Switching from ptsb, but it now appears I am in the tracker review

mouse1

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I am wondering if you could advise me as I am at the end stage of my switch from PTSB to EBS.

When the deeds were requested from PTSB they advised there was an issue but wouldn't disclose to my solicitor and I had to ring them.

They told me that they are reviewing the terms and conditions of mortgages and my mortgage was included in this.

I had mistakenly opted away from my tracker after they sent me a piece of paper out at the end of my fixed term. I should have automatically defaulted onto a tracker in 2009. However I opted for the variable by mistake. No information was given that I would lose my tracker.

I appealed in relation to what happened to the Ombudsman unsuccessfully.

I spoke to my broker about this and he thinks I should hold off switching and there could be a redress. I could be owed a lot of money and be put back onto a very low tracker in the best case scenario.

I am going to ring PTSB tomorrow and ask questions, including that they send me a letter confirming what they are investigating. Are there any other questions I should raise?
 
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Hi mouse

Keep things very simple. Put your switch to EBS on hold until the matter with ptsb is resolved.

It has taken a long time, but it's getting there.

If you switch now, and ptsb admit that they took your tracker incorrectly, then it would be very messy. You could move back, but why go to all that hassle?

The Ombudsman's ruling is irrelevant. The CB told the lenders to review all cases, whether they were rejected by the FSO or not.

I know of two ptsb cases who switched and were told that they should have been offered trackers. In both cases, ptsb paid them compensation up to the date of switching and no further. Both appealed to the Appeals Panel, which itself was a lot of work. In one case, the Appeals Panel ruled that they should have been given the tracker back but at 3.25% interest. In the other case, the Appeals Panel made no ruling so the borrower had to go to the Ombudsman, again a long drawn out process. During the FSO process, ptsb offered them back their tracker, but under unacceptable conditions.

So, stay where you are until you hear from ptsb.

There is no need to ring them today. If you do, the only question to ask is when will you be hearing from them. If, when you do hear from them, they don't give you back your tracker, you could try to get compensation from now until the date of the switch.

Brendan
 
Brendan,

Thanks very much for the advice. I might just ask them to send me a letter to confirm that my mortgage is under review today and ask when I will be hearing from them.

John
 
I contacted them and I advised them that I am putting the proposed switch to EBS on hold, I have also emailed my solicitor and EBS.

They wouldn't send me a letter to confirm that they are reviewing my mortgage nor would they tell me when they would be contacting me. What concerns me is that they said all PTSB mortgages are being reviewed not just a specific number where there is a problem. They said this process will take a long time.

I still think I was tricked out of my tracker and not given any information about the decision I was making or adequate warning that I was losing my tracker permanently . So I suppose I will just have to sit it out.
 
Hi mouse

1) You should follow up with a letter confirming the conversation. Did you get the name of the person to whom you spoke?
You should demand that they notify you immediately of the outcome of their investigation.
2) You should send a copy of the letter to the Central Bank.

It is ridiculous that people are in such a quandary. I would probably advise people to hold off switching if they took out a mortgage before 2008, just to be sure, to be sure.
 
I managed to speak to someone a bit more helpful who are getting the bank to write and confirm a review is ongoing. They also explained that the review relates to a request for deeds, it is standard practice for a review of terms and conditions to commence if you are switching mortgage. This is the cause of the review. They need to check for any discrepancies. However they could not give me a timescale for when this is completed, but at least I know the review has commenced.
 
There should be a procedure for fast-tracking a review where a borrower has begun the switching process.

And it might encourage switching!

Brendan
 
I was firstly told that my mortgage required review. The second PTSB staff member told me all mortgages are being reviewed. I was then told today by the 3rd person that I spoke to that I require a review because I am leaving them. Letter will be going to Head Office to request it is completed urgently. Thanks for the advice.
 
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Today I got a letter from the Central Bank stating the following "The tracker examination is being conducted to identify cases where customers' contractual rights under the terms of their mortgage agreements were not fully honoured. In this regard, I note that your bank has informed you that your case is under review.....Once a full review of the customers account is complete, following external independent third party assurance, the lender will then issue a letter to the customer explaining the nature of the error, the correct rate to apply to the customer's account and information on the next steps in the Examination, including the redress and compensation process."

It appears therefore that there could potentially be a problem with how my mortgage was handled. I believe there was. Hopefully waiting before switching will pay off.
 
I would not interpret the central bank letter like that at all.

It's a generic letter and not specific to your case.

Brendan
 
I got some legal advice and this was that my case has already gone to the Ombudsman and that this will not change.

What exactly the review of terms and conditions are is unclear, but I have been told it could take 2 more years to complete.

Given that I was nearing the stage of completion to EBS I have decided that I am just going to switch.
 
Hi Mouse 1

I had a similar position to yourself regarding i should have went to a tracker but was not informed of the choices i was making
just sign here and here and away you go type scenario
I applied last year to ptsb to review my case and was told that it wasnt in our terms and conditions and i just accepted that i went no further with it.
We took our morgage out in april 2006
Just after reading brendans comment above about

"anyone who borrowed before 2008 should hold off"

I think i might try again with this

Could you tell me where you got legal advise on this
Sorry about the thread hijack

Many thanks
 
Mouse1, just wondering did your case get included in the Central Bank review and have you had any update?
We are in a similar situation. Thanks!
 
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