Got My PTSB Offer!

Status
Not open for further replies.
W

Wardy7

Guest
Brendan, as the letters clearly state that you can accept the offer and still appeal, should we go ahead and accept or should we wait?
 

rohzar

Registered User
Messages
5
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?
Good idea, I would definitely be interested in that.
 

rohzar

Registered User
Messages
5
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.
Thanks Matan:)
 

GiganticLamb

Frequent Poster
Messages
56
Got offer today. 325k mortgage taken out in 2007.fixed until Aug 2009, broke out to variable rate in Jan 2009. New rate 1.15% from 4.5%
Refund = 36k
Compo = 5.5k
Also,17k has been taken off mortgage balance.
Hey Katnia,

A quick question if you dont mind.

Can you see the 17k deduction on your open24 account mortage account as gone already?

Thanks and congrats..
 

Kiffagirl

Registered User
Messages
16
Katnia

Can I ask a personal question, where you in arrears, is that why the balance was reduced?

Could anyone who has gotten their letter maybe do the calculations in Brendan's spreadsheet on refund and see if they amounts are similar, at least we than have an idea if they are calculating them correct
 

katnia

Registered User
Messages
25
Katnia

Can I ask a personal question, where you in arrears, is that why the balance was reduced?

Could anyone who has gotten their letter maybe do the calculations in Brendan's spreadsheet on refund and see if they amounts are similar, at least we than have an idea if they are calculating them correct
Hi, thankfully no arrears and no Missed payments.
 

taldar

Frequent Poster
Messages
80
Example - Katnia was paying 5% when she should have been paying 2%. Monthly payment was €1500 with 1000 for interest & 500 capital reduction.

With the correct rate now applied this has been corrected as it should have been 500 interest, 1000 capital. This is a rough example but is where the reduction in capital comes from.
 
Last edited:

Kiffagirl

Registered User
Messages
16
Taldar based on this example how much of a refund and how much of a balance adjustment would an individual get... Sorry for blond question just trying to figure it out
 
W

Wardy7

Guest
Kiffagirl, the biggest factor seems to be the date that you would have been due to come off the fixed rate. That determines what rate you should have been on and in turn how big your refund may be.

Eg. I had a 380k mortgage and was due to come off the fixed rate in April 2010......at that time they reckon that their tracker rate was 3.3% so that's what they have me on. I overpaid by €12250. That's a definite figure as I've got my letter.

Another customer (commented above)
320k mortgage and was due to come off the fixed rate in August 2009.....at that time they reckon the rate was 1.1% and that customer has been put back on that rate now (+ECB, so 1.15%). They've overpaid by €36000.
 

Brendan Burgess

Founder
Messages
37,836
Brendan, as the letters clearly state that you can accept the offer and still appeal, should we go ahead and accept or should we wait?
Absolutely. Signing those forms is in no way an acceptance. It's a direction to put you on the tracker rate and confirmation of the account into which the refund is to be paid.

You can still appeal.

Brendan
 

dec_hy

Registered User
Messages
13
kiffagirl - re why your capital reduces as well as getting a capital reduction is not a blond question at all. each mortgage repayment is a mixture of interest & capital reduction. Higher interest rates mean higher payments - all that is pretty obvious. Less obvious is that the higher the interest rate, the slower the rate your capital reduces (even allowing for higher repayment). therefore even when you get a full refund of the overpayments, your capital will reduce. so people without arrears will get both
 

Kiffagirl

Registered User
Messages
16
I am just trying to understand the mortgage balance adjustment, I have the overpayment of interest worked out
 

taldar

Frequent Poster
Messages
80
Katnia 1.1 was specified in the contract. Nothing to do with when the fixed rate expired.
 
W

Wardy7

Guest
It is Talder.....purely because we didn't all have a rate specified. Ergo....my rate depended on what the "PTSB current rate" at the time was.

If you're rate was specified then you automatically know but that's not the case for everyone.
 
Status
Not open for further replies.
Top