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

Discussion in 'Tracker Redress' started by Deck77, Oct 22, 2017.

  1. PFS7979

    PFS7979 Frequent Poster

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    Somar,

    I believe this particular discussion thread relates to "discounted tracker" accounts only. Those that entered fixed rate agreements had a different issue.

    There are multiple issues with the discounted tracker cohort that relate to shoddy/confusing/inaccurate contract wording and incorrect appication of margin after discount period. These were not fixed rates.

    3 year fixed rate terms etc and what options those customers were given is a different matter to the issues we are highlighting here.
     
  2. Darava

    Darava Guest

    Have been advised by PTSB today that my resolution letter which I had open since last Oct has been issued on Friday last 9 Mar so should be getting this in the next few days. Couldn't give me any info over the phone so will see what they have to say on this.
     
  3. Darava

    Darava Guest

    I had complained about being mis-sold a 1yr discounted tracker mortgage I have taken out with them in OCT 08 and then given a ECB +3.25% rate along with SVR rates. Switched to BOI a yr or two later when my rates went to 5.7% with PTSB.

    I'll see what they have on the resolution letter tomorrow and let you know but I'm not holding out much hope
     
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  4. Darava

    Darava Guest

    Hi all, so I received my resolutions letter from PTSB this morning and I'm not included in the Redress for Tracker mortgages. They have advised that there was nothing in my contract to state that I was to be offered a particular tracker or interest rate on expiry of my 1yr discounted tracker offer.

    They finally sent me out my list of rates I was offered after my discounted year ended also, only waiting about 4 months for this request and the Tracker was 4.25% and the LTV Variable rate was 3.65% so we naturally choose the cheaper option.

    I have attached the letter they sent and am just looking for an opinion on this, is there any point in me going any further or should I just now agree the bank are right?

    I was waiting to get my rates offers letter before I sent this onto Padraic Kissane, do you think I should still try and get this looked into further or is my scenario just different to everyone else?
     

    Attached Files:

  5. PFS7979

    PFS7979 Frequent Poster

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    Darava, thank you for sharing the ptsb response. I am sorry to note their response.

    I note the wording on your special condition stated that you would be advised of rate options for year 2 onwards and that you would be expected to make a choice.

    I too, had a discounted tracker drawn in 2008. But my wording on the special condition was different. It stated "on expiry of the discount period, the then prevailing ptsb tracker rate will apply"
    I have written to ptsb asking why they then issued a rate option letter? Why they stated my "option" was expiring and that I had to choose from a range of options?

    The contract I had stated that for initial 12 months the margin was 0.75%. The margin thereafter was its "prevailing ptsb tracker rate". As such, I believe I have two issues.

    1) the reasonable expectation that the margin from year 2 onwards would in some way reflect the "base" from which the initial discount related. Ie: discounted margin of 0.75% from a long term margin of say 1.5%.

    2) my contract was silent on having to choose a rate for year 2 onwards. As such, the rate options letter contained a misrepresentation and was a deliberate effort to move me off a tracker rate. It was sent to me on an unsolicitated basis.

    I urge readers to check if their special condition is the same as mine. Whilst Darava's did refer to choices having to be made for year 2 onwards, my contract didnt. Yet PTSB wrote to me stating I had to choose a rate when in fact I didnt.

    Hope this makes sense! Good luck all.
     
  6. core123

    core123 Frequent Poster

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  7. LTL1234

    LTL1234 Guest

    @PFS7979 Condition 9 stated that after 12 moths the tracker rate will revert to the then PTSB Tracker rate. At the very least the product title is incorrect, it wasn't a discounted product for 12 months if they were applying a different rate when it expired, the discount part was .50% so we should have reverted to 1.25% over ECB rate after expiry of the discount. They claim sending out options letters was standard practice.

    @core123 yes Pádraic looked at our case briefly some months back & feels we have a case. I have been in touch with his office again today.

    Such a long battle with PTSB, I think I need the back up at this stage.
     
  8. PFS7979

    PFS7979 Frequent Poster

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    So it seems based on the Central Bank update today, further effected accounts will be identified in June and PTSB "discount tracker / prevailing rate" still under review.... anybody else feeling positive about a favourable outcome?
     
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  9. Stitcher

    Stitcher Frequent Poster

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    I am losing hope, I have to say, even if the discounted tracker/ prevailing rate is still under review. Ptsb have not identified anyone new since last dec, and have the smallest number of impacted customers I think at around 2000. They are doggedly resisting increasing their number of impacted customers. I think we have a strong consumer protection case and I think we may have to go to court. I urge anyone who can to go to the ptsb AGM next week, Wednesday, ballsbridge hotel, 11.30. or protest outside.
     
  10. Brendan Burgess

    Brendan Burgess Founder

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    Folks

    I will be providing back-up to Stitcher at the AGM on Wednesday.

    I have read through this thread.

    Can I just clarify that only one person, the originator of this thread, Deck77, got a cheap tracker back?

    I don't consider someone being offered 2.25% or 3.25% at the end of the one year a proper offer.

    Brendan
     
  11. LTL1234

    LTL1234 Guest

    @Brendan Burgess Yes as far as I am aware nobody else (on this thread) has been offered a cheap tracker back.

    Great news you are attending & backing up @Stitcher
     
  12. PFS7979

    PFS7979 Frequent Poster

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    Well done guys for attending. Unfortunately I cannot attend due to my distance from the capital and work commitments.
     
  13. core123

    core123 Frequent Poster

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    Can't make it myself due to commitments unfortunately. Hopefully it will make a difference; well at least keep it in the public view.
     
  14. Suz2015

    Suz2015 Registered User

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    Has anyone brought the PTSB rate issue to the FSO at this stage?
     
  15. Brendan Burgess

    Brendan Burgess Founder

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    Just back from the AGM.

    Stitcher did a great job. She was first on her feet to speak. Set out the issue and the impact on her.

    It was very easy for me to follow up and refer back to her case. And about half the other speakers referred back to her and the issue as well.

    My only regret is that there weren't 10 Stitchers at the meeting to make a bigger impact.

    Brendan
     
  16. Apples82

    Apples82 Guest

    I think many of us regret not being able to be in that room. Unfortunately and ironically if PTSB didn't have me in such a bind I may be able to take time of work to attend! Well done to all the speakers who made it.
     
  17. PFS7979

    PFS7979 Frequent Poster

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    Well done Stitcher and Mr Burgess for attending and speaking up. 8 hour round journey and work/family commitments meant I couldnt make it.

    My case is with FSO.
     
  18. Apples82

    Apples82 Guest

    @Stitcher may i ask what sort of reception was your speech/questions met with? As the discount/prevailing rate is still under review do we have any hope left?
     
  19. Stitcher

    Stitcher Frequent Poster

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    Hi Apples82,
    There was a good reception from the audience, and several later speakers also referred to my issues. I asked why some discounted trackers were considered impacted (deck77's) and others like ours not. I did not get a satisfactory answer. I think it was good to keep the pressure on, and I said I will continue to do so until we get justice. I said that they tricked us out of our trackers and breached our consumer rights by using ambiguous wording in contracts. Brendan followed up by asking why don't they do what BOI did and sort all this mess out in one go. Again, no satisfactory answer. There are still some discussions ongoing with CB so there is a slim chance they will have a change of heart by June, next month, and stop fighting this, but I won't believe it until it happens.

    One thing was obvious, in that there were so many complaints being raised by shareholders and customers. A very negative feeling and bad PR. But there seems to have been little of that reported in the news. I was featured on TV3 news at 12:30 and that was it. We will see if there is anything more in the papers today.
    Stitcher
     
  20. core123

    core123 Frequent Poster

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    Thanks for the update @Stitcher and thanks for raising this at the AGM