On expiry of the fixed rate, I chose the SVR because it was cheaper than the tracker!

HC2015 said:
Guys, just wondering if anyone is in the same situation but further along in the process? I spoke to Padraic Kissane a few weeks ago, my documentation from PTSB finally arrived today and I'll e-mail it to Padraic's office tonight but had a question in the interim.

We did not break out of our fixed term. In Dec 2009 (month before coming off 4.79% fixed rate) we were offered a SVR, Tracker or various fixed rates, detailed below. We went for the Variable, stupidly thinking it was more affordable. Sure enough, within months, the Variable rate shot up and up.

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Has anyone in the same boat either been contacted by PTSB or been advised that they're on the bank's "list"?

Just had a look at online banking and next mortgage payment is 03/08 and still at the lofty 4.5% we've been paying.
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Hi HC2015

I am in exact same position and have no doubt what so ever this was a calculated inducement of customers off their trackers by a PTSB mortgage team working behind closed doors in Stephens Green. Took out mortgage March 2007, two yr fixed to run into tracker, but on expiry of fixed options letter arrived in March 2009. SVR was cheaper on the letter than tracker as PTSB were offering (ECB +2.35%), a figure not on original mortgage documents. These percentage margins above the ECB, PTSB were offering depended on the time you came off your fixed rate and were calculated to make SVR more attractive than tracker, hence several customers choose SVR. Customers were never told tracker would not be available again ( another breach). Masding in the firing line but this deceitful mortgage team in Dublin whom calculated and manufactured these false rates to induce people off their trackers are the people who should be sacked.
Already been to FSO and lost but in no mood to give up the fight and will stop at nothing to expose this downright abuse of hard working customers.
 
Anyone who lost a case with FSO could take a civil case for fraud... FSO can't. hear cases on fraud so you theoretically are not barred from taking it again...you can't normally take a legal and FSO case at same time so this might be a novel way around that
 
Hi Raging Bull

Thanks for this info, have just sent all my docs to Padraic Kissane so will wait to hear back from him. Think straight to the Central Bank is the way to go at this stage!!
I believe their could be 300/350 customers in a similar situation that had their trackers stripped away from them in this most cold and calculated manner. Internal meetings had to have taking place within PTSB Stephens Green to make such adjustments to interest rates and minutes/emails of same must be on record. Have written to CB chief enforcer on that issue.
 
I spoke with PTSB and was told Im not part of the investigation. I had a 3 year fixed rate from 2007 - Feb 2010, I was then offered a tracker variable and LTV variable at 4.25% and 4.15% respectively, I chose the latter although I did call PTSB at the time querying the tracker rate (at the time the ECB was 1%) and was told the margin that tracks the ECB rate would be at the discretion of PTSB so based on that information I chose the LTV variable. I have requested my original loan documents.

I left the house in February 2015 with my young family and moved to the UK to live and will shortly be declaring bankruptcy, I have had sale agreed on my house since mid February and Im still waiting on PTSB to confirm if they will let me sell the house and what will happen with the residual debt, if there is a reasonable informal solution available (doubtful) I may not have to go bankrupt but maybe this might give me a tiny bargaining chip, thanks for listening :)
 
I have just come across [broken link removed] sent by the Financial Regulator to the lenders in August 2010. They were required to warn people who chose SVRs that they would lose their trackers:

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So it probably won't help most people in this thread.

Did anyone choose an SVR after August 2010? If you did, I think you would have a great case for getting back your tracker, if they did not give you a letter with the above wording.

Brendan
 
I received my letter in April 2009 as my fixed rate was due to expire in May. There was no warning on it that if I chose the variable I would never be offered my tracker again, not even on the small print at the back.
Thanks for the above Brendan.
 
Brendan Burgess said:
I have just come across [broken link removed] sent by the Financial Regulator to the lenders in August 2010. They were required to warn people who chose SVRs that they would lose their trackers:

View attachment 770

So it probably won't help most people in this thread.

Did anyone choose an SVR after August 2010? If you did, I think you would have a great case for getting back your tracker, if they did not give you a letter with the above wording.

Brendan
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This is the basis of my complaint to both PTSB & the FSO. I switched in 2008.

"The bank failed to provide the right information to customers in terms of their consequences... " Jeremy Masding, PTSB

http://www.rte.ie/radio/radioplayer/rteradiowebpage.html#!type=radio&rii=9:20825387:83:05-08-2015:
 
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I have written to the Department of Enforcement in the Central Bank on this issue and would advise you all to do the same. The more of us that are proactive on this the more likely our cases will be investigated as PTSB will dig their heels in big time on this. Masding is indeed correct the bank failed to inform customers of the correct information.
Each mortgage approval letter has the European Standardised Information Sheet with it. If you are to be charged ECB+2.35% after a two year fixed period it should reflect that on it but it does not. This blatant inducement of customers off their trackers and charging outrageous SVR rates over the last 6 years is borderline on a criminal offence.
 
AAM_User said:
OK, I'm not sure if I'm reading the rates correct. Going on the above linked rates from the ECB, Which column should I be looking at?

From what I can make out, when we took our mortgage out in April 2007, the ECB interest rate was 3.75%. We broke out in February/March 2009 - I'm unsure which date we broke out on because the only communication I have is the instruction to them dated February, but it may not have kicked in until March or April & I don't know what rate that we were supposed to get.

They've put us on 2.3%, Which I'm guessing includes their margin. The current ECB to them is 0.05 (I think), which would mean the rate they put us on is 2.25%+ECB, but I can't find any rates to suggest they were offering this at the time.
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Hi Do you have the the letter which says what your tracker rate was ?
I am looking to find out what tracker rates were being offered in March 2009.

Hope you can help.

Thanks
Brendan
 
Hi guys were in a similar situation we took out our mortgage in 2007 fixed rate but came out in 2009 when they were offering for people to go in to svr I'm not sure if I can find any documentation will have a look tomorrow.

But what do you advise we do who do we contact, I've recieved no correspondence from PTSB so not sure if we're in the redress scheme. Any advice appreciated.
 
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