Central Bank publishes comprehensive - ish update on tracker review

Stitcher

Frequent Poster
Messages
129
Hi somar,
Firstly i complained to the FSO in 2009 but they did not find in my favour so I thought that was it. I hadn't energy or money to go to high court . Then in 2015 i read about Padraic's activities and rang him and he thought i had a very good case so he is representing me now. Then I spoke on 9 o clock news at an meeting held by Padraic . Then i went to ptsb agm last year as i have a very small share account from way back. I asked a question of the CEO (madding, mazring or some such, can't be bothered to remember his name to be honest). After that he said his people would be in touch. And they were. They told me then that my case would be part of the CAB review and I'd hear back in Feb. I wonder now are all discounted trackers part of the review? I I would expect so if mine is there. Then in Feb they rang and said I wouldn't hear back til June as review was taking longer than expected. I will go to AGM again in may and ask more questions. I don't see many like me on these tracker forums or threads but i am convinced that ptsb were underhand in how they sold these discounted trackers in 2007. Before 2007, the discount was a genuine discount 0.6 reverting to 0.8 after a year but in late 2007/ early 2008 they introduced new terms (special clause 9) that they did not explain to customers. Effectively they turned the 1 year discounted tracker into a 1 year tracker, like a 1 year fixed . But never explained that. They missold, and misadvertised this mortgage. I gave up a 1% tracker to switch to their 0.8 to save some money but it has cost me €40,000 extra so far.
I would suggest any one with a question should ask their bank is their case part of the the CB review. All banks had to identify what tracker mortgages were affected and so i reckon that almost all tracker products are up for review with CB, which is probably why it's taking so long.

I am putting my trust in this CB review and PKs activities as hopefully the scale of the issues shows that there was a systematic approach to changing terms without telling customers upfront.
 

Somar

Registered User
Messages
32
Thanks for reply stitcher.

Went through FSO also in 2012 but he ruled in favour of the bank also.

Was in touch with PTSB yesterday, they said my mortgage was part of the CB review but that no issues have been uncovered on that mortgage to date. They also said the review would not be complete until the end of this year.

Will be in touch with Padraic Kissane on Monday.
 

Stitcher

Frequent Poster
Messages
129
Hi Somar,
Sorry to hear FSO also didn't find in your favour. I must ask PTSB if any issues have been uncovered with my mortgage to date as I've not been told that. They told me i might hear by June so will ask why then and not end of year.
Stitcher
 

Somar

Registered User
Messages
32
Hi Stitcher

PTSB informed me they have some sort of alert application on their systems and if their are any possible errors in the mortgage during the review they show up on their system.

Facts are, all tracker mortgage products sold by PTSB have been internally reviewed at this stage by PTSB themselves,and they are keeping their heads down in hope the CB won't uncover much more.

It will run for the remainder of the year at least if the CB investigate the margin issue in detail. If they don't then the banks will get off the hook big time.
 
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