PTSB Overcharged couple reject PTSB’s ‘derisory’ compensation offer

PTSBCase

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81
Just saw this. I thought you could accept your compensation and refund before you appeal for more? This seems to contradict what I thought???
 

Brendan Burgess

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38,117
I don't understand this case at all.

The plaintiff is reported to be a solicitor.

Did he not read the letter? Did he not read the newspapers? Did he not read askaboutmoney?

Brendan
 

Brendan Burgess

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38,117
They made an ex-parte application for an injunction today claiming that ptsb had told them that they had to accept the compensation before being paid the money which was overcharged.

They clearly don't understand the issue. They can accept the compensation and get their money back and still look for more compensation.

Brendan
 

Joe_90

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2,226
Just saw this. I thought you could accept your compensation and refund before you appeal for more? This seems to contradict what I thought???
That is exactly the point at issue. He objects to having to accept their offer.

This would have been well in train prior to the recent developments.

I think it is interesting that he is looking for 8% compensation per annum over 6 years or €20k.
 

Brendan Burgess

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It doesn't matter what you, what I or what he thinks is reasonable.

There was no need for a court appearance on the issue.

Brendan
 

GiganticLamb

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56
I can't understand why he advised you that. Doesn't that just delay your overpayments payout.. It clearly days on the form that further compensation can be sought..
 

Brendan Burgess

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I've also been advised by a solicitor to sit tight and hold off signing the letter
The problem is that some solicitors really have no idea at all about this. You will get far better information on askaboutmoney where many different people have looked at the letter.

There really is no point in going to any solicitor or financial advisor who has no specialised knowledge of this topic.

Brendan
 

Bronte

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13,606
I totally disagree with Burgess on this. The couple are fundamentally correct, they should not have to accept ANY condition of PTSB to get the overcharging back.

Why should they accept conditions laid down by PTSB if they don't want to. If you overcharge the customer should be paid back forthwith.
 
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Bronte

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Hi BB, it says under bold - subject to acceptance, in the article, that they have to accept compensation to get the overcharging. That is what I am referring to.

If I'm reading the article wrong then please advise how, and we know it's not always good to accept what the print media offer.
 
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L John

Registered User
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21
The point this couple are making is the payment of the redress is dependent on accepting the compensation.

You cannot have the over payment returned to you unless you accept the compensation.

In what other scenario would the advice be to accept the compensation on the basis that you can appeal to get a better outcome.

It may well weaken any legal case you'd take if you are shown to have already accepted a compensation payment.
 

Bronte

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13,606
Not sure it would weaken a legal case, that would be unacceptable if it was offered on that basis, but I had not thought about it before, why should you gave to accept ANY condition to get overcharging back.
 

Joannmct

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37
You shouldn't. The customer should be in the position of dominance. But these are banks we are dealing with...need I say more??
 

Sarenco

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5,588
Interesting development.

The couple in question clearly have no confidence in the independence of the PTSB appointed (and presumably remunerated) appeals body and are going to take their chances in the courts. Can't say I blame them.

I hope posters are taking legal advice before accepting any compensation offer from PTSB. Don't sign anything until you understand its full ramifications.

It hardly needs to said, but PTSB do not have your interests at heart.
 

Joannmct

Registered User
Messages
37
I'm actually astounded that anyone would recommend the advice of an anonymous forum over a solicitor.just reread the thread. If I were them, with this much money at stake i'd 100% have legal advice and representation.its an absolute fortune.life changing amount of money. 6,000 comp is incredibly low
 

Brendan Burgess

Founder
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ptsb has said it and written it often and people just don't seem to get it.

1) Accepting the "interim" compensation does not affect the level of compensation you will get.
2) The Appeals process does not stop you going to the FSO or the High Court.

So it doesn't matter that much if the Appeals Board is independent or not. If you don't like their decision, go to the High Court or the FSO.

If you do like it, you have saved yourself a lot of time and money.

Brendan
 

Joannmct

Registered User
Messages
37
But if you don't like it (which this couple obviously don't) they should have professional legal advice. It's ridiculous and suspicious that you have to accept comp on offer for any amount of time to get your own money back. Sorry for my scepticism about PTSB motives...but haven't we all here been burnt badly before?
 
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