Ulster Bank made a MISTAKE with my Mortgage

recession victim

Hi guys,

Ulster bank made a mistake with my mortgage - they kept it interest only long after the interest only period expired, basically I should have been paying interest & capital for the past 2 years.

Before this happened I requested they leave it on interest only & presumed they had - that it wasn't a mistake. Now I'm abroad in Australia looking for work & having audited & realised their mistake - they've hit with with a bill for 10,600 EUR, right before Christmas!

Sure you know what Bankers are like; They've given me 4 options for paying it, a lump sum up front (not likely), an extra 50 EUR a month for the term of the mortgage, or 2 options that would involve changing the conditions of the mortgage. The last isn't an option as its tracker & I want to keep it that way.

I intend to pay the outstanding amount - of course nothing is free & fair is fair. However I'd like to pay it under my terms at a time & rate that best suits me. I don't think its fair to shoulder a huge financial burden because of their mistake? I would rather pay it at the end of the term when times are good & money is plenty

To top it off they've given me a relatively short deadline to respond. It'll be a blue Christmas for sure this year but not for the fat cat bonus taking banker who sent that awful letter.

-Does anyone know of any legalities I can use to gain leverage here?
-Any online forums or institutions that can offer financial advice?
-Any help at all is appreciated.

Yours truely,

R V

Bogwarryor

Typical bankers, sounds like a trip to the solicitor is in order!

_ciaran_

Bogwarryor wrote: »

Typical bankers, sounds like a trip to the solicitor is in order!

Your solicitor wont be much help.

Your best bet would be to meet up with your relationship manager at your branch and see if you can negotiate a more favourable repayment scheme. Very unlikely they would let you leave it untill they end of the loan term though.

_ciaran_

_ciaran_ wrote: »

Your solicitor wont be much help.

Your best bet would be to meet up with your relationship manager at your branch and see if you can negotiate a more favourable repayment scheme. Very unlikely they would let you leave it untill they end of the loan term though.

Ah sorry, just re read your post and realise you are in Oz......
Might be worth ringing your RM/ branch all the same though

Thoie

The mean part of me would find their "customer charter" or whatever, and respond back to them in their own language. Something along the lines of "Thank you for bringing this to my attention. The matter will be investigated, and I will be in touch with you within 28 working days. If you have any further information, please respond to this letter, quoting reference GSOKRGOKERKO23432923

Ideo

recession victim wrote: »

Hi guys,

Ulster bank made a mistake with my mortgage - they kept it interest only long after the interest only period expired, basically I should have been paying interest & capital for the past 2 years.

Before this happened I requested they leave it on interest only & presumed they had - that it wasn't a mistake. Now I'm abroad in Australia looking for work & having audited & realised their mistake - they've hit with with a bill for 10,600 EUR, right before Christmas!

Sure you know what Bankers are like; They've given me 4 options for paying it, a lump sum up front (not likely), an extra 50 EUR a month for the term of the mortgage, or 2 options that would involve changing the conditions of the mortgage. The last isn't an option as its tracker & I want to keep it that way.

I intend to pay the outstanding amount - of course nothing is free & fair is fair. However I'd like to pay it under my terms at a time & rate that best suits me. I don't think its fair to shoulder a huge financial burden because of their mistake? I would rather pay it at the end of the term when times are good & money is plenty

To top it off they've given me a relatively short deadline to respond. It'll be a blue Christmas for sure this year but not for the fat cat bonus taking banker who sent that awful letter.

-Does anyone know of any legalities I can use to gain leverage here?
-Any online forums or institutions that can offer financial advice?
-Any help at all is appreciated.

Yours truely,

R V

I think your nuts even listing to people saying get a sol, your only going to waste money on sols fees. Pay the €50 a month and get on with it. honestly, what do you expect them to do, write off the charge for you or something? you're going to have to pay it either way so you should just get on with it

UB weren't bailed out by the govt - Bogwarryor's "Typical bankers, sounds like a trip to the solicitor is in order!" - typical ill informed tripe

BuffyBot

Bogwarryor, Thoie - unless you have something constructive to add, it's probably better not to post.

chris85

Paying an extra €50 a month would not take you off the tracker rate. Talk to them and confirm this and probably best to go ahead with this. They have made a mistake so no harm making a complaint so you can get your views on record for it.

Seeing a solicitor would be crazy. Many people here use this as first option to run to a solicitor. They are costly and unnecessary in a situation like this.

unclebill98

I'd agree with the "Get on with it" replies.

They will have to find a way that is fair and acceptable to you. If not complain and then after their final response bounce it to the ombudsman for review.

handlemaster

€50 per month sounds fair to me. If it were the other way around that they had over charged what would you except ?

Sam_89

Hi,

I am just wondering how you got on with the Bank in the end, as my parents are now in a very similar position. However it is a lot more money the bank are requesting as the Banks error has been ongoing since 2005. But they are not being very helpful with resolving the issue. Also no one from the bank seems to be able to talk to my parents to help them come to some arrangement to pay the money back, unless they pick one of the options as you mentioned above however they have been told they are too old to extend the term, and honestly they cannot afford the other two options as they just dont have the disposable income. So the bank wont negotiate with them until the sign to say they will pay the money from one of two options which my parents know themselves they cannot possibly afford. Any advice would be greatly appreciated!