Case study Finally recd ptsb offer letter

M

matan

Registered User
Messages
66
Finally its here ....... mortgage was originally €252k for 30 years. Broke fixed jan 09, was due to expire in july 2010, have been overpaying five years. €11k taken off loan balance, €24,455 refund overpayment and €3,883 compensation. Im happy with this.
 
Fair play Matan, but can I ask what rate they have put you on now?
 
Ah, so that's the difference!! I didn't have a rate specified on mine so they've given me the 3.3% rate.

Just to compare our situations:

Our mortgage was originally €380k for 35 years. We broke in January 09 but were due to come out in April 10.

We've been offered:

€3,807 taken off loan balance
€12,254 in interest overpayments
€1,897 in compensation

Some difference in our figures!! They can't be allowed to get away with this!
 
God thats some difference alright. Its a wonder how letters of offers thst issued at the same time had such a vast difference in the rates. Had u made a complaint to FSO wardy7?
 
Letter received today. Original mortgage 240k. Broke fixed in jan 09. Due to end in dec 09. Interest refund 26.5k and compensation excluding payment for financial advice is 3.5k.

Stated a rate of 1.1 above ecb in special conditions
 
I got my offer today also

Original mortgage €210k issued October 06 and I fixed for 2 yrs. I then fixed for s further 5yrs in May 08. I broke out of this fixed rate Feb 09.

Redress offer:
Loan amount reduced by €1416
Overpaid €2382.49
Compensation €1400.00

Tracker rate 3.3%

Not happy about only being compensated from maturity of fixed rate even though they let you break out of the fixed rate! And without warning you of not being entitled to a tracker in the future.

I am waiting a call from Padraic Kissane's office as he's very busy which is totally understandable.
What are people planning on doing going forward?
 
Another one! Fair play to you all on getting that rate. Genuinely delighted for you all but naturally gutted for myself.

My point on arguing my 3.3% rate is that, the rate didn't exist in January 09 when I should have been put on the tracker (along with everyone else of course!). So they should be giving me the then current rate, which is somewhere around 1+%. There's lots of tables going around with rates on them but I'm not sure which is most accurate.

I have been in contact with Padraic Kissane's office so I'm just waiting on him to come back to me before I decide what to do.

Headwrecked!!!
 
Kelmcc said:
I got my offer today also

Original mortgage €210k issued October 06 and I fixed for 2 yrs. I then fixed for s further 5yrs in May 08. I broke out of this fixed rate Feb 09.

Redress offer:
Loan amount reduced by €1416
Overpaid €2382.49
Compensation €1400.00

Tracker rate 3.3%

Not happy about only being compensated from maturity of fixed rate even though they let you break out of the fixed rate! And without warning you of not being entitled to a tracker in the future.

I am waiting a call from Padraic Kissane's office as he's very busy which is totally understandable.
What are people planning on doing going forward?
Click to expand...

I'm the same as you Kelmcc.......just waiting for Padraic Kissane to come back to me. I'd say he's out the door with customers!!
 
Wardy7 i feel for u and all the other people who have been put on the higher rate, i really hope padraic will be able to help ye out.
 
I was one of those who brought a case to the ombudsman 4 years ago.

It's been a stressful time but I am ready to accept and move on.

We were lucky that our rate was specified. If I was given ecb plus 3.25 I'd be battling on. For those of you who do I hope you're successful.

I have no doubt that ptsb had a calculated mortgage pricing model in 2009 to remove as many people as possible off trackers and it was disgraceful behaviour. I hope the central bank report bears this out.

There action in appealing the high courts decision was even worse and as the ceo at that time masding is ultimately responsible and should do the honourable thing and resign.
 
Wardy7 said:
Ah, so that's the difference!! I didn't have a rate specified on mine so they've given me the 3.3% rate.

Just to compare our situations:

Our mortgage was originally €380k for 35 years. We broke in January 09 but were due to come out in April 10.

We've been offered:

€3,807 taken off loan balance
€12,254 in interest overpayments
€1,897 in compensation

Some difference in our figures!! They can't be allowed to get away with this!
Click to expand...

I'd just like to point out that it is not comparable both your situations. He had a tracker rate specified in his original contract and you did not.

But you may have a case about the rate being given based on the end of the fixed rate rather then when you broke your fix.

__________

Those that are stuggling and getting lump sums, especially those not on very low trackers, think about paying down debt with the money you recieve, debt that costs a lot. Now is the time to sort your finances maybe and get yourself back on track, get rid of the credit card debt or the overdraft.
 
Bronte said:
I'd just like to point out that it is not comparable both your situations. He had a tracker rate specified in his original contract and you did not.

But you may have a case about the rate being given based on the end of the fixed rate rather then when you broke your fix.

__________

Those that are stuggling and getting lump sums, especially those not on very low trackers, think about paying down debt with the money you recieve, debt that costs a lot. Now is the time to sort your finances maybe and get yourself back on track, get rid of the credit card debt or the overdraft.
Click to expand...

Of course they are. All that separates us is the specification of a rate. I was comparing our figures so we can clearly see the detrimental effect that this specification is having for some of us.

I am sincerely hoping that we do have a case against the rate. Time will tell but it's difficult not to be consumed by the whole mess!
 
Our mortgage was originally €241k for 32 years. We broke in February 09 but were due to come out in April 10.

We've been offered (figures rounded to closest thousand):

€6,000 taken off loan balance
€16,000 in interest overpayments
€3,000 in compensation (inc €400 figure)

They've put us on 2.3% interest (down from 4.5%) We didn't have a rate specified in our contract & although I'm grateful we didn't get the higher rate, I can't find evidence of the rate at that time being 2.25%+ECB, so I want to push for the lower rate (obv.)
 
Bronte said:
I'd just like to point out that it is not comparable both your situations. He had a tracker rate specified in his original contract and you did not.

But you may have a case about the rate being given based on the end of the fixed rate rather then when you broke your fix.

__________

Those that are stuggling and getting lump sums, especially those not on very low trackers, think about paying down debt with the money you recieve, debt that costs a lot. Now is the time to sort your finances maybe and get yourself back on track, get rid of the credit card debt or the overdraft.
Click to expand...

Have to disagree with you Bronte. Both parties drew down mortgages at roughly the same time. You are correct that there is a difference with the rate specified but surely the bank cannot expect one to accept such a difference in refund/compensation simply because the rate was not specified. Tracker margins were NEVER 3.25% over ECB
 
I've just called them again & asked about the interest rate & they can't tell me what it was at the time. This is extremely hard to believe that nobody in either the organisation issuing the rate of their governing body have kept a record of them.
 
AAM_User said:
I've just called them again & asked about the interest rate & they can't tell me what it was at the time. This is extremely hard to believe that nobody in either the organisation issuing the rate of their governing body have kept a record of them.
Click to expand...

Folks

There really is no point in discussing this issue in every single thread. It makes the threads very hard to follow.

Please stay on topic. Discuss this point in this thread:

PTSB - on expiry of fixed rate, tracker rate not specified
 
You must log in or register to reply here.
Back
Top