PTSB Prevailing tracker rate after 1 year discounted rate ends

Hi Donna,

Did the terms and conditions clause on your mortgage agreement as relating to the interest rate refer to the prevailing tracker rate to apply after the discount period? Or did it state you will be given options to choose from?

Ignore any cover letter or the Standard info sheet. check specific clause in ur original contract. in my case, no such options were referred to in the contract. the fso have reviewed the issue as ptsb rejected my complaint (ptsb cited a cover letter issued with the contract that referred to the options to be given - that was at odds with the wording on contract t&c's) fso directed ptsb to review my account under the central bank review so ptsb have had to re-open my complaint.

I have little doubt in my mind that ptsb did not handle my account correctly as the contract was specific about interest rates and never referred to options to be chosen.. where there is an element of doubt, as i understand it, central bank review directs that the lender will put mortgagee back in the position they should have been. ie: tracker rate, refund and compensation.

Looks like we are in same situation. I'm pretty confident based on fso feedback that we will be successful.
 
Morning PFS

I have read through my special conditions and it states:
'On expiry of the discount period, the interest rate will be the then current permanent tsb tracker mortgage rate (comprising of a certain percentage over the ECB rate) appropriate to the loan as may be varied in accordance with variations to the ECB rate. In the event of any variation of the ECB rate the revised interest rate will apply not later than 1 calendar month from the effective date provided by the ECB.
Seems no such options letter should of ever been sent out!
I am going to phone P.Kissane this morning and see if this is the same complaint that hes going with because it is obvious that this was wrong!
I will let you know what he says.

Donna
 
Hi Donna,

Thats the issue exactly. The "options" letter should not have issued or at very least should never have referred to current option expiring.
 
Hi Donna,
I am so glad to hear of more people like me with discounted trackers who were defrauded of our rightful undiscounted rate after a year. I am with Padraic too so hopefully we will get some justice. I took mine out in Feb 2008. But 6 months earlier, the discounted tracker was exactly that. It reverted to the undiscounted rate tho i saw a post on here where options were also offered. I agree that no such options should ever have been offered as we thought we were getting a regular tracker for the term of the mortgage but discounted for a year. My case too is being reviewed by CB.
 
Hi Stitcher, Yep its great to hear of more people.. I sent in a letter of complaint to PTSB on Friday last and then when they do not accept my complaint letter I am going to the FSO, P.Kissane has told me my case is being reviewed by central bank also but I am going to try and do a bit myself, it cant hurt!
 
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