Brendan Burgess
Founder
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Anyone who got a redress letter can appeal to the Independent Appeals Panel, the Ombudsman or the High Court.
But what if you did not get a redress letter? What if the bank told you that you had no case.
Apart from the individual cases, there are some cohorts:
For example, PTSB “Discounted tracker”. They were charged a margin of 0.6% for the first year when the prevailing ptsb tracker rate was 0.8%. But when the year was up, they were charged 3.25%.
It’s the end of the line for them. They can’t go to the Ombudsman as they are outside the time limits – it’s over 6 years since the behaviour complained of occurred and 3 years since they should have become aware of it.
So unless the Oireachtas changes the time limit to 12 years, then they are snookered.
By way of comparison, AIB argued all along that the Prevailing Rate cohort were not impacted. They argue that if they had been offered a tracker rate, it would have been so high, that it would have cost them money. As a result, they were not impacted. The Central Bank forced AIB to acknowledge a "service failure" and so these 6,000 customers are in the Appeals System.
Likewise, the ptsb customers who broke out of the fixed rate early and were not offered a tracker rate. Now they have been offered compensation based on a margin of 3.25%. They are furious with this, but they can go to the Appeals Panel, Ombudsman or High Court and let them decide.
But what if you did not get a redress letter? What if the bank told you that you had no case.
Apart from the individual cases, there are some cohorts:
For example, PTSB “Discounted tracker”. They were charged a margin of 0.6% for the first year when the prevailing ptsb tracker rate was 0.8%. But when the year was up, they were charged 3.25%.
- Ptsb has said that they were not impacted.
- The Central Bank has agreed.
It’s the end of the line for them. They can’t go to the Ombudsman as they are outside the time limits – it’s over 6 years since the behaviour complained of occurred and 3 years since they should have become aware of it.
So unless the Oireachtas changes the time limit to 12 years, then they are snookered.
By way of comparison, AIB argued all along that the Prevailing Rate cohort were not impacted. They argue that if they had been offered a tracker rate, it would have been so high, that it would have cost them money. As a result, they were not impacted. The Central Bank forced AIB to acknowledge a "service failure" and so these 6,000 customers are in the Appeals System.
Likewise, the ptsb customers who broke out of the fixed rate early and were not offered a tracker rate. Now they have been offered compensation based on a margin of 3.25%. They are furious with this, but they can go to the Appeals Panel, Ombudsman or High Court and let them decide.