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  #61  
Old 10-10-2011, 04:39 PM
jonocon jonocon is offline
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It makes no financial sense for PTSB to try and get us to pay now, they are effectively asking us to repay a debt but by insisting on this they are taking our asset from us and then we have no way of paying it. Has anyone done a calc on how much interest PTSB will get over 25 years, I've taken an average rate and multiplied it by 25 years and at the worst case scenario the bank gets the money they lent back. True, they are in business to make profit but in my cas if I pay them interest only over 25 years they will have raked in the value of my mortgage in interest, then, after that they still have the security of the property
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  #62  
Old 07-12-2011, 11:08 AM
Brendan Burgess Brendan Burgess is online now
 
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Would someone affected by this like to start a new post summarising this thread or doing an FAQ.

1) The arguments for and against PtSB's position
2) The Walter Odlum case - cost, contact details, where it's at
3) The current state of play - PTSB appears to have deferred a decision until February.
4) Any cases taken to the Ombudsman
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  #63  
Old 02-02-2012, 08:17 AM
7seats 7seats is offline
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Received the following from PTSB :


Unfortunately I am not in a position at present to advise when new options may be made available to our Residential Investment Property mortgage account holders. However once these new options become available all customers will be advised accordingly.

I regret I cannot be more specific at this time.

I trust this is to your satisfaction.

No idea what is happening with the court case, nothing that I can see in the Papers and no posts here.
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  #64  
Old 03-02-2012, 08:37 AM
7seats 7seats is offline
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Hi Jonocon, I emailed the customer care dept last week, the reply was sent Monday. I am back on Capital + interest since last July. At that time PTSB intimated that new options would be avaialble in early 2012, hence my enquiry to them.
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  #65  
Old 22-02-2012, 10:21 AM
7seats 7seats is offline
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My understanding of the situation is that there are currently 3 groups of PTSB R.I.P. mortgage holders.

1
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  #66  
Old 22-02-2012, 10:26 AM
7seats 7seats is offline
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apologies, I'll finish the post now :-)

1 Those who received the letter in early 2011 and were forced to start Capital + Interest or move off their Tracker.

2 Those who received the letter after about April/May 2011 and then received a further letter informing them that they could stay on Interest only until February 2012.

3 Those involved in the Walter Odlum case, which has gone very quiet.

Each of these groups have different questions for PTSB and there does not seem to be a strategy to address all of the mortgage holders in a consistent fashion. From In the Mires comments above, it seems the bank themselves are also in limbo on this issue. If anyone has any information on what the Bank are doing, it would be great if you could post it here.
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  #67  
Old 22-02-2012, 11:53 AM
jprender jprender is offline
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Quote:
Originally Posted by 7seats View Post
apologies, I'll finish the post now :-)

1 Those who received the letter in early 2011 and were forced to start Capital + Interest or move off their Tracker.

2 Those who received the letter after about April/May 2011 and then received a further letter informing them that they could stay on Interest only until February 2012.

3 Those involved in the Walter Odlum case, which has gone very quiet.

Another group (of which I'm a member)

- Interest only period ending later this year, no correspondence needed as of yet.


I'm obviously watching this thread closely for developments.
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  #68  
Old 01-04-2012, 11:09 AM
jonocon jonocon is offline
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I rang PTSB last week too and as my IO period was due to end this June and I wanted to know what the position was as I hadn't heard. The guy told me that as far as he was concerned it wasn't due to end as on his computer screen there was "no end date" for the IO. I asked him was this unusual and he said no not if it were to be IO for the full term. This has me both excited and surprised in equal measure. Does anyone have anymore info?
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  #69  
Old 24-04-2012, 12:34 PM
frankor2 frankor2 is offline
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Article in Indo & Irish Times today regarding yesterday's court motions:

http://www.independent.ie/national-n...t-3089210.html


"A GROUP of homeowners who don't want their bank to switch their mortgages from interest-only have taken their case to the High Court.
Seventy-four sets of proceedings have been launched against Irish Life and Permanent TSB after the bank announced last year it was going to make the homeowners pay back the capital on the loan as well as the interest.
Yesterday Mr Justice Roderick Murphy gave permission for four test cases to be mounted.
The proceedings relate to mortgages taken out over the period from the end of 2004 to 2007 and range from 300,000 to 400,000 each.
All agreed to pay interest for the full term of the mortgage, and to pay off the capital at the end of the agreed term or when the property was sold, whichever happened first.
The High Court yesterday heard that some of those who had taken the proceedings were in financial difficulties, and some had taken out the mortgages to buy property as a pension.
Judge Murphy ruled that two cases already at an advanced stage of preparation would go ahead and two more cases could act as 'pathfinder cases'.
He said this would be enough for a representative decision to be made."
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  #70  
Old 01-08-2012, 08:32 PM
Brendan Burgess Brendan Burgess is online now
 
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I have posted extracts from the judgement here

http://www.askaboutmoney.com/showthread.php?t=171271
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  #71  
Old 29-11-2012, 02:33 PM
jonocon jonocon is offline
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Just checking in here again. Does anyone have an update on what's happening here
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  #72  
Old 23-01-2013, 03:17 PM
Encourager Encourager is offline
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Default BTL tracker with PTSB - update on restructuring options

Just spent 45 minutes writing a post only to be told I could not post! Lost the entire post!

Last edited by Encourager; 23-01-2013 at 03:17 PM. Reason: will post again but no time now
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  #73  
Old 23-01-2013, 03:19 PM
Brendan Burgess Brendan Burgess is online now
 
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Can you try hitting the back button a few times? Works sometimes.

Brendan
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  #74  
Old 08-02-2013, 01:49 PM
Tracker Man Tracker Man is offline
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Any one have any update on PTSB and Trackers? Would be very interested to hear what Encourager had to say!
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  #75  
Old 01-05-2013, 03:19 AM
jonocon jonocon is offline
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I'm checking back here again. Does anyone have any new info as to what may or may not be happening?
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  #76  
Old 03-05-2013, 11:52 AM
Bronte Bronte is offline
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Quote:
Originally Posted by jonocon View Post
I rang PTSB last week too and as my IO period was due to end this June and I wanted to know what the position was as I hadn't heard. The guy told me that as far as he was concerned it wasn't due to end as on his computer screen there was "no end date" for the IO. I asked him was this unusual and he said no not if it were to be IO for the full term. This has me both excited and surprised in equal measure. Does anyone have anymore info?
Maybe it's a bank computer error for you and then you shouldn't be asking them too many questions as you seem to think you should have gone back to capital and interest. Can you afford this? In any case have you a back up plan on how to pay back the capital at the end of the mortgage term?
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  #77  
Old 20-05-2013, 09:08 AM
Tracker Man Tracker Man is offline
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I checked with PTSB and on both my Mortgages there is no longer an IO review date on either my main PDH Tracker or my separate RIP Tracker. Will write to them formally asking if that is definitely the case and will it remain the case for the full term. For Bronte, yes I do have a plan to clear them off at teh end of their terms.
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  #78  
Old 20-05-2013, 09:48 PM
Bennyw Bennyw is offline
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HI all, I'm new to this forum but in the same boat as all of you. I was due to come IO in June but heard nothing from bank. I phoned them and was advised that I would remain on IO until 2015. I said I understood it to be this coming June and wanted to discuss restructuring. Advised that this could not happen until 2015. I told them that I wanted to discuss restructuring now as my correspondence from them stated June 2013. After a lot of toing and frowing, they came back and said that I would remain on IO only for the remainder of the term i.e. 14 years, this could be subject to review but this was unlikely. I was forced off the tracker in 2011. (seems a bit suspect to me, that they offered this so quickly without any great effort on my part)
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  #79  
Old 20-05-2013, 10:30 PM
quinnotis quinnotis is offline
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hi is this a buy to let property or ur family home?
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  #80  
Old 20-05-2013, 11:01 PM
jonocon jonocon is offline
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Quote:
Originally Posted by Bennyw View Post
HI all, I'm new to this forum but in the same boat as all of you. I was due to come IO in June but heard nothing from bank. I phoned them and was advised that I would remain on IO until 2015. I said I understood it to be this coming June and wanted to discuss restructuring. Advised that this could not happen until 2015. I told them that I wanted to discuss restructuring now as my correspondence from them stated June 2013. After a lot of toing and frowing, they came back and said that I would remain on IO only for the remainder of the term i.e. 14 years, this could be subject to review but this was unlikely. I was forced off the tracker in 2011. (seems a bit suspect to me, that they offered this so quickly without any great effort on my part)
I was due off IO last June but heard nothing. I then rang them and they said there was no end date for IO. That's all they told me. I have left it alone since then and didn't want to rock the boat. I have no idea how it'll play out. I bought for 346500 and one sold last month for 63000.
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