Mine was partially upheld - CAP awarded me redress (of the capital over payment but not the interest overpayment) for the period from the date the fixed rate ended to date judgement issued but I lost on the rate to be applied and was left with the 3.25% plus ECB rate. Even though I was awarded redress, I did not get any more compensation than the initial €1,000. I am appealing to the Ombudsman.
69 ptsb tracker appeals finalised, 55 rejected
- Thread starter Thomas
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Brendan Burgess
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Hi Thomas
I don't understand this. Could you expand on it a bit.
How much did you actually get? Did ptsb make a mistake in their original calculations?
Brendan
I had switched my mortgage to another bank and so the initial offer was just €1,000 plus €400 costs. I appealed to get the mortgage back, get redress from the date I was due to revert to the tracker to the current date and to get additional compensation. I was awarded the redress (but we lost on the rate to be applied and so it was at the 3.25% rate). They said they would give back the tracker but "subject to the normal lending criteria" and there was no additional compensation.
Brendan Burgess
Founder
- Messages
- 52,046
Hi Thomas
OK, you switched to another lender.
How much additional redress did you get?
Did ptsb argue the case or did they fight it? And did the CAP make the decision?
In practice, how does it work? Did the CAP issue a written decision? If so, would you email it to me? brendan at this website.
OK, you switched to another lender.
How much additional redress did you get?
Did ptsb argue the case or did they fight it? And did the CAP make the decision?
In practice, how does it work? Did the CAP issue a written decision? If so, would you email it to me? brendan at this website.
The redress was for the capital overpayment only (estimated at €5k at November 2015 (when first submissions went in)) but would be rolled forward to the date of the judgement in February 2016 and no instruction for overpayment of interest (which doesn't make any sense to me at all!). PTSB didn't argue the redress just the date the I lost my entitlement to the tracker (which determined the prevailing rate I would be offered). In their response, they just said that if instructed by the CAP to repay the amount it would be €5k. After a further round of submissions (responding to the other sides response to the initial appeal), CAP then issued their judgement. I will send it to you.