Have a case with AJ since redress started. With all the exposure lately I made a formal complaint to Ptsb, hoping they'd see their error and do the decent thing.
Approved April 07, original quote 1.1%, standardisation sheet on approval contract 1.1%.
Drew down Dec 07.
Broke out early from fixed rate Feb 2009, when 2.25%.
Offered 3.25% in redress, fixed rate would have expired Dec 09.
Ptsb say now appeal period has expired, that I have no case to appeal, they sent me a copy of redress letter, though I have an ongoing case with AJ.
I thought this strange seeing as I took action through litigation from day 1 of redress meaning I haven't lost my right to appeal on expiry date.
I'll be getting onto AJ Monday to take my case to fso while test cases are going through the courts. Fuming
From what the Central Bank stated at the latest Oireachtais Finance Committee that they attended there was a bit of confusion about this'prevailing' rate saga. First 'prevailing rate' only applies to AIB cases and these cases seemingly never started on tracker, did not have trickery with APR or ESIS and perhaps there is a case but it is not on four legs with PTSB. PTSB on the other hand have a 'discount tracker' and people found this discount gap as what they were on and what they went on - so hugely different in rate terms that ECB +0.80% (for example) ended up at ECB + 3.25% (for example). The second part of PTSB is that they never used 'prevailing rate' but used language such as 'appropriate to the balance' and these are not the same things. Given that the Central Bank effectively washed its hands on both AIB and PTSB and the Committee mixed the two up means that the only hope is that Mr Kissane continues the fight that has 33,700 back already. I think the matter is complex
I guess PTSB who as the biggest lender at the time, have been so good defending the 'appropriate balance tracker' that they will end up with the smallest cases restored. That itself is interesting. PTSB failed on a regular basis to ever display the 2nd payment series (eg variable payments after fixed). Some of you should review Consumer Credit Act as every other lender seemed to understand that the spirit of Act was to show the payments. What do people think?
So @Tombonass from viewing what the Central Bank said to Oireachatis, I assume Mr Kissane is busy fighting that battle as opposed to giving an update when it is reflected above. It seems to me he is the only hope. He may be busier with other matters as he has been for about six years.
@PFS7979 I think you are right about PTSB discounted tracker but it goes beyond that to what PTSB now call 'the no-price promise'tracker. You may be right that this is known to CBI. Accepting that is, it doesn't mean that CBI are going to do anything about it as things stand. That is based solely on my reading of what CBI said to Oireachtais.
The problem for an individual fighting this is that they only have the documents for their own case. On the other hand Padraic Kissane would seem to have cases that when pieced together reflect exactly your points on inconsistency and errors. The most blatant being a discounted rate being (say) ECB +0.80% and then after the discounted period being (say) ECB + 3.25%. What stands out here is that no other discounts by any other Bank omit the rate that you are being discounted from as the second series of payments is shown on the face of the Letter of Offer (or Approval).
The basic point is that people need to come together under somebody like Padraic Kissane - otherwise I would not give individuals any hope.
I have always wondered how there were no problem cases of discounted Tracker cases with other banks. Another issue that makes Ptsbs discounted tracker Mortgages such a scandal. I know Padraic is working hard behind the scenes on this and perhaps nothing can be done until the cb review is completed. Padraic was on the point of having a ptsb meeting late last year before all the publicity took things to another level. Hopefully he will get this meeting underway when the time is right.
Also, just to say that I too wrote to Padraic before Christmas and he replied to say he was still working on this. Also he said that if the CB review did not result in a positive response from PTSb then he would be going to court on this.
This potentially could cost PTSB a lot of money so I believe they are going to fight this all the way. I recently talked to Padraic and he said he is working hard on this issue but believes unlike the other cases this one i.e discounted trackers could be a fight that will go on for a while longer. Hopefully it will work in our favour but I do expect plenty of resistance from PTSB
@Stitcher - indeed the discounted tracker going from ECB +0.80% to ECB +3.25% is fundamental. Key question is discounted from 'what'? The ESIS will show that and the APR reflects what that 'second payment' is. It gives financial engineering a bad name.
@Thomas I would not be surprised if this issue and the 'appropriate balance' matters were to the fore of that meeting.