Key Post Did you lose your tracker when fixing your mortgage or breaking out of a fixed rate?

Discussion in 'Issues with tracker mortgages' started by Brendan Burgess, Mar 28, 2011.

  1. Bronte

    Bronte Frequent Poster

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    Did you hear the interview? As I said I didn't properly hear it. Did you get your tracker back or not, what is it you got? Yes I agree you should not be out of pocket one penny for this. And then compensation on top.
     
  2. rodger

    rodger Frequent Poster

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    Notabene

    Well said about "financial limbo".

    It seems the banks were given an interest free loan by thousands of tracker holders for the past 8 years.

    Nobody went to assistance of customers.

    If the banks think they can just return the money and that's it then they got away with it. In a time of financial crisis to be cheated by those institutions is hard to believe.

    Hopefully the current ombudsman and the central bank will redress the situation.

    Even now PTSB customers still treated badly and they won their cases.

    Hope to see a good turn out in City West next Thursday
     
  3. BillyO

    BillyO Registered User

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    Hi Notabene..are you saying that you did not get your tracker back but you did receive some compensation. Did you go to mediaiton with the bank following a recommendation from FSOB perhaps?
     
  4. notabene

    notabene Frequent Poster

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    Last edited: Mar 24, 2016
    yes i did get compensation and did not get tracker back - mine was a redeemed mortgage as I had eventually moved it to a different bank with a lower interest rate after months of trying to get the bank the tracker back where they just stonewalled. Effectively, the financial equivalent of constructive dismissal. This was in 2009 before there were much talk of this practice occurring.

    Though my mortgage is currently in equity, the bank said they could not take it back and reinstate the tracker as their underwriters would no longer allow them to do so, convenient. If that is the case that is fine, but full compensation for such is due, they can not have it both ways

    went through the full FSO process over 2.5 years - bank refused to go to mediation
     
    Last edited: Mar 24, 2016
    BillyO likes this.
  5. notabene

    notabene Frequent Poster

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    @Bronte - just listening to it here at the moment

    @rodger
    what is in City West on Thursday?

    Absolutely, in Financial Limbo or Financial Purgatory - you can't make any important financial decisions until it is properly sorted out - and these are wide ranging life decisions and people have the right to be fully compensated for such

    I'm not surprised about PTSB - I hope they keep fighting too but you can fully understand how they would have had enough, hugely stressful for all of them them, particularly those who lost houses. I presume the bank is like an insurance company in that they hope to pay out the least possible amount and that if they put up enough resistance you will just go away. This is all the more reason though to keep fighting them as tough as it can be to keep at it
     
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  6. Bronte

    Bronte Frequent Poster

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    notabene, roncondon and todo like this.
  7. todo

    todo Frequent Poster

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    Banks will do what ever costs them the least, I don't think the 'right thing' comes into the equation.
     
  8. babyblackie

    babyblackie Registered User

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    Advice on dealing with Ulster bank. We have followed the chat here carefully and wrote to UB looking for our tracker back after fixing. Since Christmas we were getting monthly letters saying they need another month and advised of option to go to Ombudsman. Two weeks ago we ring. She says that no progress can be made due to central bank review. They have known this for MONTHS and strung us along. September is our Ombudsman deadline. Should we wait? We have our files prepared. Is the OM dealing with cases? We are in a bit of no-mans land here. I could be irritated but I wouldn't waste my energy on them.
     
  9. rodger

    rodger Frequent Poster

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    I am waiting years

    The central bank has said they will update in April 2016

    3 days to go
     
  10. todo

    todo Frequent Poster

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    Open your case with the ombudsman, that will take at least a year to complete and you'll have something else to go on if this central bank review is only talk.
     
  11. notabene

    notabene Frequent Poster

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    @babyblackie

    Open a case with the fso or send them a solicitor's letter yourself with a view to issuing proceedings, they are very difficult to deal with but they're going to have to play ball now. Even if materially nothing can happen at the moment, it's important to start something as you don't want to end up 'out of time' or statute barred because of these delays.
     
  12. babyblackie

    babyblackie Registered User

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    Notabene I find I have no confidence in the OM and feel it is an awful choice between him or the legal route.
     
  13. notabene

    notabene Frequent Poster

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    I know, the very thoughts of either are wholly unappealing, but do a bit of research perhaps, get some legal advice, have a look at the new ombudsman's process and go with which you feel will suit you better...or you can wait and see what happens with the review in the next little bit....! Their deadline for reviewing their cases and having a report into the Central Bank is 30th Sept so they are unlikely to do anything for you before that - but I would just worry re the time barring,I spoke to a barrister in March who said that Irish Courts are very strict on that - now that was just one person's opinion but.....