PTSB High Court upholds Ombudsman's findings against PTSB on loss of tracker mortgages

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bpw

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Its goin on far too long. Surely they have a limit of some sort as to how long the courts can take or the FSO brendan should know
 

bpw

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What will happen if we are lucky enough to win our case and then after these upcoming stress test that Ptsb is wrapped up and closed or sold off. If courts havent heard case by then and ptsb doesnt exist what will happen. Has anyone any ideas
 

kaza

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I personally cannot see the government wrapping up PTSB - if they fail the test, maybe they might need more tax payers money from the government??

They do eventually want to sell it on so that will possibly happen down the road. I assume if it is sold on before our cases are completed, it won't affect our claims per say, the claim will simply go against the new owner?? That is my assumption, but maybe I am wrong.
 
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bpw

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Ye thats what i was thinking but it wouldnt surprise me either if that ends up being another case for the fso
 

Fedupwtbs

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Would be interested in knowing what margins those waiting on this decision were on. ECB + ?? Would assume it was close to ECB + 1%
 

bpw

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Not from what i can see everyone varies i know unfortunately mine didnt specify any actual tracker rate so i doubt id be that lucky but either way its betr than the variable
 

Fedupwtbs

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If the margin is not stated perhaps it is worth looking at what the APR stated is. Maybe this will dictate what tracker margin you should be offered if the High Court upholds the decision. The margins would have been in the region of 0.5% to 1.5% around 2005-2007
 

kaza

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They were audited in 2010 and told they had to return people to tracker at the end of their fixed rate, if their contract had stated it and they had not broken out of their fixed term early (and hence broke terms and conditions). I have heard tell that people were offered ECB plus 3 or 3.5%, if their contract did not specifically state a % above ECB. That was people whose fixed term had ended in 2009.
 
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Fedupwtbs

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I am one of those Kaza. Offered a margin of 3.25% after the fixed rate expired. My APR as outlined in my loan to offer was 4.5%. Should this be a factor when deciding the margin after the fixed rate expired. The ECB rate in 2006 was 3.25% so would that have meant my APR was 6.5% and not 4.5% This I do not know.
 

kaza

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I would assume they calculate it based on the rates when your fixed rate ended, rather than when you first took out your tracker (i.e. 2006).

Although I am not sure that is actually what they will do, especially if I am offered ECB plus 3.5%. My fixed ended in August 2009 and at the time PTSB variable rate was 3.65%, and the ECB rate was 1% - which means a margin of 2.65%.

I would be interested to hear to know fixed rates they were offering back then as well.
 

Fedupwtbs

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I would assume they calculate it based on the rates when your fixed rate ended, rather than when you first took out your tracker (i.e. 2006).


Although I am not sure that is actually what they will do, especially if I am offered ECB plus 3.5%. My fixed ended in August 2009 and at the time PTSB variable rate was 3.65%, and the ECB rate was 1% - which means a margin of 2.65%.



I would be interested to hear to know fixed rates they were offering back then as well.

Trackers were withdrawen in 2008 so no tracker margin to compare it to in 2009.

We were offered ECB which was 1% + margin of 3.25% for a rate of 4.25% The SVR offered was 3.79%. I believe the margin should have being the same value it was in 2006 which was 1%.
 

bpw

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Ive a feeling that if we do win the fso will say to put us on tracker then prevailing and id say ptsb will make it as bad as they can regarding apr
 

bpw

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Ye you will id say dont tink tat will be an issue its only the rest that it doesnt specify might be another issue
 

bpw

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Ye me aswell its not on that this can be left to go on so long and nothing we can do
 

bpw

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I cant understand how this is still going on there must be something that can be done
 
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