EBS Not part of the Examination

Discussion in 'Tracker Redress' started by Jennybaby, 4 Mar 2019.

  1. B26354

    B26354 Frequent Poster

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    If the contract states that you were to go on to a standard variable rate I don’t think you will have a case. The other EBS fixed rate contracts state that the mortgage rate is to move to a variable base rate at the end of the fixed term.

    The variable base rate thread in here explains how that rate is a tracker rate. There were obviously fixed rate contracts that had an SVR as the variable basis and others that had a tracker as the underlying variable basis i.e. variable base rate.
     
  2. Jennybaby

    Jennybaby Registered User

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    The loan offer letter also states VARIABLE BASE RATE.
     
  3. kb_whatsgoingon

    kb_whatsgoingon Registered User

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    Jennybaby & b26354

    it says in jennybabys doucument that

    'The variable interest rate basis will be specified in the loan offer issued by the End.'


    Does this not mean it should have a rate stated when they drawndown the loan ( 'drawdown' =end' ) in the loan drawndown document?


    i.e. variable interest rate basis will be specified in the loan offer issued by the End ----- means tha loan offer should actually state the tracker rate i.e. ecb + 1.25

    and the prevailing rate is the ' variable interest rate basis specified in the loan offer' plus the ecb rate?

    I am reading this as a tracker loan offer - but I am not expert?
     
  4. kb_whatsgoingon

    kb_whatsgoingon Registered User

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    Jennybaby & b26354

    it says in jennybabys doucument that

    'The variable interest rate basis will be specified in the loan offer issued by the End.'


    Does this not mean it should have a rate stated when they drawndown the loan ( 'drawdown' =end' ) in the loan drawndown document?


    i.e. variable interest rate basis will be specified in the loan offer issued by the End ----- means tha loan offer should actually state the tracker rate i.e. ecb + 1.25

    and the prevailing rate is the ' variable interest rate basis specified in the loan offer' plus the ecb rate?

    I am reading this as a tracker loan offer - but I am not expert?
     
  5. kb_whatsgoingon

    kb_whatsgoingon Registered User

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    Jennybaby - where does it actually say the words 'standard variable rate'
     
  6. B26354

    B26354 Frequent Poster

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    Last edited: 11 Mar 2019
    This is a point I have made in the variable base thread; EBS mortgage conditions & the fixed rate application form state the variable rate basis (e.g. ECB + 1.25% or SVR) is included in the loan offer but it is not included in the variable base rate offers.

    I’ve attached details of what is included on a EBS mortgage that started out on a tracker pre-2008. You will see the variable basis is defined. It is not defined in the fixed rate contract in spite of what it says in the EBS conditions or fixed rate form; the fixed to variable base rate loan offers only provide the customer with the interest rate type information but not the variable basis of the loan.
     

    Attached Files:

    Last edited: 11 Mar 2019
  7. Jennybaby

    Jennybaby Registered User

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    Thank you all so much for responding to my issue. You have given me so hope.

    I just looked at all the documents and it doesn't say Standard Variable Rate anywhere.

    I haven't got the copy of the fixed rate application form, the EBS quoted this paragraph to me.

    I/we understand that when the fixed rate is up the loan will convert to the applicable variable rate prevailing. The variable interest rate basis will be specified in the loan offer issued by the EBS ( if loan is approved).

    But in my loan offer it states Variable Base (currently 04.75).

    Thank you again for your support
     
  8. kb_whatsgoingon

    kb_whatsgoingon Registered User

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    Hi JennyBaby

    re - But in my loan offer it states Variable Base (currently 04.75).

    yes I would take that to be the total of what your tracker rate was plus the ecb rate -as you can see the ebs contracts are extremely poor documents open to all kind of interpretation.

    just because it suited EBS to call a Variable Base rate a Standard Variable Rate in 2008 does not make it one - there is NO defination in your documents to say what a Variable Base rate is and all the evidence point to the fact that it was in fact a tracker

    read the thread on the ebs rate

    get a copy of your completed application form

    fact of the matter is the person in ebs said you would /could go onto a tracker after the fixed rate was up - I am guessing that it highly likely that they said this becuase they also honestly believed you had an option to move to the tracker rate or fix again after your fixed term expired.

    I would look this person up :)

    its getting harder for individuals to feel comfortable hiding behind the bank the work for these days ..........................
     
  9. Jennybaby

    Jennybaby Registered User

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    Thanks for your response
    Yes he said he'd look at it when the fixed term was up.
    When I contacted ebs before the 3 years were up I was told they never had the option to go from fixed to a tracker.
    Should I contact the EBS and ask them to explain what the VARIABLE BASE RATE is??
     
  10. kb_whatsgoingon

    kb_whatsgoingon Registered User

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    ebs will tell you its a svr - but thats ok - ask them for the rest of the loan documentation - when I went through mine a LOT was missing - and for where it states what an Varaibe base rate is
    Maybe go back to the ombusman as you are already with him - ask him about the Varaible base rate - and how its not definated on any of your mortgages doucments tht are in general totally not fit for purpose - get a look at a loan document from AIB - its about 20 pages long with every term used in it defined - I bet yours is about 4 !!
    I would also seek out your local councillors and politicans
    EBS are trying to get away with this and without real pressure I think they may
     
  11. Jennybaby

    Jennybaby Registered User

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    36
    I did ask Ebs tracker helpline what is a Variable Base Rate and they told me it is the EBS Standard Variable Rate.
    I also asked for my loan application and explained that all I have is a 4 page document, where as it should have approx 20 pages.
    The missing pages have the variable Base rate explained.
    He said he will have to get it from the archives.

    I also spoke with Colm Burke and gave a quick overview of my issue.
    He asked me to bring in my documents and he will copy them.

    Thank you all so much for all your posts. I am on my own dealing with all this since 2007, I would never have thought of looking at Variable Base Rate on my loan application etc. Feeling positive thank you
     
  12. Jennybaby

    Jennybaby Registered User

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    36
    Thank you all for your help and support
     
  13. Jennybaby

    Jennybaby Registered User

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    36
    Hi just got a mail from the ombudsman explaining that the BANK are very disappointed that we are not going backwards to Mediation.
    I received only my signed contracts the first time round at Mediation.
    So I replied highlighting the Variable Base Rate, the unclear description of the various interest rates hand written by the EBS Manager.
    Let's see what tomorrow brings
    Thanks again for all your advice and support.
     
  14. kb_whatsgoingon

    kb_whatsgoingon Registered User

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    Hi Jennybaby
    what does this mean

    going backwards to Mediation

    did you do mediation with them
    also the ombudsman seems very responsive to you?
     
    Jennybaby likes this.
  15. Jennybaby

    Jennybaby Registered User

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    Yes in 2016 I went to Mediation with the EBS.

    Mediation for me was:
    The EBS sent copies of all the contracts I signed, and then they emphasized that I signed from fixed to Standard Tracker Rate. Even though Variable Base Rate is on my loan offer.
    AIB today are looking into complaints and its they want to Mediate now.

    They never acknowledged my complaint
    A I was mis sold my mortgage
    B None of the EBS staff ever recommended I put in an official complaint. the last member of staff I repeated what happened on the first day I took out the mortgage said
    "JennyBaby, this is in the past, you will have to move on and just forget it". Obviously, she was sick of hearing me repeating the story every time I called into the office.

    I did try to forget about it until I heard a case on the radio about the Ombudsman and I went back into her and said I wanted to go to the ombudsman,
    then she said "Oh you will have to put in an official complaint to the Manager, if you dont like the outcome you can then go to the ombudsman.

    So yes I have a long history with the Ombudsmans office, Im sure at least 10 people for the past 5 years dealt with my case.
    Ger Deering sent me a letter saying if I wasn't part of the Examination, then my case would be a priority for him.
    I dont think this is the case at the moment, as Im responding to different people in the office after I send on any new information that I come across
    EG Variable Base.
     
  16. paulie 2020

    paulie 2020 New Member

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    1
    KB_whatsgoingon
    Interested in your post.
    I phoned main bank mortgage Centre in Oct 2008 to see if anything could be done on Interest Rate as I had a 2nd mortgage with another bank at lower rate and they offered a tracker rate of ECB plus 1.95%. (I had been on a variable rate mortgage from 2002) I have copy of phone bill which shows phone call. Talked to branch mangers in 3 branches between 2010 and 2015 when not put on the tracker rate that they offered me and I accepted during this phone call. Still fighting for the correct rate. They saying that I could not be offered rate over phone as would need to have solicitor sign papers which if this was required I should have been advised during the phone call. I have requested copy of transcripts/ recording for this phone call and discussions with branch managers under SAR but they just won’t provide. They saying I’m not part of tracker investigation. Anyone in similar situation?
     
  17. kb_whatsgoingon

    kb_whatsgoingon Registered User

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    Hi Paulie - trackers were available in ebs 2008 in october. Why won't they give you the call transcripts? you should go after those transcrpits - and apply what ever pressure it takes to get them. you can make yourselve a part of the investigation - call up the ebs tracker complaints number and make a complaint - don't worry about anything between 2010 and 2015.

    heres what i would do next
    write a letter to ebs datailing your complaint of 2008 and what happened -
    give the details of the requests for the transcripts thatt have not been supplied
    ask again for the transcripts bot via te complaint and send an offical foi letter for them if you have not done so already
    and cc' the CBI and the data commissioner on everything
    also start talking to td's
     
  18. Jennybaby

    Jennybaby Registered User

    Posts:
    36
    Hi kb_whatsgoinon
    I asked for transcripts of all my conversations and was told that they didn't record calls in Shandon Street, Douglas or Patrick St in Cork.
    I know I from the time I got my mortgage in 2007 I contacted EBS by phone quiet a lot of times.
     
  19. kb_whatsgoingon

    kb_whatsgoingon Registered User

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    48
    Hi Jennybaby - I never looked for transcripts but i know a lot of people on here did - from what i have read calls seemed to have been recorded at that time - i would be surprised that it was done in some branches and not in others ?
     
  20. Jennybaby

    Jennybaby Registered User

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    36
    In 2015 I asked for them and EBS said they didn't have the facility at the time.
    Should I request them again, I remember paying a fee for it. They did send out documents but no call logs.