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

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no money Mo

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This has been debated for years on AAM. You got proof of this or heard of CB report early?
No proof, if it was a genuine mistake they'd hardly have waited for the Central Bank to investigate them,for them to rectify the situation
 

fuzzy10

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My case is with the FSO for last 2/3 years & have yet to receive any communication from PTSB.
 

taldar

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Fuzzy I have had no communication either but rate has changed. You are fixed so it might be a bit different for you as in you might have to sign it before they change it.

If it is proved they made up the glitch story there should be criminal charges.
 

fuzzy10

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Fuzzy I have had no communication either but rate has changed. You are fixed so it might be a bit different for you as in you might have to sign it before they change it.

If it is proved they made up the glitch story there should be criminal charges.
I agree. I've yet to have any rate change or communication. Very frustrating...
 

George 07

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You are all very welcome. When the letters come out, I think we should probably organise a pint somewhere to celebrate?

We can have an informal chat/celebration. And then probably arrange a more formal meeting to discuss how to press the cases of those who have not got a satisfactory solution.

Brendan
I think your rite everybody should meet up for a chat and organise the way forward to make ptsb pay real compensation to everyone effected
 

HereAndNow

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I rang PTSB on Friday and they confirmed that I have been moved from SVR to 1.15%. Fantastic news 5 years after I lodged my initial complaint to the Ombudsman.
I originally took out a 35 year mortgage in 2007 (2 year fixed, then ECB + 1.1%). However broke the fixed rate in 2009 after speaking to an advisor 2 months early.
Was advised that the repayments would be lower on SVR, would have no break out fee and no mention of impact of losing tracker.

Delighted now that I will receive refund of my over payments since 2009.

However when I review the situation, I like many others when paying over 6% tried to curb lifestyle costs.
I tried to be prudent, reducing outgoings wherever I could, including stopping AVC payments, downsizing car, holidays etc.
I rang the bank requesting I increase payments to decrease term of loan, thus decreasing lifetime mortgage interest.
Term is now at 13 years in an effort to mitigate the lifetime interest cost (struggling with over 200K remaining)
If I was on a cheap tracker all along not sure would I have ever reduced term.
I have a fairly decent job in the private sector, but have lived frugally over the last number of years.

Interesting to see how PTSB calculate the compensatory element here.

I have a fear that they will offer a couple of K on top of the refund and people will be so happy to see an end to this that it will be accepted.
Its caused huge hardship... 3 - 400 euro a month extra payments over 6 years that could have been spent on family.

I should be able to send my kids to the gaeltacht, should be able to go on holidays but 4-5K a year of my take home pay was taken from me.

However, excuse the rant... I do realize that I was fortunate enough to weather the storm.
Many many people have suffered far more than I over the last 6 years.
I know of a couple whose marriage has broken up through economic hardship caused by this.
Children have been denied opportunities ultimately because of PTSB errors / efforts.

How can the PTSB compensate for that?
 

Brendan Burgess

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I rang the bank requesting I increase payments to decrease term of loan, thus decreasing lifetime mortgage interest.
Term is now at 13 years in an effort to mitigate the lifetime interest cost (struggling with over 200K remaining)
That is a very good point.

How will those who overpaid their mortgage or who switched lender be compensated? They would not have done so had they had a cheap tracker.
 

Lauren 5

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I would recommend everybody who are fighting their cases to go to Padraig kissane, we have being with Padraig for a very long time now, he knows what he is doing, don't take on the banks on your own, Padraig will be on the rte news at 1 o clock,
 

phil

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I have been told this morning by PTSB I am one of the affected mortgages and I am on the list but my mortgage payment due 2nd August has still not been amended.
 

Kelmcc

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I rang and they said that my case was being investigated. I've been put on a rate of 3.3% which I feel is poor offer!! Disappointed with the redress programme detailed on the ptsb website
 

McG1982

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The more I listen to the radio and TV today the more irate I feel. How dare PTSB think it is okay to release the details of the redress programme when they haven't informed the customers affected. If you ring the so called dedicated helpline you are told to wait for your letter which will be coming out in the next 2-3 weeks. I feel the bank has totally insulted all those affected and my heart goes out to those who lost their family homes due to this catastrophe!!! They are saying today that no-one will be held accountable as it was a major error on their behalf and was not purposely done but it is far too coincidental that all of us customers who had this clause on their mortgage contract re tracker rates were able to exit the fixed rates without penalties which is absolutely standard!!!! I do not think they should get away with this and we should absolutely stick together and make sure that this is all properly addressed!!!
 

no money Mo

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€50k isn't a lot of money for someone who's had their house repossessed, what about their deposit on the property, tiling, kitchens, carpets ( and anything else that had to be left behind) stamp duty,the stress,any embarrassment caused, their legal fees involved in buying/repossession etc.
 

JCB1

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good morning to all, I only came across the article in news yesterday..
Firstly, Well done to everyone who was working on this & fighting ptsb for overcharging their customers.
I've just logged onto my account & the rate is now 3.3 reducing repayments by 200 per month.

We had a fixed rate to begin with in dec 07 and broke out of it with no fee charged. Was this a ploy to get everyone onto high LTV rates..

We have suffered so much over the last 5 years, unemployment, health issues, emigration.
We are in arrears with the bank and had legal proceedings issued but nothing has happened since - is it because of this I wonder?

I don't have access to my org offer right now but I'll review it to see what it says.

So will they credit us with the overcharge in interest?

thanks again for informative posts !
 

PTSBCase

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good morning to all, I only came across the article in news yesterday..
Firstly, Well done to everyone who was working on this & fighting ptsb for overcharging their customers.
I've just logged onto my account & the rate is now 3.3 reducing repayments by 200 per month.

We had a fixed rate to begin with in dec 07 and broke out of it with no fee charged. Was this a ploy to get everyone onto high LTV rates..

We have suffered so much over the last 5 years, unemployment, health issues, emigration.
We are in arrears with the bank and had legal proceedings issued but nothing has happened since - is it because of this I wonder?

I don't have access to my org offer right now but I'll review it to see what it says.

So will they credit us with the overcharge in interest?

thanks again for informative posts !
Hi JCB1, Just to let you know you and I are 2 people of a pool of approx. 300/400 people who have contracts where the margin is not clearly stated. PTSB have just come up with a margin of ECB +3.25% for us which is the 3.3% you are seeing on your account. This is unacceptable. You should be getting a much lesser margin. I and many others are clients of Padraic Kissane who is very experienced with these cases. I suggest you contact Padraic ASAP to ask him to review your account and advise you how to proceed.
 
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