Ulster Bank & increased TRS, anytime soon ?

Rabidlamb

Originally it was meant to be applied in the final quarter but the recent computer problems have obviously set that back again.
Has anyone been given a definite date for the application of the increased TRS ?.
Do we expect them to return this years overpayment or to hold it as an overpayment on the mortgage account ?.

I used to be with First Active before they were swallowed back up & they used retain any similar overpayments, you had to write a letter to claim the money back.

peteb2

i expect them to refund it. After they reduced the SVR in July and didnt apply it until this month they swallowed up the backdated reduction.

If I write a letter to them will they return it to me?

km79

peteb2 wrote: »

i expect them to refund it. After they reduced the SVR in July and didnt apply it until this month they swallowed up the backdated reduction.

If I write a letter to them will they return it to me?

I have called 3 times since April. The last call was a month ago. They said they HOPE to have it sorted by end of year 😳 but The extra TRS will be refunded so hopefully a nice Xmas bonus but I'd have my doubts. It's not good enough really.
In writing a letter of complaint ....

Cypresstree

I rang the UB yesterday about this very topic... It's seems We will have to wait until MARCH 2013!!!!!!!

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!

km79

Cypresstree wrote: »

I rang the UB yesterday about this very topic... It's seems We will have to wait until MARCH 2013!!!!!!!

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!

It's not really theirs to take .....ill be calling again next week

rameire

km79 wrote: »

It's not really theirs to take .....ill be calling again next week

im not sure you understood what was meant above..

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.

this is what was meant above.

km79

rameire wrote: »

im not sure you understood what was meant above..

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.

this is what was meant above.

So how would ya get it back into current account and when ?

rameire

so lets say they lodge the extra trs to the mortgage.
the easiest thing would be send a letter to refund the money to the bank account that the direct debit is paid from.
send the letter as soon as you know about the trs lump sum.

km79

rameire wrote: »

so lets say they lodge the extra trs to the mortgage.
the easiest thing would be send a letter to refund the money to the bank account that the direct debit is paid from.
send the letter as soon as you know about the trs lump sum.

So what you are saying is that if people don't so this it will just "rest" with ulster bank ?
Thanks btw for the info. Ill be doing that

rameire

km79 wrote: »

So what you are saying is that if people don't so this it will just "rest" with ulster bank ?
Thanks btw for the info. Ill be doing that

you will get alot of people who will not bother to withdraw the money.
it will sit on the mortgage thus reducing the amount of interest charged.

I myself will be withdrawing it.
it's my christmas fund.


and in relation to TRS, it is amazing the amount of people who are entitled to trs that do not claim it.
either because they think the bank does it for them or they just dont realise.

so to everybody, if you know anybody who has a mortgage, ask them, do they get trs, and if they say yes, tell them to ring revenue on 1890 46 36 26 with their pps number to make sure.

km79

It was in the indo today. This years total shortfall will be a single credit against the mortgage before the end of the year. New rate should be sorted early next year.
So pretty much what was outlined by people above

peteb2

doesn't leave them much time to do it then. Only two more repayments before the year end!

krattapopov

So just to confirm, if we want to get this money before the end of the year we need to:

1. Keep an eye on our mortgage account and wait for the 5% additonal credit
2. Once the credit is applied request in writing to the bank that it be transferred to the current account where the direct debit is taken from

As far as I'm aware if it goes past the year each individual person will have to claim the 5% back directly from the revenue themselves.

Kenny Logins

Here's the article in the Indo -

http://www.independent.ie/business/personal-finance/property-mortgages/1000-payout-for-ulster-mortgage-holders-3278631.html

rameire

krattapopov wrote: »

So just to confirm, if we want to get this money before the end of the year we need to:

1. Keep an eye on our mortgage account and wait for the 5% additonal credit
2. Once the credit is applied request in writing to the bank that it be transferred to the current account where the direct debit is taken from

As far as I'm aware if it goes past the year each individual person will have to claim the 5% back directly from the revenue themselves.

1. yes
2. yes

3. no, Ulster Bank will make sure that the extra 5% will be applied to the mortgage account.

krattapopov

Cheers rameire, thanks for the clarification.

In relation to the scenario that the 5% credit is not applied for 2012 and the tax year ends, the bank will still apply the 5% credit for the entirety of 2012 and not just from the start of 2013?

If that's the case then great! (well it's not great that it's come to this, but ya know).

rameire

Correct. They will.

angel_wings

So just to clarify..... Can we ask (in writing) to have the lump sum refunded to us (via our account the DD comes from) ?

rameire

yes, yes you can.

km79

rameire wrote: »

yes, yes you can.

Should we do this now ?

rameire

nope, not worth it, as you will probably just get a letter telling you about the 30% trs issue.

by all means write the letter, stick it in an envelope and have it ready in the car or house so you can post it as soon as it is noticed the trs has been credited.

if you have an account and mortgage with UB and you use online banking, you will see your mortgage account online also, when the trs is credited you will see the credit on the account, if not somebody here, maybe me will post up that the credit has been applied, then send the letter in.

km79

rameire wrote: »

nope, not worth it, as you will probably just get a letter telling you about the 30% trs issue.

by all means write the letter, stick it in an envelope and have it ready in the car or house so you can post it as soon as it is noticed the trs has been credited.

if you have an account and mortgage with UB and you use online banking, you will see your mortgage account online also, when the trs is credited you will see the credit on the account, if not somebody here, maybe me will post up that the credit has been applied, then send the letter in.

Been using ulster bank online banking for 7 years. Same time as I took out mortgage with them and I NEVER thought to add the mortgage account on it to view. Thanks for that

angel_wings

rameire wrote: »

if not somebody here, maybe me will post up that the credit has been applied, then send the letter in.

That would be great, thanks
I dont have access to view my account so will be relying on word of mouth!

kkontour

km79 wrote: »

Been using ulster bank online banking for 7 years. Same time as I took out mortgage with them and I NEVER thought to add the mortgage account on it to view. Thanks for that

How can you add the the mortgage account. Do you have to contact the guys in Online banking or can it be added manually from the website?
Tks
K

rameire

Mine just popped up online during the year.
You would need to be using online banking for a bank account already.
I believe each customer has a unique reference, and this reference would need to be the same for all accounts for them to show up. If it is not there already I would say contact your local branch.

Chops82

I just spoke to Ulster Bank, they will be sending a letting out to all giving the option of either getting the money refunded into your account or taking it off the sum of the mortgage. She told me there was no need to send a letter to them now to wait until they issue the letter on December.

Kenny Logins

Chops82 wrote: »

I just spoke to Ulster Bank, they will be sending a letting out to all giving the option of either getting the money refunded into your account or taking it off the sum of the mortgage. She told me there was no need to send a letter to them now to wait until they issue the letter on December.

Thanks. I was just too lazy to do the same. :pac:

angel_wings

Anyone any update on this ???? Anyone received a letter? Any idea wen we will? How long will refunds take to be processed? How can we find out exactly how much wer owed?
Maybe I'm just being too anxious but I guarantee if we owed the bank money they wouldn't take this long about it

peteb2

didn't you see the indo today? They will write out before the end of the year. but they won't have it corrected until at least March 2013. So they will then have to make a further payment to account for the 3 months in 2013 when they coudnt correct it.

Kenny Logins

angel_wings wrote: »

Anyone any update on this ???? Anyone received a letter? Any idea wen we will? How long will refunds take to be processed? How can we find out exactly how much wer owed?
Maybe I'm just being too anxious but I guarantee if we owed the bank money they wouldn't take this long about it

Read post #26..

crispy69

http://www.rte.ie/news/2012/1121/ulster-bank-mortgage-business.html

Story today on RTE about this

Kenny Logins

crispy69 wrote: »

http://www.rte.ie/news/2012/1121/ulster-bank-mortgage-business.html

Story today on RTE about this

To date the IT upgrades in 131 of the 132 lenders have successfully upgraded, covering 151,000 cases or just over 80% of beneficiaries.

:pac:

rameire

Ok I can confirm the normal monthly trs for December has now hit. Just waiting on the lump sum now.

rameire

My trs lump sum has hit my account.

krattapopov

Hey Rameire,
Thanks for the update, can see my lump sum has also hit my account. I was expecting the full 996 but have only gotten 774 so will have to give them a call about that.

If you don't mind me asking is your letter along the lines:

Dear Sir/Madam

I can now see that a lump sum payment has been made to my mortgage account in lieu of the change in TRS rates from 25% to 30% in budget 2011. Can you please arrange for this lump sum to be transferred to my current account of which my mortgage payment regularly comes out of: Branch:xxxxxx SC:xxxxxx ACC:xxxxxxxx

Regards

Krattapopov

rameire

That is it. Just make sure your mortgage number is on the letter and all people on the mortgage sign the letter

krattapopov

Many thanks buddy

km79

I just rang. No credit yet. They are "doing up" letters telling us how much we are due and giving option to take money or put against mortgage

krattapopov

Yeah just off the phone with them too - have to ring the revenue regarding the amount I've received, which is fine.

I've composed my letter and will be sending it off once my wife signs it. The person I was talking to had no timelines on when the letters would be sent or how quickly they would be processed on their return.

km79

krattapopov wrote: »

Yeah just off the phone with them too - have to ring the revenue regarding the amount I've received, which is fine.

I've composed my letter and will be sending it off once my wife signs it. The person I was talking to had no timelines on when the letters would be sent or how quickly they would be processed on their return.

You have to ring the revenue or they are ringing the revenue ?
Everyone seems to be getting a different story from them !

krattapopov

I have to ring the revenue

km79

krattapopov wrote: »

I have to ring the revenue

They made absolutely no mention of this to me ! Are you doing this for your own piece if mind or do you have to do it for Ulster Bank ?

krattapopov

For my own piece of mind, I queried them on the amount as I expected to get the full 996, because of the amount of interest we pay at this stage of the mortgage - however we did not get that amount.

So I asked if they could explain that figure to me and the calculations behind it, and she said that the revenue calculate the amounts in question and that I should get in touch with them. So I'll have to do that!

km79

krattapopov wrote: »

For my own piece of mind, I queried them on the amount as I expected to get the full 996, because of the amount of interest we pay at this stage of the mortgage - however we did not get that amount.

So I asked if they could explain that figure to me and the calculations behind it, and she said that the revenue calculate the amounts in question and that I should get in touch with them. So I'll have to do that!

Oh right . We are only going to get 150 anyway . Currently getting 125 so at least I know how much we are due

Peckham

My monthly payment went out for December and it's the same as the November payment, so I'm guessing my payment hasn't yet been fixed, and will be fixed for January's payment.

I'm assuming it's by a reduced direct debit that I'll know the issue is fixed?

Actually worried now whether I'm claiming TRS - must ring Revenue tomorrow to check!

mickey mac

Has this mortgage relief been affected by today's budget?

krattapopov

From what I can tell, anyone who buys a house after the 1st of Jan won't be entitled to TRS? People who have bought before retain the TRS til end of 2017

rameire

Peckham wrote: »

My monthly payment went out for December and it's the same as the November payment, so I'm guessing my payment hasn't yet been fixed, and will be fixed for January's payment.

I'm assuming it's by a reduced direct debit that I'll know the issue is fixed?

Actually worried now whether I'm claiming TRS - must ring Revenue tomorrow to check!

you should read back over this thread, and you will then understand what is happening

rameire

krattapopov wrote: »

From what I can tell, anyone who buys a house after the 1st of Jan won't be entitled to TRS? People who have bought before retain the TRS til end of 2017

correct, the way i see it also is there are no changes to what was announced in dec 2011,
the people who buy next year wont have to pay the property tax until 2016 I think

blahblah06

Nothing in my bank account ? Does the money go into the mortgage account? So I need to call them to and it to my current account?

rameire

yes, mortgage account for Ulster Bank.
you may be able to see you mortgage transactions online if you have an Ulster Bank current account linked up correctly