Not sure why people think the compensation is a "disgrace". It's over 10% of the overcharge.
What exactly are people expecting?[/
.
Does that sound fair to you? PTSB have been taking money from people incorrectly and without foundation for years and years. It's a paltry amount and very insulting. Do you think they go easy on interest and charges for people in arrears? People have lost their homes over this and Ptsb are trying to weasel out of paying proper compensation
An alternative to applying a flat % across the board, they could band it:
Those overcharged a little (up to threshold A) get small compensation redress,
Those who overcharged slightly more (up to Threshold B) might get compensation at a higher rate for the amount between Threshold A & Threshold B
Then you'd have Threshold C & Threshold D
etc
Easy to argue those who only overpaid a small amount weren't materially affected so their comp claim would be limited, however those with sizable overpayments would have a better comp argument as the overpayment could be material (i.e. a new car, or an extension etc).
Yes, a very very small number of people may have lost their home because of this, and they're being compensated separately. The original poster on this thread did not lose his home, nor did over 99% of those affected.
Now, to my point, what is "proper compensation"? What is not an "insulting" or "paltry" amount? Put a figure on it and justify it.
Complaints without an alternative are pointless.
Andy836, I see your point but at the same time, it's not anyone's place to decide what's a small or large amount to anyone else. I actually had thought that my mortgage was quite sizeable but maybe not in everyone's eyes?? I have a child heading into 4th year UCD, who very nearly didn't get there at all because of the size of our mortgage. And that's just one example of the intense pressure caused by these cowboys.
So thankfully, we didn't lose our home, but the stresses, anxieties and pressures that we did go through can't be discounted either.
OK, to me, compensation for the fact that I exhausted my savings making sure the mortgage was paid, that I had to go without things because the money wasn't there. That my kids had to go without a holiday for three of the years, that I suffered depression and high blood pressure because of it, and that I will now be on relatively expensive medication for the rest of my life to manage both things, which resulted in me being let go from a job I loved because I could no longer perform it as I used to, for the three years I spent unemployed because of that, for the times I had to go to my parents & in-laws for help with buying school books & uniforms because we were struggling to keep our heads above water. For every direct debit that bounced because there wasn't enough money left at the end of the month. For being harassed twice a week by phone...
I used to overpay my mortgage in the hopes of paying it off early, I'm going to make it my life's work now to ensure my mortgage looses as much money for PTSB as I can. Yes, I'll hate being their customer for the next 20+ years, but I'll smile with every payment knowing that I'm costing them.
Not sure why people think the compensation is a "disgrace". It's over 10% of the overcharge.
What exactly are people expecting?
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