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

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Hopefully

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Hi JCB1 sorry to hear about what you have gone through and you didn't even know that the bank had done wrong to you. yes it does seem you are one of the customers affected you should request a copy of your mortgage contract that you signed in 2007.

I would recommend you contact Padraic Kissane he is working with a lot of the PTSB customers that are affected by this issue.

According to the PTSB website anyone that has overpaid will get refunded but for example you overpaid by €10,000 and you have arrears of €5,000 then your arrears will be cleared first and you will be given €5,000 refund + compensation.

The Compensation that they are offering is a disgrace for people have being through.
 

Bronte

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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!!!!
That's a very good point. Having exited fixed rate mortgages twice myself and paid penalties it was always clear to me this was a deliberate policy by PTSB.
 

Bronte

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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.
Some very valid points there, perhaps there should be a thread on it. Working out the actual figures, to see the actual loss. Also there was a comment by Padraic Kissane in one of the papers that if you pay 400Euro in mortgage it actually costs you 800 Euro in income because of tax. So a deposit of 5K is really 10K.
 

Bronte

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We have suffered so much over the last 5 years, unemployment, health issues, emigration.

So will they credit us with the overcharge in interest?

thanks again for informative posts !
Yes you will be credited with overcharged interest and you'll be entitled to it not as a credit but directly into your account, unless in arrears, is my understanding, but nobody has a letter yet so it's not 100% clear.

If you'd like to talk to the media about the stress all of this has had on you, the owner of this website, Brendan Burgess will put you in contact with the media who are seeking people to write articles about this. If people want to get better compensation it would be helpful if one of you were to go on the record about how all this has affected your lives and if one does it others may come forward and it will put pressure on the PTSB who just want this story to be a 24 hour wonder.
 

Win_Maya

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Got a big shock to see my interest rate down to 1.15% from 4.35%... Hopefully we are in the affected list.
Waiting for the much hyped letter...
Hopefully everyone gets sorted as well.
 

JCB1

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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.
Thank you, I will contact him direct & hopefully he can get more results for everyone affected.
 

Bronte

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Thank you, I will contact him direct & hopefully he can get more results for everyone affected.
This is his website

http://www.padraickissane.ie/

And he's a poster on here, he's been doing trojan work on this issue in particular and the more clients he has the stronger it will be for him taking on the PTSB in trying to get better compensation than has been offered.
 

L John

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The amount of redress will vary greatly across the 1400.
The average interest refund is quoted elsewhere as 22.3k.

Those on the 3.25 margin will get substantially less and those on 0.8/1.1 will get more.
 

JCB1

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Yes you will be credited with overcharged interest and you'll be entitled to it not as a credit but directly into your account, unless in arrears, is my understanding, but nobody has a letter yet so it's not 100% clear.

If you'd like to talk to the media about the stress all of this has had on you, the owner of this website, Brendan Burgess will put you in contact with the media who are seeking people to write articles about this. If people want to get better compensation it would be helpful if one of you were to go on the record about how all this has affected your lives and if one does it others may come forward and it will put pressure on the PTSB who just want this story to be a 24 hour wonder.
O
This is his website


And he's a poster on here, he's been doing trojan work on this issue in particular and the more clients he has the stronger it will be for him taking on the PTSB in trying to get better compensation than has been offered.
Yes you will be credited with overcharged interest and you'll be entitled to it not as a credit but directly into your account, unless in arrears, is my understanding, but nobody has a letter yet so it's not 100% clear.

If you'd like to talk to the media about the stress all of this has had on you, the owner of this website, Brendan Burgess will put you in contact with the media who are seeking people to write articles about this. If people want to get better compensation it would be helpful if one of you were to go on the record about how all this has affected your lives and if one does it others may come forward and it will put pressure on the PTSB who just want this story to be a 24 hour wonder.
Thank you - ptsb have confirmed we are on the list so I have to wait on the letter to get any more information.
I have contacted Padraic Kissane regarding the 3.3 rate.
 

random2011

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Guys, just wondering if anyone is in the same situation but further along in the process? I spoke to Padraic Kissane a few weeks ago, my documentation from PTSB finally arrived today and I'll e-mail it to Padraic's office tonight but had a question in the interim.

We did not break out of our fixed term. In Dec 2009 (month before coming off 4.79% fixed rate) we were offered a SVR, Tracker or various fixed rates, detailed below. We went for the Variable, stupidly thinking it was more affordable. Sure enough, within months, the Variable rate shot up and up.



Has anyone in the same boat either been contacted by PTSB or been advised that they're on the bank's "list"?

Just had a look at online banking and next mortgage payment is 03/08 and still at the lofty 4.5% we've been paying.
Was the bank obliged to advise customers that by moving to SVR you would lose the tracker.

Was the bank obliged to advise the consequences of giving up your tracker?

I believe they were but they never did. Customers just signed them over as the SVR was made to look attractive but it was artificially low.
 

no money Mo

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I spoke with Ptsb yesterday they told me I am covered by the Redress scheme and my new tracker rate is 3.3%. I asked him are there any other banks in the world with a 3.25% tracker rate....... No response
 

AAM_User

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Does anyone's online statement report that they're on a tracker ?

Although our interest rate has dropped, it's still reporting as a variable:


  • Mortgage type
    HOME LOAN - Variable Rate (LTV)
  • Product start date
    n/a
  • Interest rate
    2.300000%
 

HereAndNow

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The mortgage type will only change after the return and process of the form where you confirm you wish to take the option of the tracker. Changing the rate now is an interim measure
 

Brendan Burgess

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Folks

Please stop tagging completely new questions to existing threads. They will get lost.

Start a new thread if you have a new question.

Brendan
 
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