The most important part to me is getting my tracker,and the rate it states in my loan offer, the reason their staggering the letters is becauce they won't have enough staff to deal with the calls, I think we are going have to sit tight and hope for the best.
I just phoned PTSB they confirmed that letters will be going out for 10 days from the 27th May. They told me that offer of compassionate and tracker rate and overpayment would be in letter but no cheque. They told me tracker rate that i was on before fixed rate would be the tracker rate i would be put back on unless my fixed contract started different. My fixed contract only stated tracker rate (not detail.) They said these rates was what delayed the investigation. If you want breakdown contact them and a year by year breakdown will be sent in writing. Once happy you must sign an acceptance pack and it will be implemented and paid.
Im actually very confused by phil's post as to what ptsb mean! My loan offer was april 2007 fixed for 3 years at 4.99% and on expiry of this revert to tracker not to be more than 1.10% above ecb. so is it 1.10% plus today's rate or the rate back in 2007 before we fixed???? Anyone shed some light? Going crazy at this stage from all the waiting!
Matan, your contract appears straight forward so you should get 1.10%.
Lots of people have contracts that state we will revert to tracker rate but there is no number stated. So we will have to wait and see how they calculate this.
hi Phil, thanks for your response and I think I'm in the same boat as you. My letter of offer, all the projections, confirmation letters etc.. says the tracker rate will be ECB +1.1% but my actual signed contract just says the tracker rate available at the time. Did your contract specifically say ECB +1.1 or just a general condition that a tracker will be available ? I'm hoping the bank will honour the 1.1% and just wondering what your situation is.
By the way in my case the contract they sent through for my solicitor to review specifically stated ECB +1.1% but the contract they faxed through to sign on the day had the changed condition and they 'neglected' to point that out. Pretty typical of the organisation. I wrote to the bank with all the backup and told them to ensure this was included in the review.
PS: first post but thanks to many of you regular posters for keeping me somewhat sane for the last 4/5 years.
Hi Dec_hy. obviously PTSB didn't confirm my personal rate or that i was one of the people who will be getting a letter. My question to PTSB was this. I was on a contract that the tracker was 1.10% above ECB rate. I then fixed in Jan 09. The fixed contract stated when term ended i would be offered a tracker rate. I broke out early of fixed contract not aware of this and PTSB didn't advise me I would loss my tracker options by breaking fixed term early when i spoke to them at the time even though i ask was i going to loss anything by breaking contract. I asked what rate tracker would i be put back on if I was one of the ones who was receiving a letter and he said 1.10% as fixed contract didn't state a rate so it defaults to previous rate. He said this was the reason for the delay of the investigation. (I presume PTSB tried to fight this rate)
I wonder how mine will calculate so. I was originally on a fixed for 3 years (Letter of Offer April 2007) and then it would have defaulted to the 1.10% above ECB in 2010 but I broke out of this in January 2009. If I am one of the people to go back on tracker PTSB Case do you still think it is 1.10% above ECB or will they try put me at a tracker rate in 2007 when it was fixed from day 1?
I really hope everyone on AAM have an agreeable solution.. me included! Also, I commend Brendan on hosting such a valuable website... He won't mind me saying that I hope to take a long break from the daily reviewing of this thread!