PTSB PTSB - on expiry of fixed rate, tracker rate not specified

Brendan Burgess

Founder
Messages
37,702
Supposedly with Anthony Joyce but haven't heard anything of any merit in over 2 years.
Hi del

Many people recommended Anthony Joyce on Askaboutmoney but most suggested Padraic Kissane as a better option.

Have either of them progressed the court case?

It seems that both declined to engage with the Customer Appeal Panel process on these cases initially, but then later did engage with them.

Have either of them actually initiated legal proceedings?

Brendan
 

delsalmon

Registered User
Messages
26
Legal proceedings were initiated at the start, just after we heard about redress, when they wouldn't engage with cap.
I asked them to proceed with cap and ombudsman again last year and was told they weren't going down that road. They have certain test cases they are going forward with. I haven't heard any positive updates since, that's why I put in an official complaint to PTSB and brought it to cap myself.
I'd have had better satisfaction if I'd had used the €400 on the family tbh
 

Suz2015

Frequent Poster
Messages
57
Unfortunately no. I have tried contacting the office on numerous occasions the past few weeks as I had fresh info regarding my account but my emails/phone calls have not been responded to, very disappointing.
 

core123

Frequent Poster
Messages
76
Hi All,

Just got an update from PTSB. Last correspondence back in early June said they hoped to have a resolution one way or the other by the 4th of July however the latest correspondence has pushed this out now to August the 1st. The wait continues...
 

Apples82

Registered User
Messages
21
@core123 what's your thoughts on this? Very frustrating indeed but at the same time one has to assume something is going on behind closed doors when they aren't just closing the issue.
 

core123

Frequent Poster
Messages
76
I really don't know what is going to happen. I have the letter Padric Kissane sent to them on my behalf and I have to say it did outline the case very well and why he believes that PTSB have put me on the incorrect rate. However of course I'm going to see it that way however PTSB might not but you never know. The latest letter back from PTSB did mention again that every effort will be made to agree a fair and reasonable solution. They also say if I'm not happy with the proposed resolution that I have the option of going through the Ombudsman
 

Maggy1982

New Member
Messages
1
I received the same letter myself and thought it seemed positive that they mentioned "fair and reasonable resolution" but have since been informed that this is another generic response to buy more time.
 

Apples82

Registered User
Messages
21
I think that's what I can't get my head around what are they trying to buy more time for? CB has signed off on a lot of other issues at other banks but not this issue. There must be still some tooing and froing behind closed doors or they would surely be sending final response letters.
 

core123

Frequent Poster
Messages
76
@Maggy1982 Yes I agree re the generic response. To be honest I'm not holding out much hope of a positive response from PTSB. I think we may have to further on this one...
 

Whatstracker

Frequent Poster
Messages
33
Im disgusted with them. When my fixed ended around 2009 I went on the variable. I was fairly naive and didn't question it. When the tracker controversy started I asked them how I ended up on a high variable. Answer they said was I never replied to letter after fix term was up. They sent the letter to my old rental address because they said I never notified them of change of address. I thought this was a joke considering I took out a residential mortgage not a buy to let. Always left a sour taste in my mouth ever since.
On 4.5 now and going to fix to 3.7. Just need to decide for 2,3 or 5. Mortgage we 270k, balance 205k. Year 13 of 30. Probably not under the 90% yet. Only positive I've never missed a payment.
 

zibra82

Registered User
Messages
10
Hi tom bonass

I was wondering as well ...did anyone got any updates on margin issue..its been going on in my case since 2015...I know they're working on the redress last year...but it seems to be going on forever
 

zibra82

Registered User
Messages
10
Hi

I have exactly same situation...took mortgage in November 2006 came off fix rate in November 2009 with tracker at ebc +3, even though in standardisation sheet when we're signing up the mortgage ,ptsb broken up all the year of our mortgage and stated that tracker rate will be ebc +1.25...so by looking at that we should been offered tracker rate at 2.5%not 4.5 or 4.6 at the time

We rang them before we signed the letter and we were told if we choose something we can always change it the only time we won't be able to change its when we fix it...so we went with variable rate cause it was s better/cheaper option.

When I rang ptsb few months later to ask for tracker cause variable rates went up the roof I was told it that tracker doesn't exist anymore...but I haven't got any latter to highlight changes to my original contract...where we had 3 options....tracker, variable and fix rate...I think it's a law to highlight any changes in contracts ... They shouldn't be allowed to get away with it...if we didn't follow the t&c our house will be taken from us or sold to third parties
 

zibra82

Registered User
Messages
10
November 2009 recieved letter from PTSB offering ECB + 3, 3.79 SVR and other very high fixed rates.

Took mortgage out in November 2006 initially on a 3 year fixed rate.

In November 2009 the SVR was cheaper than the tracker and therefore we went with SVR. Within a short time the SVR increased from 3.79 to 6.1

Are banks obliged to advise on the implications of making such decisions I.e, turning down a tracker in your options letter.

I know Brendan has commented on my situation in past so apologies for bringing it back up so to stick with the thread purpose our offer in November 2009 was ECB + 3
Hi

I have exactly same situation...took mortgage in November 2006 came off fix rate in November 2009 with tracker at ebc +3, even though in standardisation sheet when we're signing up the mortgage ,ptsb broken up all the year of our mortgage and stated that tracker rate will be ebc +1.25...so by looking at that we should been offered tracker rate at 2.5%not 4.5 or 4.6 at the time

We rang them before we signed the letter and we were told if we choose something we can always change it the only time we won't be able to change its when we fix it...so we went with variable rate cause it was s better/cheaper option.

When I rang ptsb few months later to ask for tracker cause variable rates went up the roof I was told it that tracker doesn't exist anymore...but I haven't got any latter to highlight changes to my original contract...where we had 3 options....tracker, variable and fix rate...I think it's a law to highlight any changes in contracts ... They shouldn't be allowed to get away with it...if we didn't follow the t&c our house will be taken from us or sold to third parties
 

JCB1

Registered User
Messages
19
Is there any update on central bank review
I thought there was an announcement to be made in August
No press coverage now,
What are the ministers/government doing
 

Brendan Burgess

Founder
Messages
37,702
Yes, the Central Bank has come down on the side of ptsb on this issue. They are signing off on ptsb's tracker redress programme as completed.

Those affected will now have to go to the Ombudsman or the court.

Brendan
 
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