I along with approx 10,000 other customers of Irish banks went from tracker to fixed.a lot didn't want to because there was no fixed option with it
So you're suggesting that Monbretia may have seen, or may have even executed, strategies that were designed to trick people out of their trackers but was not consciously aware of this fact due to the effects of being socialised into the bank's culture.Sometimes when you are working within an organisation for a considerable period you become asocialised into the culture of the organisation and you do not see that the strategies employed by the firm are unfair or discriminatory. For example, the happenings at PTSB with regard to taking borrowers off tracker mortgages, from an internal viewpoint, was classed as being normal and not in anyway unfair.
Sometimes when you are so close to something you do not see the bigger picture, hence the idiom, not seeing the woods from the trees. Hope that clarify things for you Sarenco.
Yes I think you have a case as you were not informed you would lose your tracker. But are you statute barred?Looking for anyone that knows their stuff do tell me if I have a case??
I have an active complaint with FSOB , however BOI had denied any wrong doing but they are now re examining my case as they did not asnwer the complaint.
2003 - took out variable staff mortgage
2005- changed to tracker rate
2005- changed to staff tracker rate
2006 -changed to non variable staff rate
we were offered a lower staff non variable rate as it was lower than the tracker at this stage. No where on that documenation did it outline we would at this point lose our contractual right to return to the tracker rate. Plenty of staff at the time complained. -but got no where-stonewalled. Anyone that ignored that letter are still on that tracker today .
2007 - converted to a 2 year fixed rate.
Do I have a case?
PTSB were aggressively marketing trackers in 2006 and now has one of the largest tracker books of all the Irish lenders. Even the fixed rate mortgages written by PTSB at that time specified that borrowers could revert to their trackers on the expiry of the fixed term.Did it or did it not happen at PTSB ?
Hi MonbretiaAbsolutely Bronte! something went on somewhere to maintain the default on these accounts to not roll back to trackers and it wasn't in branches.
PTSB were aggressively marketing trackers in 2006 and now has one of the largest tracker books of all the Irish lenders. Even the fixed rate mortgages written by PTSB at that time specified that borrowers could revert to their trackers on the expiry of the fixed term.
The interpretation PTSB subsequently placed on that term to disallow borrowers that broke out of their fixed term early to revert to a tracker rate was wholly artificial. However, that happened years later and I very much doubt anybody that was involved in this decision was not fully conscious of the effect of that decision, which seems to be your argument.
What are you talking about?Balderdash! You must be living in cloud cuckooland, there was a strategic decision made at upper management level in PTSB in relation to not allowing borrowers who had fixed for a period to return back on these original precious tracker terms as stated in their respective contracts. In fact the PTSB was appealing a High Court decision that judged PTSB to be in breach of contract in relation to such matters to the Supreme Court when the C.B.I. had to intervene. The C.B.I. basically told PTSB that the game was up and stop the charade. You then had the insincere vista of PTSB's C.E.O. Mr Jeremy Masdang giving an act of contrition in a press conference with notes made to self visible, including terms like, be serious, controlled and no smiling. Come on, who are you trying to fool, with this post.
What are you talking about?
Monbretia stated on this thread that there was no attempt where s/he worked to remove borrowers from tracker rates back in 2006. It would have been very strange if this was not the case as all banks were actively encouraging borrowers with variable rate mortgages to switch to trackers as late as July 2008.
Another poster queried the veracity of Monbretia's statement and you suggested that there were in fact such attempts back in 2006 but that Monbretia couldn't see this as a result of being socialised into the bank's culture. This is patent nonsense and I'm pretty sure you now see this so you've switched your argument to what happened in PTSB.
PTSB clearly made a strategic decision in 2009 not to allow borrowers that broke out of fixed term mortgages to revert to their trackers and they tried to hang this decision on a clever but wholly artificial interpretation of their own mortgage terms. However, this decision was made in 2009 - not in 2006.
Also, as you said yourself, this was a conscious, strategic decision by PTSB. It was not an unconscious or unconsidered decision that resulted from executives being socialised into the culture of the bank. Frankly, that's just physco-babble.
Nobody is arguing (well, I'm certainly not) that the decision taken by PTSB was correct or in any way appropriate.
However, the debacle at PTSB has nothing to do with your suggestion that Monbretia would not have been in a position to appreciate the actions or strategies of his/her bank back in 2006.