB and PTSB paid compensation over the tracker mortgage scandal, however UB decided to appeal!

There's one particular line in our Offset T&C's and that's :

As long as you have an Offset mortgage you must have an Offset Arrangement

That's a pretty big breach of contract for UB regardless how they dress it up.
 
Doni666 said:
I agree with you but just to split hairs, UB aren't offering compensation but a goodwill payment.

UB are also aware of the fact BoI, AIB and PTSB paid compensation over the tracker mortgage scandal, however UB decided to appeal!

There's one particular line in our Offset T&C's and that's :

As long as you have an Offset mortgage you must have an Offset Arrangement

That's a pretty big breach of contract for UB regardless how they dress it up.
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I guess it will come down to what the FSPO think about this. Do you know what their process is? I read something recently about there being a backlog of cases and some cases taking years to conclude.
 
I wouldn't know to be honest aoraki. However I found this article quite interesting

www.grantthornton.ie

Financial Services and Pensions Ombudsman Overview of Complaints 2022

The Financial Services and Pensions Ombudsman (FSPO) has published its Overview of Complaints of 2022. This report marks the first publication from the FSPO since Liam Sloyan, the former chief executive of the National Treatment Purchase Fund (NTPF), took up the role of Ombudsman in December 2022.
www.grantthornton.ie www.grantthornton.ie
 
I took UB to the FSPO a few years back and it was a very lengthy process. From what I hear, the situation hasn't improved much since.
 
I just a little curious to know if anyone who decided to redeem their mortgage recently has received their deeds? I redeemed mine, with official closure date of February 23rd. I was advised it would be an 8 week period to receive the deeds after this. That time has just passed with no deeds yet so would love to get a “real” time frame based on somebody else's experience. Thanks
 
I actually just got a letter today confirming I had paid it off and that included in the amount was the 38 euro fee even though they have already refunded that a couple of weeks ago for some reason. The letter said they would be in touch with me about the deeds. Paid it off 9th February.

They are really skimping on small stuff, they badly need new ink in whatever is printing those letters, you can barely read them they are so faint!
 
Monbretia said:
I actually just got a letter today confirming I had paid it off and that included in the amount was the 38 euro fee even though they have already refunded that a couple of weeks ago for some reason. The letter said they would be in touch with me about the deeds. Paid it off 9th February.

They are really skimping on small stuff, they badly need new ink in whatever is printing those letters, you can barely read them they are so faint!
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That sounds like your offical mortgage closure letter.. I got a similar letter a number of days after account was closed.. dated 23rd - my official closure date. I rang for clarification on the deed’s procedure and was told that they would not be contacting me as the letter stated and the deeds would automatically be sent in appropriately 8 weeks. It’s very strange that you are just getting that letter now.
 
Petulaa said:
That sounds like your offical mortgage closure letter.. I got a similar letter a number of days after account was closed.. dated 23rd - my official closure date. I rang for clarification on the deed’s procedure and was told that they would not be contacting me as the letter stated and the deeds would automatically be sent in appropriately 8 weeks. It’s very strange that you are just getting that letter now.
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Who knows! I thought it odd that they were refunding the 38 euro closure fee after asking for it in the first place, there was hassle with that as they sent me out a letter to get IBAN details and for the joint mortgage holder to sign, there is no joint mortgage holder! Then when I gave them a BIC & IBAN it wouldn't work for them, it was N26, they asked me had I any AIB or BoI account which I haven't but the EBS one worked, couldn't be bothered trying to figure out with them why on earth they couldn't make the payment to N26, either was I got the refund few weeks ago.
 
Got one of the standard 3 monthly statement type letters today that shows I paid 2.93 in interest! :rolleyes: A bit confusing as if I did where did they get it from, I was fully offset and haven't paid interest in years, in fact far in excess and then I cleared it all. I can't be bothered trying to even figure it out or ring them, assume it will just go away lol
 
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