PTSB ptsb withdraws appeal to Supreme Court on trackers; CBI taking enforcement action

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When our case went through investigation we gave details of the call i.e the name of the guy we spoke to and the date and it could not be found. we also sent a fax saying "as per telephone conversation with ***** we would like to switch to SVR with no penalty. It seems everyone has the same thing written cause I remember asking him what we had to do and he said send in a fax / letter but had to be done within the next few days of the call.
 
Hopefully, we are exactly the same. Do not know the date but spoke with somebody in a branch office, quoted the name of this person in all correspondence to PTSB when first complaining and then FSO. We would told exactly what to say in fax that we wanted to break our fixed term with no penalty and switch to variable. I have a copy of the fax. What the bank also failed on on our part is the fact, they never even acknowledged receipt of our fax, sent no new Letter of Offer stating new terms or even sent a basic letter acknowledging our fax sent. All brushed under the carpet!!!
 
It sure is interesting! Just wondering if anybody else who sent that fax back in jan / feb 2008 ever received correspondence from PTSB confirming they were transferred from fixed to variable?
 
I broke mine in Dec 2008 and got a letter back. Like you I was told what to say in the fax. Also I would have not used a fax unless I was told to as at that time I always wrote letters. While they could interpret our faxes narrowly and say that they actually just gave us what we asked for I don't think that would be appropriate in the circumstances and if they do we know they are up to their old tricks again and this exercise is some sort if odd PR event.
 
Where can a whistle blower be found in PTSB when you want one. Maybe Charlie Weston could encourage some one to tell the story. I never was a customer of PTSB but cannot help feeling that there has been something sly going on there.
 
I never received a new contract either or confirmation of receiptof fax. Jan 2009.
 
The last 4 years has not felt as long as the last week! Haha

I agree. I seem to expect the postman to deliver a letter soon but as we all know, this process could still take considerable time! I reckon the bank is inundated with new complaints every day, while delegating a solution to previous complaints!
 
Yes but the 80 or so customers who have taken a complaint to FSO and have been waiting 4/5 years should at least recieve a letter from ptsb stating we are looking at your issue and are in the process of working out your refunds. Should be giving us a time frame at the very least.
 
Faxes

Just to point out something to everybody. At one point, not just PTSB, but Ulster and I assume others, you could send a fax. But at some stage this was no longer allowed. As in they insisted the document had to be signed by both parties and had to be originals. If I remember it correctly (I would have fixed at various times in the last 20 years).
 
The information provided is the CB is investigating and this may involve tens of thousands of customers (Their Words) and they have a 3 month timeline to identify affected customers and communicate with them to redress the issue.

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I would prefer to get this in writing from the PTSB if I were a customer affected who was not already in the FO files.

Has any other poster, not in the FO, received the same confirmation as Talder in writing?
 
I have spoken to the central bank, PTSB and FSO. I was only 15 days outside of the 6 year period whereby I could submit a complaint to the FSO. I was unaware I had a case until I heard the news and looked at my contracts last week. I too broke out of my fixed term with no breakage fee in Jan. 2009. I would advise everyone to submit a complaint in writing/email to the PTSB regardless of whether or not you are outside the 6 year window if you feel you have a case. I have been advised that the FSO is to look at your case if PTSB don't return a satisfactory response within 40 working days. The Central Bank also advised me to submit a complaint. The FSO said it could not deal with my case as it's outside of the 6 year window. As the FSO is regulated by the Central Bank I emailed the Central bank regarding this. I am hoping that because there is an enforcement action that the Central Bank can allow the FSO to accept additional complaints (This may be important as I'm guessing PTSB are not going to be offering good deals). The Central bank emailed that the FSO does have a 6 year exclusion period and that the 6 year exclusion period doe not apply to PTSB. I have emailed the Central bank to clarify to me that I am permitted to submit my case to the FSO once the 40 days are up after my initial complaint to PTSB. I am awaiting their response. I think it is important for everyone involved to submit complaints, keep records and use all options available as PTSB have not treated their customers favourably - hence we need to do everything to the book to ensure that if we are eligible to get our tracker rates back that we get the best and correct rate and are all treated equally.
 
As the FSO is regulated by the Central Bank I emailed the Central bank regarding this.

The Central Bank does not regulate the FSO. The FSO must act according to the statute which set it up.


The Central bank emailed that the FSO does have a 6 year exclusion period and that the 6 year exclusion period doe not apply to PTSB.

That is really interesting. It sounds as if the Central Bank has told ptsb to ignore the 6 year rule.

Brendan
 
I used to work for PTSB and still have contacts there. I have been told that they are reviewing all cases from as far back as 2006 up to 2008. As I broke out of my Fixed Rate in Jan 2009 I asked my contact to try to find out the exact dates for me, but it does appear that they are overlooking this 6 year period. My contact tells me that the letters are being prepared to be sent out to affected customers in early March, but the Central Bank may delay this date, they did not say why there would be further delays. My contact also said that the refund amounts are quite substantial in a lot of cases.
 
If you are outside 6 month time frame 2 things might help
1) CB enforcement action might dictate its retrospective to all affected parties
2) Statute of limitations for fraud is 12 years so if you could prove it you would have to go to Court
 
This person wasn't sure of the exact dates so was going to try to find out more information. I think that because there is so much media hype around this issue, anyone who is due to be refunded will be. Hopefully you will get a letter in March.
 
Actually I got it slightly wrong for Fraud the 6 year clock starts ticking from when you found out about it...so you could use your post here as proof when you found out about it!!!

The FSO 6 year timeline is different in that they can only look back at most 6 years
 
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