PTSB ptsb will tell you over the phone if you are getting a refund

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ainefitz

Registered User
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10
Hi all
I have put another phone call to PTSB today to attempt to understand what is happening. It appears some accounts are now adjusted to their tracker margins going forward, this is very strange to have occurred before any letters of communication have gone to customers explaining clearly what is happening. I have also sent an email to the Central bank expressing the varied happenings with peoples accounts. I would encourage all affected to contact me so we can at the least attempt to get a consistent resolution to all affected customers. It appears to me that it will suit PTSB perfectly if there is a dividing of the herd so to speak and if we could have a unified approach at least those who are being offered solutions can have it confirmed if indeed it is at least correct, fair, reasonable, and if it addresses the very serious concerns of what has occurred.
There is an old line in regard to tax refunds and beware here again
it is "everyone gets excited about a tax refund until they realise its their own money" the refund of interest adjustment alone will not be enough to resolve matters to satisfaction. I have dealt with too many people who have had their financial lives destroyed by what has gone on and the robbery of their money for over 6 years. If this is not addressed fully in the completion of the investigation then the investigation will have been futile but i remain confident that the Central Bank will address these live concerns
Padraic
Hi all
I have put another phone call to PTSB today to attempt to understand what is happening. It appears some accounts are now adjusted to their tracker margins going forward, this is very strange to have occurred before any letters of communication have gone to customers explaining clearly what is happening. I have also sent an email to the Central bank expressing the varied happenings with peoples accounts. I would encourage all affected to contact me so we can at the least attempt to get a consistent resolution to all affected customers. It appears to me that it will suit PTSB perfectly if there is a dividing of the herd so to speak and if we could have a unified approach at least those who are being offered solutions can have it confirmed if indeed it is at least correct, fair, reasonable, and if it addresses the very serious concerns of what has occurred.
There is an old line in regard to tax refunds and beware here again
it is "everyone gets excited about a tax refund until they realise its their own money" the refund of interest adjustment alone will not be enough to resolve matters to satisfaction. I have dealt with too many people who have had their financial lives destroyed by what has gone on and the robbery of their money for over 6 years. If this is not addressed fully in the completion of the investigation then the investigation will have been futile but i remain confident that the Central Bank will address these live concerns
Padraic
Hi Padraic, Do you know are Ptsb continuing to update peoples morgage profile to tracker or are those who's account have not been updated still got a big battle on their hands ? In my case there has been no update to my morgage account online which is concerning me. Thanks in advance
 

fuzzy10

Frequent Poster
Messages
149
Hi Padraic, Do you know are Ptsb continuing to update peoples morgage profile to tracker or are those who's account have not been updated still got a big battle on their hands ? In my case there has been no update to my morgage account online which is concerning me. Thanks in advance
I also have the same question...
 

PadKiss

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215
Hi all from my understanding take nothing from the issue if your account is not updated yet as all could not be done yet but I have yet to get the position clarified directly with PTSB but I have been promised a call after 5 today. As soon as i know I will update but what we can be certain of is the matter is approaching its finality but only with complete satisfaction Padraic
 

joe351980

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94
Hi all. Just after having a phone conversation with Padraig Kissanne(padkiss), I would advice anyone in this situation to do the same. What we need to show now is unity against PTSB and look for adequate compensation.

I can't stress enough how agreeved I am by what PTSB has put its customers through. Far better having 1 voice for all rather than going against them alone.

Don't settle for what the bank proposes!!!!
 

taldar

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Messages
80
TBH the compensation is important to me but not as important as getting our tracker back with full refund. I want an end to it and they can start by adjusting my mortgage to my tracker rate asap! :)

I am also looking forward to the CB report on the issue to see will there be another reason for the "Systems Malfunction"
 

joe351980

Frequent Poster
Messages
94
I understand taldar. We should be repaid what ptsb overcharged and put back on tracker rate straight away. Then the issue of compensation should be discussed separately. I'm just saying we shouldn't accept the first proposal, especially as a final offer. It makes my blood boil to think that ptsb conned money from mortgage holders for the past 6 years. Plus the last 6 years have been very difficult financially. This is when this money was must valuable, to simply return it with little or no compensation would be insulting. I await the proposal patiently but I can guarantee ptsb will try to limit the cost of this' IT hitch' as much as the can. Their reputation won't matter.
 

joe351980

Frequent Poster
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94
Exactly ptsbcase. The way I see it we're all similar cases from around the same time. I don't know what, if any tracker rate i'll be giving, but if 1 person gets offered a low rate, everybody should get the same.

Question????
Why are the bank saying every case is different?

Is it so they can have different people on different rates. In 06-09 was everybody not giving the same rate i.e. everyone offered the same tracker rate. Did ptsb not just announced a new mortgage package containing different rates for different LTV, and announce this as a new type of mortgage available.
 

AAM_User

Frequent Poster
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114
Hi Everyone,

Logged in this evening, the first time in ages & was excited to read this thread. I registered with Open 24 last month an have only logged into it on the basis of this thread.

Delighted to find our next payment has been reduced by almost €250. I checked our annual mortgage statement received in January this year against the online account & it appears we've dropped from 4.5% to 2.3%.

Looking forward to receiving the letter, but as posted above, I think everyone should be very reserved about the figure they get as this is OUR money they're returning.

Think of every time you went overdrawn...
Think of every treat you had to deny yourself or your kids...
Think of how much stress you endured month to month...
Think of the marriages that have broken up...
Think of the people no longer with us...

All because of the excessive amount of mortgage payment going to this crowd. Our money that was fraudulently taken from us.
 
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taldar

Frequent Poster
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80
Totally understand but from my point of view the compensation is not going to be €200,000 which is what I will save with tracker re-instated. I have spent 4 years being angry about it but no more, its all on the way and I wish all of you the best with this.
 

AAM_User

Frequent Poster
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114
According to the article in the Independent from Monday, they're paying out approx €35m. Seems like a lot of money, but divided between approx. 2,000 customers, it breaks down to €17,500 each (the article says €20,000).

Based on the amount our next mortgage payment is going to be, we're dropping 2.2% or €236 a month. Times 12 months = €2,832 per annum, times 6 years = €16,992 of our money which they fraudulently took from us. So it looks like they'll be paying us back slightly more than they took. I'm imagining that this amount is the total offer & they're not going to be offering any compensation on top of this.

Obviously the amount will be different for everyone, that's just our figures.

Doesn't seem right or fair. Where's the compensation for damages they caused? I personally think they should be offering at least 75% of the refund in compensation per customer. Opinions or thoughts?
 

taldar

Frequent Poster
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80
Some customers will be owed €5k and some will be owed €40k etc... Your 17,500 figure is just an average.
 

farfalla

Registered User
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2
Hi all, just joined the forum but am also waiting on a PTSB verdict. I checked my online account and mortgage interest rate is still 4.5%. I suspect that is not an indication of either a positive or negative outcome going by earlier posts.
 

joe351980

Frequent Poster
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94
AAm_user, I wouldn't put out figures about compensation until we receive proposals. An offer of higher than 75% could be on the cards. I have no info to suggest this but I'd wait for what ptsb propose, and than see if it's satisfactory.

Maybe leave suggestions until after we get letters, and I hope that ptsb realise how serious this is!!!!
 

Bronte

Frequent Poster
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13,368
Think of every time you went overdrawn...
Think of every treat you had to deny yourself or your kids...
Think of how much stress you endured month to month...
It is also time to think and decide on what to do next. Specifically the return of overpayments as this is likely to be a not inconsequential figure. So people's options are to pay down capital, but this of course might not be a good idea if people are being put back on low trackers. They probably should pay off other debt, especially high interest ones like credit cards.

Some people who are in a lot of Negative Equity who can afford the current repayments ought to think about continuing with this higher amount.

Those with very long mortgages that are bringing one to age 65 etc also should look at reducing the term.
 
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joe351980

Frequent Poster
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94
In 06 any person who got affected by this situation (myself included) was very poorly informed and advised. Especially by ptsb
 

katnia

Registered User
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25
I just checked our mortgage online, the rate has went from 4.5% to 1.15%. Yesterday it was 4.5%, it looks like they are working through customers and reducing rates. Keep an eye on yours and see if it changes. It seems this process is moving forward (at long last).
 

joe351980

Frequent Poster
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94
My rate came down to 0.85% . I took out my mortgage in aug 07, I still haven't seen my contract but I am getting it on Monday. I do have a letter from oct 07 that states that my tracker is 0.8 + ecb. When I get my contract, I'll have more details on how I received this rate and why others are offered higher rates. What I would say is PTSB is after getting a team of experts to go over contracts with a fine toothcomb for months. This was not to make sure everyone got their entitlements. More to see how much money the bank could save.
 

gahfan

Frequent Poster
Messages
96
I keep checking mine online and it's still 5.8%, hopefully it'll come down. I'm always late with my mortgage payment every month and p tsb would be ringing but in the last few months they haven't been ringing me, fingers crossed that's a good sign.
 

Bronte

Frequent Poster
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13,368
I keep checking mine online and it's still 5.8%, hopefully it'll come down. I'm always late with my mortgage payment every month and p tsb would be ringing but in the last few months they haven't been ringing me, fingers crossed that's a good sign.
Why are you always late with your repayment?
 
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