Consumers Must Not be Punished For Banking Errors
The situation where Ulster Bank has, through an internal accounting failure, undercharged consumers on mortgage repayments must be remedied without any penalty whatsoever in the guise of associated costs or interest charges being levied upon that borrower.
Consumers who pay their mortgage every month do so in the minimum amount determined and advised by their lender. It is not a matter for the borrowing consumer to decide. Therefore the Consumers’ Association of Ireland (CAI) would contend that the lender must take responsibility for any and all costs associated with recouping of the primary sum involved both past and future.
In addition, in consideration of the fact that there is a significant financial shock element here that has the potential to place many in elongated long-term debt, the CAI would advocate for the facilitation of a lengthy term of repayment, if necessary, beyond the term of the mortgage agreement.