PTSB 1 year discounted tracker - they have put me back on the right rate

Discussion in 'Central Bank tracker review' started by Deck77, Oct 22, 2017.

  1. ppcjbm

    ppcjbm Registered User

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    I’ve brought this point up with ptsb on 2 occasions and the response has just been the prevailing rate nonsense. Has anyone else received an actual valid response or defence from ptsb to Padraig’s above post.
     
  2. PFS7979

    PFS7979 Frequent Poster

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    I have now written a second time, asking them to address the question and not to deflect/try justify their actions.
     
  3. Stitcher

    Stitcher Frequent Poster

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    Reassuring post from Padraic.
    PTSB of course won't like that and have been steadfastly been hiding behind their obfuscating language in contracts. Let's hope their new Chairman, Richard Elliott, takes a leaf out of BOIs book and announces that they have identified another 6000 customers impacted on top of those already considered.
    The rate issue will go to court if PTSB don't deal with it.
     
    Somar likes this.
  4. meepman

    meepman Frequent Poster

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    Does anyone know what the tracker rates were in february 2008. I was on the 1 year discounted tracker of 0.75% for 1 year. But what was the actual tracker rate at the time, how much was I discounted? I am sure I was discounted 0.1% so that would mean it was 0.85% over ECB but cannot confirm that.
     
  5. Thomas

    Thomas Frequent Poster

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    If you are PTSB and using their lovely (!!) applicable tracker rate which is referred to in a lot of mortgage agreements and applies when your discounted period ends I think it would be 1.25% (as it was that in march 2008) and then it moved to 1.68%. What your rate was discounted (at the start of the mortgage) from could be anything from 0.75% to 1.1% as it depended on things like your ltv, mortgage size, how PTSB viewed you as a customer etc.
     
  6. Stitcher

    Stitcher Frequent Poster

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    Meepman, I drew down a discounted tracker in Feb 2008. It was ecb + 0.8 , discounted for a year to ECB+ 0.6%. I had enquired about their 0.8% Tracker that I had seen a few months earlier and was told it was discounted for a year to 0.6%. unfortunately the 0.8% follow on rate was not in the contract, only the confusing condition 9. Hence my ongoing battle with ptsb. Discounts at the time were about 0.2%.

    When did you start your mortgage application? PK probably has the rates at that time. I have print outs of rates for Nov Dec 2007 - as I had started my application in Oct Nov 2007.
     
  7. Stitcher

    Stitcher Frequent Poster

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  8. meepman

    meepman Frequent Poster

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    The loan approval is dated 25 february 2008
     
  9. PFS7979

    PFS7979 Frequent Poster

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    Stitcher,

    I'd imagine the PTSB "discounted trackers" such as ours would not be significant in terms of number of accounts as in 2008 the Banks were slamming the breaks on issuing mortgages and probably only a trickle were being issued by end of 2008
     
  10. Thomas

    Thomas Frequent Poster

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    I got my discounted rate in early 2007 so there maybe quite a few of them!
     
  11. Stitcher

    Stitcher Frequent Poster

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    I still take comfort in the fact that Ptsb said there was an error in Deck77's case. And hope it's only a matter of time for the rest of us discounted tracker people to be considered Impacted. Roll on December when we should get an update.
     
  12. core123

    core123 Frequent Poster

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    Its the waiting and not knowing if your account is part of the review which is stressful.

    As you say roll on December and hopefully things work out for the best
     
  13. LTL1234

    LTL1234 New Member

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    Last edited: Nov 14, 2017 at 12:11 AM
    Im also a 1 year discounted tracker PTSB customer who was given an options letter after 11 months & no info on what the initial tracker was discounted from. I spoke to PTSB again last week & they said the review was almost completed but could confirm that they deemed my case as Not Impacted & that any additional customers identified as impacted were sent a letter last week. I am hoping to pursue this further with Padraic Kissane who on an initial review thinks we do have a case.
     
    Last edited: Nov 14, 2017 at 12:11 AM
  14. Stitcher

    Stitcher Frequent Poster

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    LTL, that does not sound good that PTSB have already notified the additional impacted customers last week. No 6000 extra customers discovered like BOI. Guess we are not on ptsb's list. Time to up the pressure again. Very disappointing. I am with Padraic too so it will be good to hear what he has to say. Definitely up for a protest outside PTSB somewhere if this continues.
     
  15. LTL1234

    LTL1234 New Member

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    Hi Stitcher, disappointing yes but unfortunately not too surprising from PTSB. They were being very generic in their responses & it seemed to take me a while to word my questions in a way that I didn't get the scripted reply! When I asked them to confirm where the review was specifically to my account they confirmed letters were issued last week & I am deemed not impacted. They didn't confirm if these additional customers were the final total or if they have more to identify. I am curious if there are a large or small number of accounts with the discounted tracker issue.
     
  16. PFS7979

    PFS7979 Frequent Poster

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    LTL/ Stitcher,

    Its clear to me that its down to the Central Bank now to determine that our accounts are impacted. There are two issues in my view:
    1) Why was rate options letter issued, which referred to a current rate option expiring? The special condition on interest rate was silent on existance of any rate option or future choices.

    2) Why were our mortgages classed as discounted tracker? The reasonable expectation was that a discount of say 0.25/0.5% for a year before reverting to the long term margin over ECB automatically and in line with the contract wording. How can consumer protection code allow Bank lure in Borrowers on this discount before hitting a 2.5% increase in margin!! Or deliberately insert another product in the options letter with absolutely no warning of implications on choosing the SVR option?

    In fact there are several layers of mishandling of our accounts.

    I have raised these issues in writing to Central Bank and believe it may help if others do likewise....

    It appears a change in Leadership at Bank of Ireland prompted them to put their hands up on all impacted accounts. However, there has been no such change at the top of PTSB and they will be brought kicking and screaming by the Central Bsnk to admitting all impacted accounts
     
  17. Stitcher

    Stitcher Frequent Poster

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    Last edited: Nov 16, 2017 at 6:57 PM
    PFS,
    yes I think another round of letters is in order.
    And yes there are several points of issue.

    So do you think BOI preempted the central bank review results due in Dec/march ? And ptsb are still keeping Head in the sand until forced to do something?

    I suppose when I saw Deck77's story, and Ptsb admitting there was an error, and putting him back on the right rate', that that had to apply to all discounted trackers. So I fully expected to be hearing from them sooner rather than later!!!

    There was a new Ptsb chairman appointed last year, a Robert Elliott, who has waxed lyrical about looking after customers and doing the right thing!!!! So I had some hope again that someone new would want to clear the decks and move on.

    My only issue was that he had been on the NatWest legal team that got the convictions of four high profile bankers overturned in the appeal court in the 1990s which had the effect of seriously inhibiting the serious fraud office pursuing cases against bankers. See interview and other item on him at links below:

    https://www.lawgazette.co.uk/features/interview-robert-elliott-linklaters/5060603.article

    https://www.irishtimes.com/business...o-be-next-chairman-of-permanent-tsb-1.3001274

    But we can mobilise more sustained adverse publicity for them if they prefer that route. My Compensation demand has just gone up again!!
     
    Last edited: Nov 16, 2017 at 6:57 PM
  18. PFS7979

    PFS7979 Frequent Poster

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    Stitcher,

    Fair play.. you have your research done !

    But.. chairperson is something of a figurehead/consultant position only and unlikely he'd delve into specifics on certain mortgage contracts

    Another way of looking at our issue... would a Bank get away with these shoddy misleading contracts in 2017?
     
  19. Stitcher

    Stitcher Frequent Poster

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    Does anyone get to vet the contracts ? I know my solicitor wasn't much help.
     
  20. Stitcher

    Stitcher Frequent Poster

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