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

Discussion in 'Tracker Redress' started by PFS7979, 18 Sep 2018.

  1. ns20413

    ns20413 Registered User

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    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.
     
  2. Stitcher

    Stitcher Frequent Poster

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    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.
     
  3. ns20413

    ns20413 Registered User

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    I put the documents together myself and sent to the ombudsman. First time with the ombudsman and not with Padraic Kisssne.
     
  4. core123

    core123 Frequent Poster

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    I'm going to talk to Padric Kissane on this hopefully over the next week or so and see what my best options are. I really don't want to give up on this yet...
     
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  5. PFS7979

    PFS7979 Frequent Poster

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    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!!
     
  6. Brendan Burgess

    Brendan Burgess Founder

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    37,055
    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
     
  7. elacsaplau

    elacsaplau Frequent Poster

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    Last edited: 5 Dec 2018
    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: 5 Dec 2018
  8. meepman

    meepman Frequent Poster

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    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.
     
  9. Stitcher

    Stitcher Frequent Poster

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    I took my case to ombudsmen and failed in 2009, but it was a different regulator then, and they didn't really get the point of my case being mis selling, misadvising, etc. I think I might have done better if I had Padraic representing me, and will if I go again. Really looking forward to hearing outcome from your cases. The new regulator is better but I still think having expert help with presenting the case could help. Best of luck. Thanks for update. Are you both in arrears? Is that why the mortgage has been sold on ?
     
  10. PFS7979

    PFS7979 Frequent Poster

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    Stitcher.... My mortgage was retructured after a brief period of arrears and engaged all the way with the Bank.
     
  11. meepman

    meepman Frequent Poster

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    Not in arrears. On a split mortgage and so i dont understand why it's been sold on. I have engaged with bank all the way.
     
  12. peemac

    peemac Frequent Poster

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  13. Stitcher

    Stitcher Frequent Poster

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    That was mid 2008. But in early/mid 2007 such a question didn't exist as the rate reverted to the undiscounted rate. That is my main issue. They changed the terms in late 2007 without changing the name of the product. .......... Now if it had been called a "one year or two year tracker" then you might expect it to revert to the SVR........or a rate of your choosing from a list of options.....
     
  14. core123

    core123 Frequent Poster

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    I went through Padric Kissane's office on this initially and I know that after the Central Bank's finding he said he's be in contact about the next steps we might be able to carry out. As of yet I haven't got any news from his office. Anybody else in the same boat? I'm just concerned for the fact it is a few months since the findings and I don't want to leave it too much longer before I go further with this.
     
  15. Stitcher

    Stitcher Frequent Poster

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    Same here, waiting to hear next steps from PK and the outcomes of the FPSO cases. I am also waiting for some freedom of information info and will progress my own case then.
     
  16. Mclovin

    Mclovin New Member

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    Hi,

    My situation is very similar to Core123 and meepman. I drew down on a “2 Year Discount Tracker (ECB + MAX 0.99%) Home Loan” in May 2007.

    The variance in the documentation is interesting, for comparison, the relevant sections in my contract documents read:

    LETTER OF APPROVAL – PARTICULARS OF MORTGAGE LOAN:
    Special Condition E:
    On expiry of the discount period the applicant will have the option of switching to a fixed rate (if available) or to the tracker mortgage rate available, at the time of expiry of the discount period, to the amount of the loan originally advanced.

    EUROPEAN STANDARDISED INFORMATION SHEET:
    Page 1:
    On expiry of the Discount Period you may exercise an option to contract for a fixed rate period (if available) or move to a Tracker Mortgage Rate, applicable at the time of expiry, to the amount of the loan originally advanced.


    In May 2009 I received a letter from PTSB that opened with “I am writing to remind you that the current rate option on your mortgage account will end on 22-May-2009”.

    The same rate options as posted in other threads were available for selection. The Tracker Variable Rate was offered at 3.5% and of course they also had their then “tempting” LTV Variable Rate at 3.4%. I remained on the Tracker rate.

    The info asterisk associated with the Tracker Variable reads: The interest rate that applies to this Tracker Mortgage Loan will never be more than 2.25% over the European Central Bank Refinancing Rate.

    I have not pursued this with anyone as of yet. I suppose I’m left wondering how PTSB calculated the rate after exiting the discount period (discounted from what ). Are they obliged to answer such a question?
     
  17. Mclovin

    Mclovin New Member

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    I just done some more digging. Given the language in my contact, I don't think I have a straight up case for a lower rate.

    Not that it matters in my case but does anyone know if PTSB published their margin(s) above the ECB? There doesn't appear to be any consistency with the tracking rates that were being offered between 2006 - 2008. Judging from the links below they knew the writing was on the wall and probably upped their rate multiple times before my discount period ended in May-2009.

    2008 Press Release: "link removed - not enough posts"
    Through March and April conditions in wholesale credit markets deteriorated reversing the improvement seen at the start of the year. In response to the increase in funding costs the bank has further increased rates on a range of lending products, including tracker and standard variable rate mortgages, in addition to raising its minimum credit criteria. These mortgage rate increases together with higher liability spreads will help mitigate the impact of the increased funding costs on the bank's net interest margin.

    ECB + Max 1.68% as of Dec-2008 ("link removed - not enough posts")
     
  18. PFS7979

    PFS7979 Frequent Poster

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    138
    Hi all...

    Everybody seems quiet on this front..

    I hope its because folk are waiting on fspo adjudication / legal action rather than a signal that people have given up?

    I have outlined a detailed and vigourous argument with FSPO and feel quietly confident...
     
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  19. Stitcher

    Stitcher Frequent Poster

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    131
    Hi PFS,
    Still waiting for news of the fspo cases mention here and progressing my own case in the background. It's a slow process but not giving up!