Brendan Burgess
Founder
- Messages
- 52,117
Brendan have u any idea how banks should work out compensation?
Do you believe the compensation in any of the cases in general was sufficient? Or how do you reckon banks came up with a figure without consulting a group representing affected customers.
Again it seems arrogant of the banks. Pay them x and sure they'll be grand. If not jump through a few hoops first.
What I found the hardest was we were in a deal never missed a payment and they still phoned my place of work every couple of weeks. I find the anxiety still hard to deal with.
Just to clarify, I am not in any way defending the banks behaviour towards their customers in general. I believe that once a customer is engaging with the bank, there should never be any contact with then other than agreed channels. They should never be allowed to phone a place of work unless it is given as a formal contact number by their customer. I can understand a bank trying to reach a customer to engage with them, but once they have engaged it is a different matter.Absolutely - the banks behaviour both from a customer contact point of view and from dragging their heels point of view has been terrible.
The difference to us is 500 euro pm which would have made a big difference to us. I know we would definitely have been able to make the repayments at the rate we have which is 1.05 + ecb.
I think your wording here needs to be slightly changed - you would have been more likely to afford the mortgage repayments if you were either on your original tracker rate or a similar low cost tracker.
If the terms were prevailing tracker rate, and the bank had a tracker rate of 2.5% + ECB available, it may have been a different matter. It was the interest rate that caused the issue.
Obviously everyone's mortgage contract terms can be slightly different - so without reviewing these it is hard to know. I agree with most that in hindsight there were probably not strong enough and can be misinterpreted. But the fact is still that in 2008/09/10- low cost trackers would not have been available as prevailing tracker rates - so the issue may still have happened.
No one has to claim it. No one has to justify it. At the start, one had to sign a form from ptsb to say you wanted it, which was bizarre. Now the banks pay it automatically.
In any other situation, you would have to claim compensation and they would argue with you and make you an offer.
Prevailing means current or at the time. The tracker rate at time of signing contract was still prevailing. And was relevant to that contract. Tracker rates offered to new customers were not prevailing for customers who drew done their mortgage 1 or 2 years previously. Wether they fixed or not
The tenants moving out and leaving the house in a state was the straw that broke the camel's back, it could of been the heating going or any other large finianciall outlay.
So ptsb did Rob me of my ability to overcome this problem.
Absolutely - the 'then prevailing rate'They took out the tracker mortgage on date of draw down. This rate is prevailing within the ban and can be described as the then prevailing rate.
Ok, I will agree to this where the contract clearly states that this is the case and the use of the term 'lifetime of the ...mortgage' is included in it.Again it is a rate specific to this mortgage and time of offer and for the lifetime of a tracker mortgage.
Agreed, at this point in time when the draw down happened. If the person had stayed in this rate for the duration of the mortgage, they would still be on it and there are thousands of customers who are still on this rate at drawdown - as they never changed.Any other rate prevailing within the bank is not specific to this mortgage.
No one is blaming anyone for changing to an SVR rate or Fixed Rate at any time in the lifetime of the mortgage. This is a personal choice people made at the time.I think the banks tried to put the blame on customers for breaking fixed rate early or choosing SVR. If banks taught that they could set a 'prevailing' rate as they seen fit, they would have.
Banks tried to deny people cheap trackers. But what about the expensive trackers they could of forced on people. I think they studied both options and to make out the customer was a fault was the one banks used.
No, a mortgage was drawn down for a set amount of money for a set duration.What was the mortgage at draw down for the lifetime. Tracker, Fixed or SVR
I'm still though mad as hell about what I still think was an incorrect rate applied on another loan.
That is a good point. I have never been severely impacted by being overcharged. However, I have been very annoyed by it. So do I get compensation for annoyance or time spent getting the error corrected?
Brendan
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