I’ve received a redress letter today from PTSB which has come as a bolt out of the blue. To give a bit of background, in Nov08 my husband lost his job and our mortgage repayments became difficult to maintain. He contacted the bank and was offered a switch from our tracker rate to a cheaper variable but as the letter now states the bank acknowledge that we may not have been provided with adequate warnings at the time. We had queried on two or more occasions over the last few years as these issues arose in the media but were always informed that there was no wrongdoing on our account. Hence why this letter today has come as a bit of a shock. Our redress payment is in the tens of thousands and makes good overpayments on the mortgage up to 2016 when we moved our mortgage to another provider which offered us savings on our SVR with PTSB. However my question is if we were with PTSB would we be returned to the tracker rate we would have been on had we made decisions based on adequate warnings/advice? I don’t have all info to hand but presumably our tracker rate would be less than the 3.1% fixed rate we are currently on. I don’t wish to look a gift horse in the mouth and all that but feel that we continue to be impacted. It doesn’t just stop because we switched mortgage provider. I rang PTSB to query whether we would be returned to the correct tracker rate had we continued to be customers but the person I spoke with could not advise. I understand I can take the money and appeal but do I have a basis for doing so?
Last edited: