PTSB ptsb withdraws appeal to Supreme Court on trackers; CBI taking enforcement action

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matan

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Clint Westwood I am thinking the same since yesterday. I have been mulling over what "with options" means. As you said cut and dry - refund us overpayment for the past five years and reinstate our tracker at the correct rate. My Letter of Loan Offer states I should be on 1.10% above ECB rate. That's what I am hoping for but no doubt they will try and pull some fast one and increase the rates!!!
 

PTSBCase

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It was mentioned on another post by someone that they are worried the bank will take the monies owed off the life-time of the mortgage. So I'm guessing maybe the options are (1) use the refund to reduce mortgage term or (2) take the cash. I hope we will get adequate compensation too. Everyone who has been overcharged has made significant sacrifices over the years, suffered stress and also incurred loss of savings as a result of this. I know one person in particular who has put having a family on-hold due to lack of money for childcare. This is one example whereby compensation cannot undo what PTSB has done to its customers. I know when I get my cash refund it'll be going straight into another bank's savings account.
 

gahfan

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See Charlie Weston in today's indo, sorry can't copy the link, maybe somebody else can
 

GettingThere

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I rang PTSB yesterday and was informed that they are starting to send letters to affected customers starting on 27th May. All letters would be sent within 10 working days.
Letters would contain a cheque and there will be a dedicated team set up to deal with queries (how refund amounts were calculated etc) after the letters are sent out. They wouldn't confirm if my account was one of the ones getting a letter, but stated that all accounts were reviewed.
 

matan

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Please God this will be over soon and we can get on with our lives. Sick of waiting for the postman (for the last four years). Going on holidays in June, havnt been away in over 7 years so hoping to have an end to this before we go
 

gahfan

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I would be surprised if there was a cheque posted out initially, is there not a form with options of agreeing with their offer (if there is an offer) or allowing it go to the FSO.
Also I'd imagine there will be an option of deducting it from the mortgage, something that p tb would prefer.
Anyway hopefully it will be resolved soon.
 

Lauren 5

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I rang them myself the other day, they said their posting cheque out with an option letter bout going on to a tracker, and then their will be a help line set up, and they will let you know how they calculated the refund,
 

taldar

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Posting cheques - This is getting exciting! :)

They are obviously 100% sure it is a satisfactory conclusion for us, probably something to do with Central Bank enforcement!

Goodluck to all waiting on a letter.
 

fuzzy10

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I would be extremely surprised if there's checks included in these resolution letters. I presume every case will differ & there will be a wide variety of monetary refunds.
Will all these figures be satisfactory to the customer? I doubt it.
Don't settle for the first offer & seek advice before you agree to any agreeable solution with the bank.
This is just my own advice..
 

matan

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I agree with fuzzy10 defo get advice before settling. I too am very surprised cheques are being sent out! I'm also very worried about the reference to cheques being sent out and "options" form. Cant see what "options" there are. It should be cut and dry, refund overpayment made for the last number of years and tracker rate as per original letter of offer (if there was a figure in your letter of offer, which there was in my case). So we have two more weeks to anxiously await this letter. Hope everybody posts when they get their letters from PTSB so we can see if there are overall feeling of contentment or frustration. Lets hope its contentment!!
 

taldar

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My take on it is the cheque is the compensation amount - The refund is seperate and will be made to your specified account. Your options will be to take the refund or pay it off the capital of your mortgage amount.

We should also get the standard options letter - Fixed, Variable or tracker - sign and return which one you want.
 

Clint Westwood

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Good to here this news, about time too. Just wondering though, PTSB said they had finished their investigations on May 6th, so does that mean they will be taking the new adjusted figure for my mortgage payment for this month, due next week?
 

PadKiss

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Hi all
I just wanted to up date you on the PTSB investigation. There will be communications going out to "all affected customers" but I am as yet unaware how wide this will be spread. I have submitted a detailed report to Central Bank on my findings on what has gone on and detailed my findings in great detail along with 7 sample cases as examples of differing loan offers. It is unlikely that all matters I want addressed to resolve cases fully will be addressed in this communication due from PTSB on 29th May onwards. I will be liaising with PTSB once these communications are received by clients. Padraic
 

taldar

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@clintwestwood

You will not be getting a tracker until you sign a letter of options requesting it. In other words there will be no changes to your mortgage until you receive communication from ptsb.
 

Clint Westwood

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Thanks Taldar. What you say above makes sense.,I couldn't see PTSB sending out settlement cheques without informing people of what the amount was going to be first.
 

AAM_User

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Hi Folks,

Long time lurker, first time poster. I'm hoping that I'm one of the ones that was affected by this issue. I won't go into full details, I called them today to enquire & wanted to post the following information which I received on the call.

They'll begin posting letters out on May 27th & this will continue for ten working days, (I don't understand why they can't all happen at the same time). There will be a cheque attached to each letter which will be the refund amount & a compensatory amount. Included in the letter will be details of how the figure was reached - how much is refund, how much is compensation. There will also be an offer to go back on a tracker with the offered rate set out.

The guy said that some people will not receive a letter & they are encouraged to call in after the ten days are complete if they haven't received one to check why, it may have been a special case (guy said some people have split up because of mortgage stress etc), these will be addressed separately. Also people who didn't get a letter will be given a precise reason & an opportunity to go back to the Ombudsman.

Each individual letter has to be signed off by the central bank & that's why it's taking so long. The guy did say there were "many hundreds of people affected" & that they were setting up a dedicated team to deal with it after the 27th.

I asked if acceptance of the cheque was an agreement that the matter was over & he said in most cases it would be.

Hope that helps everyone, I'm hoping we're included in this.
 

taldar

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What sort of compensation are you guys expecting?

I would say it will be a token gesture - €500 or thereabouts.
 

matan

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To be honest i cannot see us getting compensation without some catch!! remember this is a bank that conned us first day and they dont give money for nothing, if we get compensation im guessing it will be because we'll be offered a high tracker rate or something like that.
 

Brendan Burgess

Founder
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Such speculation is pretty pointless. Wait until you get your letters.


This is an unusual case in that the Central Bank is supervising it and taking an enforcement action.

If they find that you have wrongly lost your trackers, you will get your trackers back and a full refund of overcharges to date.

If ptsb finds that you have not lost your tracker, then you will get no compensation. But you may wish to argue the case.

Brendan
 
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