Got My PTSB Offer!

Status
Not open for further replies.
W

Wardy7

Guest
Hi All,

New member here!

I just got home and my offer letter is here!

Turns out, we overpaid by €12,254.61

Compensation offer of €1,897.37

Don't shoot me but I am extremely disappointed with the compo offer. All those years of hardship and struggle. I think they're having a laugh!

All thoughts welcome!

Sorry lads, forgot to mention, but that compo figure is inclusive of a payment of €400 per customer, to obtain independent advice. So in actual fact, my figure for compensation is €1497.37.
 
Last edited by a moderator:

katnia

Registered User
Messages
25
Hi, sorry to hear you got such a low offer. It might be an idea to give a brief bit of background like when you broke out of fixed rate and what rate you are now on and size of mortgage may help. Hard to make any judgement call without these details but the compo offer is a joke. How did they arrive at this figure?
 

Lauren 5

Registered User
Messages
31
Hi I was wondering what rate you where on and what did they put you on now, I would give Padraig kissane a call, and when did you break out your fixed rate
 

joe351980

Frequent Poster
Messages
94
Does it say how they worked out the compensation figure? Did the check your current account history and look at all the things you missed out on, holidays, weddings, kids birthdays, etc. etc. and decide 1,897 is enough. It's laughable. Does it say who worked out the levels of compensation, was it an independent, or is it just a random figure like how they came to 3.25%. I would think there has to be some sort of impartial judgement on what compensation is offered.
 
W

Wardy7

Guest
Hi Katnia,

No idea where they got it from!

We took out the fixed rate in April 2008, on a €380,000 mortgage. Not a 100% when we broke out but think it was roughly a year....at no charge!

Last week, we were reduced from 4.5% to 3.3% and still owe €341k!
 

random2011

Frequent Poster
Messages
169
Hi Katnia,

No idea where they got it from!

We took out the fixed rate in April 2008, on a €380,000 mortgage. Not a 100% when we broke out but think it was roughly a year....at no charge!

Last week, we were reduced from 4.5% to 3.3% and still owe €341k!
Disgraceful that CB are allowing this to happen. 3.3% when you clearly have a mortgage taken out when trackers were approx 1%. Tracker margins were never 3.3% to begin with. Farcical
 
W

Wardy7

Guest
Hi guys, I had fixed for 2 years.

The letter is actually a 13 page doc. It's basically a whole load of jargon, with 3 important points.

1. Offer to return to tracker rate of 3.3%
2. Redress - Giving the overpayment figure (says you can have a copy of the calculations, which I've just requested!)
3. Compensation figure - which includes €400 to pay for independent advice

I'm in the process of emailing Padraic Kissane!
 

Hopefully

Registered User
Messages
19
Seriously could they not have provided the overpayment calculation with the letter without having to request it ( time wssting again).
I hope everyone will request this information from PTSB and make sure they know how they got the overpayment figure.
 

rohzar

Registered User
Messages
5
Hi guys, I had fixed for 2 years.

The letter is actually a 13 page doc. It's basically a whole load of jargon, with 3 important points.

1. Offer to return to tracker rate of 3.3%
2. Redress - Giving the overpayment figure (says you can have a copy of the calculations, which I've just requested!)
3. Compensation figure - which includes €400 to pay for independent advice

I'm in the process of emailing Padraic Kissane!
Sorry Wardy7, Do you get the overpayment in full to your bank or does it go off mortgage? I am a bit confused with the whole lot as have not received my letter yet. Thanks :)
 
W

Wardy7

Guest
Hi,

That amount of compensation is disgraceful! The amount you overpaid- will you get that back or does it go off your mortgage?

Thanks!
I'll get that money back. It only goes off your mortgage if you're in arrears.

I've been trying to reply to you for ages but kept getting an error message!

Sorry......new to this!
 

oakie2015

Registered User
Messages
13
Is everyone going to get independent advice from a solicitor, I am new to this forum too, is Padraig Kissane a solicitor? I wonder if it would be worth organising a public meeting for affected customers so that we can move forward as a united group?
 

taldar

Frequent Poster
Messages
80
@Wardy7
Did you have TRS on that loan that had influence over the refund or does it tell you? Do they say the compensation figure is a certain percentage of your refund amount?
 

Terrve

Registered User
Messages
10
Hi Oakie, I spoke to a solicitor today who told me I should get an accountant to look over the figures and then get a solicitor to look at the contractual part and help me submit a complaint. I was one of the people put on 3.3%, which has been plucked out of the air IMO.
 

Brendan Burgess

Founder
Messages
37,957
Overpayment : €12,254.61

Compensation offer of €1,497.37

Seems to be about 12.2%

It has to be a percentage of the overpayment - how else could they estimate it?
 

katnia

Registered User
Messages
25
Overpayment : €12,254.61

Compensation offer of €1,497.37

Seems to be about 12.2%

It has to be a percentage of the overpayment - how else could they estimate it?
Possibly the interest they would have earned on this money had it been on deposit at highest rate possible for the period of overcharging by Ptsb?
 

random2011

Frequent Poster
Messages
169
Of course the compensation will be higher if you are due to get a 1% tracker margin versus a 3.3%
 

Brendan Burgess

Founder
Messages
37,957
Of course the compensation will be higher if you are due to get a 1% tracker margin versus a 3.3%
I think you are mixing up the refund with the compensation.

The refund is the actual amount overcharged. That is their legal obligation.

The compensation is on top of the refund.

Brendan
 

random2011

Frequent Poster
Messages
169
I think you are mixing up the refund with the compensation.

The refund is the actual amount overcharged. That is their legal obligation.

The compensation is on top of the refund.

Brendan
Yes but if you are saying that it is 12.2% I am assuming you mean 12.2% of the over-payments. You would have over-paid more if all along you should have been on a 1% tracker versus a 3.3% tracker.
 

Andy836

Frequent Poster
Messages
372
Overpayment : €12,254.61

Compensation offer of €1,497.37

Seems to be about 12.2%

It has to be a percentage of the overpayment - how else could they estimate it?
An alternative to applying a flat % across the board, they could band it:
Those overcharged a little (up to threshold A) get small compensation redress,
Those who overcharged slightly more (up to Threshold B) might get compensation at a higher rate for the amount between Threshold A & Threshold B
Then you'd have Threshold C & Threshold D
etc

Easy to argue those who only overpaid a small amount weren't materially affected so their comp claim would be limited, however those with sizable overpayments would have a better comp argument as the overpayment could be material (i.e. a new car, or an extension etc).
 
Status
Not open for further replies.
Top