PTSB Has anyone who switched from permanent tsb been offered to switch back?

I appealed through the CAP to get redress and get my tracker mortgage back (as I had switched banks). As part of the CAP process, PTSB said they would give me my mortgage back but only subject to "the normal lending criteria". This means I would have had to apply to their mortgage department as if i was a new customer (though the rate would the either your agreed tracker rate as stated in the mortgage documents or the lovely very high margin rate of 3.25% in my case).

Padraic wouldn't let me move back on these terms as it would mean that if he were successful in reducing the margins currently on offer, I could not take advantage of it. if you had a rate specified in your original contract, you should be fine but PTSB could still state that due to income/debt levels you don't meet the normal lending criteria and refuse to give you the mortgage back.
 
Thanks Thomas

Just to clarify - how much was the mortgage when you switched from ptsb? How much is outstanding now?

My view would be that if you did not increase the amount borrowed, they should not be subjecting you to normal lending criteria.

If you borrowed an additional €50k, then they might refuse to lend you this.

Brendan
 
As the value of the house had fallen I could only switch for a smaller amount and had to borrow the difference from family. I kept the same term that would have applied in PTSB (i.e. as if I had not switched) Padraic is of the same view that they should not be arguing the "normal lending criteria" but PTSB and the CAP board were having none of it. I am now preparing my submission to the ombudsman (for this and other parts of the CAP judgement) but Padraic's recent posting sounds positive so we shall see!
 
So you actually owe less, and they are still subjecting you to normal lending criteria. That is crazy. I am disappointed that the CAP is upholding this.

The Central Bank should be telling ptsb how to handle such cases.

Brendan
 
I get the feeling that the central bank have effectively washed their hands of it (seem to think they have done their bit and now there is no need to get involved in PTSB anymore).
 
Hi Brendan
We have Padraic on our case as well. Our mortgage hasn't been switched back yet. At the moment appeal panel will only allow one appeal so we would have to appeal the switch back and the laughable amount of compensation at the one time.

Padraic is trying to get them to change their process.

Meanwhile we are still paying our over the top rate!!!
 
No

Cause if we do and it's returned to us that's it.
They want us to do one appeal for everything and if we do I strongly suspect that they will say here's your mortgage back now go away with your extra compensation claim.
 
Charlie Weston had a good article on the topic here.

Banks refuse to return owners to trackers after switching


"Cases have emerged where banks admitted that mortgage holders should not have lost their trackers. These people have been offered refunds and compensation, but not put back on a tracker rate.

In most cases, they had switched mortgages to another bank after being denied the re-instatement of their tracker.

Despite the admissions that they should not have lost their trackers, the homeowners are not being restored to the low-cost rates.

However, Ombudsman Ger Deering said his office often orders banks to restore customers to tracker rates.

"The FSO has and will continue to direct that tracker mortgages be reinstated in appropriate circumstances," he said."

I have seen the paperwork in the case of Paul Favier and it really defies belief.

Paul switched from ptsb to AIB. He borrowed no additional money.
ptsb contacted him last year and told him that they had taken the tracker away from him incorrectly - so no dispute there.
They refunded him the overcharge up to the date he switched and nothing since.

He appealed to the Customer Appeals Panel for a refund to date and for his tracker back. He was absolutely clear in what he was asking for from the CAP

upload_2016-7-5_14-23-23.png


And this was the CAP's decision

upload_2016-7-5_14-24-23.png


This makes no sense at all. They make no reference to the fact that he asked for his tracker back.

ptsb told Padraic Kissane and me that they "would look favourably" on such cases. But it appears that they are rejecting them.

Paul has gone to the FSO and I would expect that the FSO will uphold his appeal, given the comments that Ger Deering has made in public. Bill Prasifka would have rejected it on the grounds that "he had voluntarily terminated his relationship with ptsb".

The Central Bank should issued clear guidelines to the lenders - if you took a tracker from someone and they later switched lender, take them back on the same terms.

Brendan
 
Last edited:
Hi Brendan

When you say ptsb told you and Padraic that they would look favourably on switchers where trackers were taken off them, how formal, informal or just tell these boyos anything to get them off our backs (and let the heat die down) was this meeting?

Not that I wouldn't trust our most trustworthy of banks.

Also I thought CAP was to be neutral.

So very very frustrating
 
UPDATE

2 yr Fixed mortgage Aug 07 broke early Feb 09 . stayed with ptsb till Aug 10 on variable, switched banks due to variable rate increases. July 15 letter with redress (~5, 500) comp(1000) (400) for financial advice for the 1 year I stayed with them after Aug '09. Rate of Ecb+ 0.8% on my contract.

To date have been overcharged (I have a different word for it) between 40,000 and 50,000.

Thanks to this site and P. kissane I've managed to keep my sanity and temper somewhat.

since late 2015 been going back and forth from ptsb and cap on how to proceed with appeal. They would only accept an appeal where we appealed both switch back to ptsbtracker and extra comp. at same time.

Got a reply from CAP last week we have been" partially successful" They will take us back on tracker (subject to us meeting there mortgage criteria), pay legal fees and have set aside 45,000 for overcharge repayment once calculations are done.

no extra comp as we didn't prove that our stress ,anxitey, lack of holidays, missing family time due to extra work hours etc etc etc was a direct fault of bank overcharging us.

This is all subject to us signing form in full and final settlement.

So in total for a bank overcharging us by around 45,000 , which would have been 100,000 + Only for B.B , P. K and the normal people who first shed light on this and stood up to the banks we are getting 1000 .

Wonder what my punishment would be if shoe Was on the other foot.
 
Back
Top