PTSB PTSB reaches out-of-court settlement with tracker customer on margin issue

coolaboola12

Frequent Poster
Messages
60
Hi All

Just wondering how precedent works with banks and the legal system.... Maria Page in article below won her case in court with what is basically the same issue as our AIB prevailing rate issue. I dont understand how AIB cannot see this case as precedent and just pay out compensation to the people affected. If the high court already awarded in Marias case then its fairly certain they would also award in favour of the people affected by the prevailing rate with AIB so AIB would hardly go to the high court.

Am i missing something here ?

 

Mehaul

Registered User
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14
I suspect there's no legal precedent established because the case was settled. I believe the court needs to reach a judgement for precedence to be established. If I'm right, this is the escape route for the bank to payout on individual cases, but avoid the floodgates opening, thus forcing everyone to litigate individually (with the expectation that everyone will not).

I'm not a solicitor, barrister or legally qualified in any way though, so don't take my word for it...
 

PFS7979

Frequent Poster
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150
I think the time has come for all effected to organise and mobilise...

Those with PTSB "discounted trackers" were either fraudulently removed from tracker rate or were charged inflated margin that bore no comparison to what was a standard tracker margin on date of the original letter of offer.

This development shows that PTSB are in trouble and they know it !!
 

Brendan Burgess

Founder
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38,553
Compensation
After receiving compensation of some €30,000 for having been part of the original redress scheme at the bank, it’s understood that the plaintiff subsequently took a case against PTSB querying why they were offered what the bank deemed to be an “appropriate” rate of 2.25 per cent above the ECB rate, arguing that they were entitled to a tracker rate margin of 1.1 per cent above the ECB rate, and thus should be entitled to further compensation.

Very interesting, but not enough information to make any assessment of whether it has implications for anyone else or not.

Brendan
 

PFS7979

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150
As I understand he is assisting clients and I have heard him raise the issue in media.
 

Brendan Burgess

Founder
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38,553
Maria Page in article below won her case in court with what is basically the same issue as our AIB prevailing rate issue.
Where are you getting the information that it's the same as the AIB issue. There was very little information at the time, and from memory, it was simply the amount of compensation and not the rate which was in dispute.

Brendan
 

coolaboola12

Frequent Poster
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60
Where are you getting the information that it's the same as the AIB issue. There was very little information at the time, and from memory, it was simply the amount of compensation and not the rate which was in dispute.

Brendan
Just from the 2017 article

" She had been on a five-year fixed rate, at a rate of 5.99 per cent, but was not offered the choice of a tracker rate when this term expired. Ms Page subsequently sued the bank for breach of contract, "

Sounds very like AIB dispute, not offered tracker after fixed expired so breach of contract
 

Brendan Burgess

Founder
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38,553
There is no connection at all apart from the word "tracker".

She was not offered a tracker, and ptsb admitted they were wrong and offered her a tracker at the rate specified in her contract.

The AIB case is completely different. There was no rate specified in the contract.

The only thing at issue in the ptsb case was not the rate but the amount of compensation for the loss suffered.

Brendan
 

elacsaplau

Frequent Poster
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640
Very interesting, but not enough information to make any assessment of whether it has implications for anyone else or not.
The implication to me is that banks generally have asserted that they have acted correctly in the level of compensation, etc.
Some brave soul calls their bluff and hey the certainty is, well, not so certain anymore. The bank settles, out of court, because it does not want the terms known to avoid precedent and in a desperate attempt to prevent the floodgates. I suspect the solicitor involved will be a busy man. He is certainly the person that I would want to represent me in such matters at this stage.
 

PFS7979

Frequent Poster
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150
This is primarily concerned with PTSB plucking high tracker margins "from where the sun dont shine" over the 2008/9 period....
 

Zeppelin

New Member
Messages
5
When are they just going to stop this messing around with people s lives a do the decent thing and put us on the proper rates it's going on to long know out of court settlements and fined 22 million according to this article today it's saying PTSB has paid compensation and put customer s on more favourable rates ... more lies .
know the game is up .. obviously there legal team realize this too just come clean draw a line in the sand and put your customers on the rate they are intitled too and stop the heartache for hard working people alike
 
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