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

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

Thread Status:
Not open for further replies.
  1. PFS7979

    PFS7979 Frequent Poster

    Posts:
    131
    Hi DeeMc,
    PTSB wrote to me in early 2017 stating I was not impacted. All the more incredible given what you have just told me. Presumably you were refunded the over payment and significant redress also?
    I believe its only now a matter of time... but its been a long long c 18 months waiting.
     
  2. PFS7979

    PFS7979 Frequent Poster

    Posts:
    131
    DeeMc,
    Did your rate options letter even include a tracker option back at the end of ur 1st year?
     
  3. DeeMc2017

    DeeMc2017 Registered User

    Posts:
    10
    Yes it did include a tracker rate option of 3.25% above the ecb I think it was and that’s what they put me back on. Yes I did get the overpayment back along with minimal compensation but I’m still of the opinion that I should be on a proper tracker and not the 3.25 they put me back on. I think I put the details of the exact wording further back on this post if you want to have a look to compare it the yours. On my phone here so not easy to find.
     
    PFS7979 likes this.
  4. core123

    core123 Frequent Poster

    Posts:
    65
    Where I think there is an issue in the contract is that in my Special Conditions (E) it mentions that at the end of the discount rate i.e 24 months that I have the option to move to a fixed rate or to the tracker mortgage rate applicable at the time of expiry. Nowhere in the condition does it mention that this could be higher or lower then the then (2007) rate which as we know turned out much higher 1.1% v 2.25%. I would have thought this should have been included in the conditions somewhere. It might have been obvious that it could go higher of course but surely this should have been laid out on the contract.
     
  5. PFS7979

    PFS7979 Frequent Poster

    Posts:
    131
    So... I wonder if PTSB wanted to get their portfolio sale news out.. before announcing further redress to the discounted tracker cohort??? Here is hoping...
     
    deansmith27 likes this.
  6. core123

    core123 Frequent Poster

    Posts:
    65
    Well another holding letter. This time they hope to have an update by the end of August. Frustrating isn't the word for it. Although will be wirth the wait if a positive outcome occurs
     
  7. WizardDr

    WizardDr Frequent Poster

    Posts:
    1,086
    Last edited: Aug 28, 2018
    Just for clarity:

    I have never seen the word 'prevailing' in any of PTSB Discounted Trackers. I am open to correction.

    What I do see is 'appropriate to the loan'. Its this wording that is difficult for PTSB for if their intention all along was to have a repricing situation upwards as well as downwards - which in effect is what they are saying - then at the very least this is misleading. Its contained in a Special Condition that refers more to the discount than anything else.

    Had PTSB a real intention of being able to reprice the way they are suggesting then they would have realised that what was being offered was a 1 year special rate .. the use of discount should be fatal - and it should not be taking the efforts of Padraic Kissane to bring this to a head. But that is the history of trackers.

    What I also see in 2005 PTSB 'Mortgages - your home, your mortgage, your guide" states on Discounted Rates "..we offer a 12 month discount on our variable rate mortgage...". There is no hint here of any hidden traps for the unwary.

    The reason the letters are still coming out is that CBI have not yet concluded on this.
     
    Last edited: Aug 28, 2018
  8. PFS7979

    PFS7979 Frequent Poster

    Posts:
    131
    Hi WizardDr,

    My PTSB "discounted tracker" had wording to effect: "On expiry of the discount period, the then prevailing PTSB tracker rate will apply". "Prevailing" was certainly used.

    Key in my opinion, was the options letter issued 11 months into the contract stating "your current rate option will expire on x/x/x".

    This was not accurate as there was no reference on the original contract to any rate option.
     
  9. core123

    core123 Frequent Poster

    Posts:
    65
    And yet another holding letter. Now saying it will be the end of September when they hope to come back with a decision
     
  10. WizardDr

    WizardDr Frequent Poster

    Posts:
    1,086
    @PFS979 will you examine the Letter of Approval and see if the words include 'prevailing'. I am 90% sure they used 'appropriate to balance' and never used prevailing. Its two different arguments if they did on yours.
     
  11. PFS7979

    PFS7979 Frequent Poster

    Posts:
    131
    @WizardDr
    I dug out my file and I apologise.. the wording stated on "expiry of the discount period, the interest rate will be the then current ptsb tracker mortgage rate"
     
  12. PFS7979

    PFS7979 Frequent Poster

    Posts:
    131
    My point is the contract was silent on an options letter. Yet an options letter issued to customers 11 months after drawdown with misleading and inaccurate statements regarding "your current rate option" expiring.... thereby luring customers of the ptsb tracker rate on a false context.
     
  13. meepman

    meepman Frequent Poster

    Posts:
    65
    same here
     
  14. PFS7979

    PFS7979 Frequent Poster

    Posts:
    131
    PTSB have written to me; stating they have completed the CBI -led tracker review and that my account (Disc-Tracker) is not deemed impacted.
     
  15. Apples82

    Apples82 Registered User

    Posts:
    20
    Would that mean the CB have signed off on this and other issues e.g. prevailing rate? Or just that it's finished from the banks perspective?
     
  16. PFS7979

    PFS7979 Frequent Poster

    Posts:
    131
    Apples... I fear that they would not have issued this letter without a good idea the CBI review would clear them. Onto Ombudsman.
     
  17. Apples82

    Apples82 Registered User

    Posts:
    20
    Disappointing but not in the least surprising.
     
  18. core123

    core123 Frequent Poster

    Posts:
    65
    Hi @PFS7979, when did you start your process with PTSB in relation to the discount trackers? I presume we will alll get the same response now from them
     
  19. PFS7979

    PFS7979 Frequent Poster

    Posts:
    131
    I wrote in January 18. My point of focus was on PTSB misleading me by issuing "rate options" letter. The discounted tracker was to revert to the then current tracker rate under the contract.

    The options letter should have never been issued to me.
     
Thread Status:
Not open for further replies.