Thank You Brendan for quick replay...so I should still carry on ...Hi zibra
I made a submission to both ptsb and the Central Bank back in February which included the following
How will those who chose an SVR on expiry of their tracker be treated?
It appears that some of those coming off fixed rates who were entitled to cheap trackers were offered LTV variable rates below the tracker rate. Not only were they below the tracker rate, they appear to have been below the normal Standard Variable Rate.
While it could be argued that someone who chose an SVR took a calculated risk, if it is found that ptsb set the rates to deliberately entice them off their trackers, those trackers should be restored.
While they both acknowledged my letter, they said it would be inappropriate to comment.
It seems to me that ptsb deliberately and intentionally tricked you out of your tracker.
You need to do two things immediately.
1) Send a submission in to the Central Bank with copies of your correspondence. It's possible that the CB does not appreciate this issue.
2) If the letter you got from ptsb says "This is a final response" then you can go directly to the Ombudsman. If it doesn't, you should ask them for a Final Response Letter.
I can't stress enough that you must do both immediately.
The CB is close to winding up their investigation of ptsb.
The time limit on Ombudsman complaints is 6 years. So you run out of time in November of this year.
As the amounts of money are so big, I think it's well worth paying Padraic Kissane to look at this for you. I am sure he has dealt with similar cases and knows the arguments which ptsb uses.
Brendan
It appears that some of those coming off fixed rates who were entitled to cheap trackers were offered LTV variable rates below the tracker rate. Not only were they below the tracker rate, they appear to have been below the normal Standard Variable Rate.
I also strongly believe this. I was in the same situation with PTSB. I drew down my mortgage at the same time also. The fact is the variable offered in 2009 was less than the tracker. However it took just 3 months for the variable to exceed the tracker. The variable offered in the options letter in 2009 (3.69%) was cheaper than what the variable is now today (4.5%). Why would PTSB offer a cheaper variable in 2009 compared to 2015 when back in 2009 the banks were in a financial mess. All of this was to encourage the customers away from the tracker.
Zibra82 - did your original loan letter specify the margin you would be on in 2009 upon expiration of the fixed rate. I suspect it was not otherwise you would being offered this tracker in 2009. If the margin was not stated then the bank tried and successfully offered a cheaper variable to get you off the tracker. A year later they had hiked the variable rate to 6.1%
pm me for details if you wish..happy to discuss over the phone also.Hi Random2011
my original contract says that at the end of fixed rate my mortgage would be put automatically to tracker rate,but then Nov 2009 I got the letter with the options to choose and as You probably know yourself variable rate was lower at 3.65 to tracker at 4.25,so we chose cheaper option as probably most people did,it was tough times so everyone was trying to save where they could but saving didn't last for long ...so I rang the bank and asked to be put on tracker but they said no to me...is your case the same?what are You doing now....
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