Brendan - what's your motivation in tackling PTSB?

Mpsox

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Moved from this thread so as not to take it off topic

you said in another post earlier this week

We borrowed the money ourselves. The ordinary Irish punter borrowed money from the banks to buy their homes ( and investment properties and overseas investment properties). Let's not blame the lenders. They did not force it on us.

On this thread you now speak of PTSB predatory lending.

Have you changed your tune as to the banks and their practises in the past?

I'm not defending PTSB, I'm not a customer and have absolutely no connection but I am curious in your recent motivation in tackling PTSB
 
I am curious in your recent motivation in tackling PTSB

That is an extraordinary question.

It is the same motivation for setting up Askaboutmoney - to help consumers.
It is the same motivation for "tackling" the Irish Nationwide over the last decade - to help consumers
It is the same motivation for serving free of charge on The Consumer Panel - to help consumers
It is the same motivation for serving free of charge on the Government's Expert Group on Mortgage Arrears - to help consumers

"Predatory lending practices" does not refer only to the giving out of a loan. When these loans were handed out, there was no element of predation.

But pushing up the rates to the levels which they have done knowing that the customer can do nothing about it, is predatory lending. There have been many complaints about the way PTSB and other banks have got people off trackers. There seems to be far more cases of PTSB going to the Ombudsman than the other lenders. This may well be predatory as well.
 
I want to make this clear, I am not condoning PTSB in anyway, I think their behaviour in many cases has been appalling but then so has the behaviour of most of the banks.
 
There are thousands who are motivated to do this,But Brendan and AAM has been a vehicle to allow us to bring it into the public domain.You may see Brendans name at the thread start,but this was just for clarity and sorting out the hundreds of replies to various incidents involving PTSB..

I know I started a thread about trackers and it doesnt appear under my user name but under a key thread by Brendan.
I also asked about starting a twitter campaign which is up and running.

Is it in the interests of the shareholders to trade unethically though?

Surely having thousands of customers unhappy and many more who are now finding out that they were entitled to Trackers when PTSB told them they were not,for some obscure reason.

PTSB told me I wasnt entitled to a tracker mortgage,when it was clear and obvious that I was..

Do you think I would ever do business with them ever or recommend them to friends and family ever..Nope..
When and if things get back to normal, they will suffer the consequences of their actions..hopefully.
 
I want to make this clear, I am not condoning PTSB in anyway, I think their behaviour in many cases has been appalling but then so has the behaviour of most of the banks.

So why question my motivation in tackling appalling behaviour?
 
So why question my motivation in tackling appalling behaviour?

You seem to have singled out PTSB. Why has there not been sections started on some of the other banks? Smart mortgages for example, make PTSB look like pussycats. I also felt your original post was rather emotive and confusing. On the one hand you call for the Govt to tell PTSB to cut rates, on the other, you list 3 minister and the Taoiseach as having done that.
You are a media figure and seen as a "font on knowledge" and appear on many a radio and TV programme. In the interest of fairness and transparency, if you have a personal gripe with PTSB then I think you should come out and say it. If you don't, then fine, at least it will be clear to all.
 
if you have a personal gripe with PTSB then I think you should come out and say it.

That is an even more extraordinary accusation. I have no personal gripe with PTSB whatsoever.

The government called on all the banks to pass on interest rate cuts of 0.25% when the bank they owned PTSB was charging 6.15% and another bank they owned, AIB, was charging 3.25%.

This made no sense.
This makes no sense.

Even if I had a personal gripe, it would still be wrong.

Smart mortgages for example, make PTSB look like pussycats.

Smart Mortgages are a sub-prime lender. They charged extra because they took on extra risk. There is simply no comparison.

Sorry if you found my post "confusing". The reality is that the politicians have forced AIB to reduce their rates by 0.25% and have called on the banks to pass on interest rate cuts and then say that they have no role in setting interest rates. Their policy is confusing, so my commentary on it will also be confusing.
 
Mpsox,

If PTSB cut their rates - then may be more customers could meet their full mortgage repayments rather than paying interest only or worse still running into arrears every month - I am sure neither the bank or PTSB borrowers would want this. We are in year 4 of a deep recession where people's wages have been cut if they are lucky to have a job, that on top of tax increases - there is only so much that borrowers can take and stretch their income to. I don't see Brendan has any major gripe with PTSB but because of AMM as a forum in which people like myself and others can get their story out there in the public domain - the more people that speak out against the interest rates that a nationalised bank such as PTSB are charging the louder our story will be heard rather than being a voice in the wilderness.

Angela59
 
Mpsox
This campaign against PTSB is simply about fairness across State owned banks and fairness to their customers. The State own PTSB & AIB but yet their rates are vastly different.

I am normally like Brendan & of the opinion that banks should set their own rates, but like Brendan I see that these are not normal times. Customers who bought at the boom & are in negative equity are tied to PTSB at the moment.

Unlike Brendan I am a customer of PTSB and that is my movitation, whereas Brendan is motivated by fairness and nothing else as far as I can see.

I for one do not want PTSB to need another bail out because of interest rate changes, but surely there is some sort of middle ground. One where their variable rate customers do take the brunt. Alot of these customers like myself over the last two years have seen their rates increase & increase.

Can I just say again though that Brendan should be commended for standing up for peoples rights and his motives are definately not in question as far as I can see.
 
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