PTSB PTSB 1 year discounted tracker - Central Bank has deemed them not impacted.

PFS7979

Frequent Poster
Messages
150
Hi @core123 ... so communication has issued from P Kissane confirming Central Bank Review are deeming "discounted tracker cohort" not impacted... effectively upholding PTSB stance that there was no price promise as to what tracker margin would apply from year 2 onward.

I remain steadfast in my opinion that aside from that issue, customers in this cohort should not have had "rate options" letters issued to them in month 11. The contract was explicit: the then current PTSB Tracker rate was to apply after 12 months.

Onto the FSO.
 

LTL1234

Registered User
Messages
29
Very disappointing..... I really dont understand how they have sided with PTSB on this. The title of the mortgage 'Discounted Tracker' without stating what the actual discount is immediately breaks the consumer code of conduct, that is before you even get to the individual mortgage clauses or the argument of 11 month offer letters. Is there any point in going to the FSO??
 

PFS7979

Frequent Poster
Messages
150
May I ask people to check the wording on their Letter of Offer. Did it state u would revert to the ptsb tracker rate after 12 months? Did u in fact receive an "options letter" after 11 months stating that ur rate option was due to expire and offering u a host of rates including a misleading low varisble rate?

I have had independent opinion on this supporting my view that ptsb mishandled my account. This is seperate to a (reasonable) understanding that a 12 month discount margin in 2008 must have related to a reasonable expectation that a longer term margin would bare some comparison... but it seems ptsb have successfully argued they never gave a price promise beyond year 1.

That being said: their contract stated the tracker rate would apply from year 2 (regardless of what margin).
 

Brendan Burgess

Founder
Messages
38,644
This is very disappointing. I have no idea how the CB arrived at this conclusion.

But, don't lose heart. The Central Bank does not make the decision - the Court and the Ombudsman do.

Has anyone taken this case to the Ombudsman?
Is it on hold?

In my view, you need to all get together. One should go to the Ombudsman, and the rest should issue legal action, with one of you being a pathfinder.

The decision not to give you guys trackers at the rate "from which it was discounted" is perverse.

The name of the product should take precedence over the contractual terms.

Brendan
 

core123

Frequent Poster
Messages
75
I'm not sure if anyone has gone to the FSO. I haven't anyway yet. Just wished that I took the ecb rate at the time instead of the discount rate which over the 2 years saved me about 500 euros but in reality has cost me nearly 40k
 

PFS7979

Frequent Poster
Messages
150
My file is with FSO. I have centred my complaint on the misleading options letter and wording contained therein as compared to the original contract.

I appreciate this is a different issue to horrendous way these contracts were missold as "discounted trackers".
 

todo

Frequent Poster
Messages
264
This is disappointing, the effected folks need to join together and take this to the courts.
 

Brendan Burgess

Founder
Messages
38,644
Those affected need to group together, whether through Padraic or not.

One good case should be argued with the ptsb Appeals Panel, if it is not too late.

One good case needs to be argued with the FSO.

And if both are lost, then they can decide whether to go to the High Court or not.

While the FSO does each case on a case by case basis, with no precedent, they now group similar cases together and establish principles. For example, they might conclude "Calling a product a discounted tracker does not imply anything at all.". That principle would apply to other cases so all other cases where that is the only issue would be dismissed promptly.

Brendan
 

OPTI

Registered User
Messages
10
Some of us are grouped together already I thought with padraic kissane although waiting to hear what’s nxt
 

core123

Frequent Poster
Messages
75
Yeah i'm with Padraic Kissane as well. He has said he'll be in contact over the next couple of weeks to discuss what would be the best route of action for my own case.
 

zibra82

Registered User
Messages
10
Hi All

Just got email from Padriac ...really disappointed with the outcome of CB investigation...what else we can do... anyone has an idea ..anyone tried with MOBS
 

core123

Frequent Poster
Messages
75
Bee nthinking about this since we got the email from Padraic Kissane's office. I know the 2 options outlined in the email were to forget it and move on or go through the FSO and if needs be the courts. I still think we have been wronged here and despite the Central Banks recommendation I do believe we have a very strong case. I am going to talk to Padraic Kissane over the next few weeks ot see what the best route is for myself but I do feel I should go all the way with this.
 

ns20413

Registered User
Messages
13
My case is now also with the ombudsman. Got a letter today to say that PTSB rejected mediation also.
Fingers crossed something will come from the ombudsman.
 

Stitcher

Frequent Poster
Messages
136
Are either of you with Padraic Kissane? Or Have you had professional help in putting your case to the ombudsman? Is it your first time with ombudsman? It will be good to hear the outcome. Best of luck. I am getting some more documents together before taking action.
 

ns20413

Registered User
Messages
13
I put the documents together myself and sent to the ombudsman. First time with the ombudsman and not with Padraic Kisssne.
 

PFS7979

Frequent Poster
Messages
150
Hi,

The FSPO have outlined a very challenging set of queries to PTSB in respect of its mishandling of my account. I feel confident of a positive ruling from FSPO. HOWEVER, today I have received a letter from PTSB stating they are transferring my mortgage to "Glenbeigh Securities" and that Pepper will be managing my account going forward! Outrageous stuff. My position is clear: had the tracker rate been properly and reasonably applied by PTSB then not alone would I not have had to put an alternative arrangement in place with them, but I would be repaying the mortgage ahead of schedule!!
 

Brendan Burgess

Founder
Messages
38,644
Hi PFS

That is a very interesting twist.

Your rights in full transfer to Glenbeigh.

So if the FSO upholds your complaint, ptsb will have to pay you compensation and/or restore you to the correct tracker rate.

I am a bit surprised that they did not exclude mortgages subject to FSO cases from the sale. It seems to complicate matters unnecessarily.

However...

I suspect that ptsb has already had similar cases before the Ombudsman and they probably won them all.

Sorry...on reflection, I am giving too much credit to ptsb. I don't think that they are smart enough to think all this through.

Brendan
 

elacsaplau

Frequent Poster
Messages
644
I suspect that ptsb has already had similar cases before the Ombudsman and they probably won them all.
This is a very important point, Brendan.

The lending institutes who did all the funny stuff now have visibility over FPSO rulings where the isolated Joe Soap is still scrambling around in the dark. Why doesn't the Ombudsman publish meaningful details of cases - as in the precise details of those that have gone through arbitration and summaries of mediated cases?
 
Last edited:

meepman

Frequent Poster
Messages
72
Hi,

The FSPO have outlined a very challenging set of queries to PTSB in respect of its mishandling of my account. I feel confident of a positive ruling from FSPO. HOWEVER, today I have received a letter from PTSB stating they are transferring my mortgage to "Glenbeigh Securities" and that Pepper will be managing my account going forward! Outrageous stuff. My position is clear: had the tracker rate been properly and reasonably applied by PTSB then not alone would I not have had to put an alternative arrangement in place with them, but I would be repaying the mortgage ahead of schedule!!
I received the same letter today. I am disgusted tbh. I bet that the debt that was sold to Glenbeigh is a lot less than my mortgage.!! They are the biggest bunch of naughty word I have ever dealt with.
 
Top