A review of those deemed "not impacted".

Stitcher

Frequent Poster
Messages
136
Regarding the discounted tracker, I would maintain that the name itself was misleading. If was not reverting to the pre discount rate, then it was not a discount tracker but a one year tracker, and like a one year fix, the notion of their being rate options to choose from after the year should have been made Very clear at the outset, not at the end.
 

Brendan Burgess

Founder
Messages
38,548
I would maintain that the name itself was misleading. If was not reverting to the pre discount rate,
That is a good argument.

Here is what ptsb says today about its one year discount variable rate

"12 Month Discounted Managed Variable Rates (MVRs)

The discounted rate will apply for a period of 1 year from the date of loan issue, but may change within the 1 year discount period (and/or at any time prior to drawdown of the loan). After 1 year your discounted mortgage rate will revert to one of our managed variable rates in line with your LTV at the time of loan issue (this will be 0.50% higher than your discount rate)”).

The question is what did the advertising and contract say at the time? If they said that the discount rate is 0.6% which is a discount of .2% and will be 0.8% after the end of the discount period", then ptsb would have no defence.
 

Nicolafk

Registered User
Messages
7
Former FA now ulster bank mortgage started of fixed to then go onto tracker was never offered tracker back definately impacted but nothing from ulster bank
 

pyrite

Registered User
Messages
15
AIB Staff Mortgages as well, there is thread about it as well in the Tracker thread
I took out a mortgage in 2007 part of it is on Tracker the other part was on a staff rate which is 3% plus BIK. I think all of it should of been moved to tracker.
Have the following from staff business
The tracker rate was discontinued on 10/10/2008 therefore would not have been available as an alternative rate when all accounts were switched 'en masse' to the Bank's standard variable rate. The standard variable rate is the Bank's default rate, if you had of wished to avail of one of our fixed rate products or LTV rates, it would have had to be be notified in writing to Staff Business, signed by all parties to the loan.
 

LTL1234

Registered User
Messages
29
Hi PFS
We are in the same position as yourself & I have noticed you are active on the subject so wondered if you could offer some advice on what steps to take. I contacted PTSB 2 years ago & was told we weren't impacted as we took on the variable rate after the discounted tracker so no case to answer. Having heard the same case on the radio & Padraic Kissane speaking I contacted PTSB again today who are sending out copies of the original draw down offer, options letter etc.. How did you pursue your case & are you any closer to an outcome? Many thanks
 

Missladycakes

Registered User
Messages
10
Just reading this and a tad confused. Had a 12 month discounted tracker that shot through the roof. This lead me to have major issues making payments. I know I signed on the dotted line but having lived in America I presumed there was a cap and it couldn't shoot up that high immediately. They have a yearly cap rate up and down and a life of the loan cap rate again up and down. So I was in a shitty situation with a very high payment I just couldn't fully pay. Over a year trying to get a split mortgage with three refusals and I eventually got one. No debt forgiveness here, just split into an affordable payment for now. I know it's 8 on the list of mortgages deemed not impacted but is this going to change? Are there others like me?
Thanks you for listening
 

Stitcher

Frequent Poster
Messages
136
Miss lady cakes, and LTL1234,
it is so good to see others who were on discounted trackers getting in touch. I had one also , then it failed to revert to the pre discount rate because banks changed the term's and conditions without explaining. This is missing selling. I went to the FSO and lost, but my case is now part of the central bank review and not yet considered by them yet. My case is deemed not impacted by my bank.
 

LTL1234

Registered User
Messages
29
Hi Stitcher
On what basis did the FSO side with the bank? I signed up for a 25 year tracker a certain % over the ECB rate, at the time the product was discounted for the first 12 months. I really fail to see how the banks changing the terms of the mortgage I.e. Offering a fixed, variable & new tracker rate (ridiculously high) after 1 year is not clear cut, it should have been called a 1 year tracker so. There must be a number of customers in this position as it was the product widely available at the time.
 

Stitcher

Frequent Poster
Messages
136
Hi LTL,
Same as me. It depends on the date you took out your Tracker. I drew mine down in Feb 2008 just after the wording in contracts changed in favour of the banks without explanation to customers. I will message you in private to discuss further.
Stitcher
 

Brendan Burgess

Founder
Messages
38,548
I am astonished that none of the banks has commented on the cohorts deemed not impacted.

I don't think that the Minister commented on this either.

The lenders have been generally ok with the people whom they consider to be impacted. They have got the right rate and they are working through the refunds.

But in December, there will be loads of people in the media again saying that they haven't heard from their bank.

Brendan
 

ryflava

Registered User
Messages
25
My thoughts exactly BrendanNothing has changed for us, with regard to anything the banks said yesterday.. I'm delighted that the people deemed impacted will hopefully be sorted soonbut I want what is rightfully mine, returned to me
 

Gen360

Frequent Poster
Messages
97
My case was frozen by the FSO to into the review, Ulster Bank will not confirm if my case is impacted or not. I can only presume the consider it not impacted due the zero communication from them. Of course until they tell me I am not impacted I cannot reopen the case with the ombudsman. It is absolutely disgusting what the banks are doing. They could have told me a year ago if i was not impacted and I could have gone back to the Ombudsman. I have wasted so much time complaining to Ulster Bank, another call this morning from a number that rings once and hangs up straight away ( a google search shows it's Ulster Bank relationship manager ) so they can put on record that they tried to call me back. Really, really sick of it all at this stage.
 

Fakenews

Registered User
Messages
11
Anyone who should have been on a tracker but who sold their property. Just because the property wasn't repossessed doesn't mean that they shouldn't be included. The difference in rates was too expensive for some people to continue to pay and so they bailed before repossession occurred in order to avoid any negative future impacts.
 

SaySomething

Frequent Poster
Messages
565
My case was frozen by the FSO to into the review, Ulster Bank will not confirm if my case is impacted or not. I can only presume the consider it not impacted due the zero communication from them. Of course until they tell me I am not impacted I cannot reopen the case with the ombudsman. It is absolutely disgusting what the banks are doing. They could have told me a year ago if i was not impacted and I could have gone back to the Ombudsman. I have wasted so much time complaining to Ulster Bank, another call this morning from a number that rings once and hangs up straight away ( a google search shows it's Ulster Bank relationship manager ) so they can put on record that they tried to call me back. Really, really sick of it all at this stage.
Ring the Relationship Manager back if you can. I record all calls. It helps to have the calls on the record...
 

Gen360

Frequent Poster
Messages
97
@SaySomething Tried to call it back but of course its a polite recorded message saying caller not available. I'm really not up to this anymore, it would appear they are engaged in psychological warfare. Most complaints usually end with "well you always have the option of going to the ombudsman". Just chasing my tail at this stage.
 

demoivre

Frequent Poster
Messages
2,604
I am astonished that none of the banks has commented on the cohorts deemed not impacted.

I don't think that the Minister commented on this either.

The lenders have been generally ok with the people whom they consider to be impacted. They have got the right rate and they are working through the refunds.

But in December, there will be loads of people in the media again saying that they haven't heard from their bank.

Brendan
What's wrong, and unacceptable in my view, is that the wrongdoers ie the banks, are the ones deciding which borrowers are impacted. Surely this should be done independently in the interests of fairness.
 

moneymakeover

Frequent Poster
Messages
493
CB should take effect €200m off each bank

like a bond

The CB should adjudicate every customer

If the bank plays ball they get a refund

If not CB keeps the bond and can put towards disputed customers
 

IdesofMarch

Frequent Poster
Messages
290
Brendan,

How about this cohort, (it will make Jeremey's eyes water) PTSB customers whose mortgage restructuring was made conditional on giving up their tracker mortgage (personally I have seen 11 such restructures, so I say the national figure runs into 100's)

BOI/AIB mortgages were the restructure involves adding 1% to their current tracker rate. ( I believe Pascal Donohue T.D. is talking to the CBI about this cohort)

The list goes on.
 
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