Got My PTSB Offer!

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PadKiss

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Hi all I have seen two of the proposal letters and the 'Compensation' reflects the earlier posts which I dont believe it addresses the situation nor is it intended to. It appears to be loosely based on a figure of 10%. I am certain that it in no way addresses the level of stress this has brought to households. The term compensation means "Something, typically money, awarded to someone in recognition of loss, suffering, or injury" and all 3 and more can apply in each case. There is a redress board to access the fairness or not of the proposed amount and I have to assume that this is what it is at this point a proposed amount. Appeals can be made to its value and that is exactly what the Redress Board is there for. I note on the letters I have reviewed that the Compensation is described as
"To pay each impacted customer an amount of compensation in recognition of the failures by permanent tsb" but there must be discussion on the impact it has had on the customers and an amount reflective of this needs to be factored. I am away for the next couple of days to gather my thoughts but rest assured to all those who have contacted me that we are presently formulating a response to in some way make it applicable across all customers. I will on Tuesday contact Ptsb with a view to meeting with them to address the live issue of impact that now exists and is not addressed to date
Padraic
PS
Many thanks for all the words of support it is appreciated and motivating
 

Fail go

Registered User
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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!
Hi I only coped I am one of the affected when I saw my interest rate went from 4.5% to 0.85% yesterday I went too my bank manager this morning and he told me to wait for my letter iv no idea what is going to be offered
 

PadKiss

Frequent Poster
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Sorry meant to say the letter is 19 pages which is a concern for customers as the detail is extensive
 
W

Wardy7

Guest
hi wardy

Any chance you could email the letter to me?

Brendan at this website is my email address

Brendan
Hi Brendan, I can send it to you in the morning when I get to work?

Still quite perplexed about my 3.3 percentage rate. I've a friend in work with very similar circumstances to me and we were in cahoots coming off the fixed rate. He has dropped to 1.15 I think!
 

S2K

Registered User
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Hmmm, from quick review of their compensation calculation it looks like they have assumed your tracker rate should be 3.25% above ECB and compared that versus what you actually were charged. The interesting thing is back in 2009 the ECB rate + 3.25% was above the SVR rate and thus they are probably assuming you owe them 2k or thereabouts in interest for that year. Was your loan a 30 year mortgage? If so, I get roughly to their calculation figures based on that capital repayment schedule.

If that is the case the compensation is 6-7% compounded on the overpaid amounts.
 

Lauren 5

Registered User
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Has anybody else received their letters yet from PTSB, I taught the investigation had to be completed first,
 

George 07

Registered User
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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
Hi Brendan do you know if the ptsb customers who went from a tracker to a fixed rate then broke out with no fee from ptsb but that didn't have it in their original contract anything about tracker will they have a case ??
As ptsb willing never explained to them what they would loose by coming of their tracker day one ??
Thanks
Cheers
 

Brendan Burgess

Founder
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Folks

Let's keep this thread to the actual mechanics of the calculations and the compensation.

To discuss the appropriateness of the level of compensation, go to this thread:

Why are people complaining about the amount of the compensation?

Any further post in this thread containing a comment about the fairness of the compensation will be deleted.
So don't write a long, well thought out post, and then put in a comment saying "it's a disgrace" - the whole post will be deleted.

Brendan
 

rohzar

Registered User
Messages
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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!
Thanks for that!
New to this too, great to get some information from others in the same boat. No letter in todays post! Very hard not knowing :(
 

matan

Frequent Poster
Messages
68
Katnia, bit confused, are you saying you got €36K refund, and also €17k off your mortgage????? or is it €17k off your mortgage and €19K refund?
 

matan

Frequent Poster
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Rohzar, I spoke to PTSB yesterday, letters are being sent out over a two week period, so could be another week or so before we hear. She said letters only started being posted on Tuesday, they are working their way through them.
 

katnia

Registered User
Messages
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Katnia, bit confused, are you saying you got €36K refund, and also €17k off your mortgage????? or is it €17k off your mortgage and €19K refund?
36k refund and on top of that the mortgage balance has been reduced by 17k.
 

matan

Frequent Poster
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68
Are you happy with that Katnia? I'm actually angered here to see how much you have been overpaying the last few years, we have been overpaying five years so cannot wait to get letter.
 

L John

Registered User
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The two examples to date show the massive disparity between 1.1 and 3.25 margins.

No wonder ptsb are trying to get away with the 3.25 where rate wasn't specified. Otherwise this issue would cost them 10s of millions more
 

Lauren 5

Registered User
Messages
31
If you don't mind me asking how much where you over paying by, I ask because I dropped from 4.5 to 1.15 aswell for 5 years so just wondering how they worked it out
 

taldar

Frequent Poster
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@katnia
Did they reduce your mortgage balance by 17k when they changed your interest rate last week or do you need to sign for that.
 
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