This is what i cant understand and have never understood, why are the CB, Padraig Kissane and all the experts in this area so dismissive of this group. The questions you ask B26354 have never been answered adequately, my partners contract has no mention of SVR, only VBR post the initial 3 year fixed period even though it did track the ECB at a rate of +1.25%. I was very annoyed about Padraig Kissanes reply or should i say his secretarys and my partner was furious that Padraig himself wouldnt even speak to her or myself. As his sec said, the banks will have had there legal eagles look at these contracts and were obviously advised that they were safe from a challenge so theres no point in throwing good money after bad. This advice may well be right but answers and reasons have never been provided. To me it doesnt matter that they only tracked the ECB for a short time, the bottom line is what the contract says and now i hear theyve acknowledged that the VBR is not their SVR. WHAT IN THE NAME OF GOD IS THE VBR IF ITS NOT AN SVR AND ITS ALSO NOT A TRACKER AND WHY IN THAT CASE ARE PEOPLE WITH THIS TYPE OF CONTRACT ON AN SVR. Its a pity that financially were not in a position to take a case to the courts as ive always felt a challenge should happen and when its been suggested here very few or any contributors were supportive of it or unless theyre keeping it private nobody appears to have gone to the FSPO although i believe that might have a 6 year statuteof limitations on it. If you could B26354, if you have stuff in writing that states clearly that theyve admitted this could you please show this to Padraig if you havent already because he is holding onto my file in case there is a development that changes the current situation.
Hi togger, if you have anything in print that may help please do let us know as we do need a lucky break or something to happen to have any hope of getting anywhere here, im not holding my breath though. As you can tell from.my previous post and the very 1st one on this thread that im a long time involved here and as i said previously my advice from PK was against us but that the file would be kept in case any new information does appear, thanks in advance.Hi All, long time lurker on this thread (I have read the thread three times to try and get to grips with some of the terminologies).
My situation is a tad different from everyone here. House was purchased in 2007 with a top-up mortgage taken out in 2010 (all done with an EBS branch manager). Everything was going well until 2013 when a combination of illness and redundancy for myself and my partner resulted in a voluntary sale for loss, the house was sold with a residual balance. As we were not in a financial position to repay any of the balance, the value was written down.
This week I was advised by a friend to look into the mortgage and check to see if the mortgage and top-up loan were affected by the tracker issues. I have been on the phone to EBS three days in a row where I was told:
Day one: "You should have been offered a tracker"
Day two: "Your account was not affected as you were on a fixed term from drawdown"
Day three: "Your main account doesn't seem affected but cannot access details of the top-up loan"
Today (day 3), I asked for a definition for the terms "variable base rate" and "standard variable rate" and was informed the VBR is linked to the ECB and SVR is the standard rate. I then advised the lady that according to the jargon buster section in EBS leaflets (thanks to posters on this thread for this information), both meant the same thing... I received no response. I have asked for a complaint to be opened on the top-up loan and for this account to be reviewed, the member of staff said she would arrange this and asked that I email EBS if I come across any information which may support my case once I have received the paperwork relating to both accounts.
As my mortgage account is deemed as an older account and the top-up loan moved to a different system, it will take time to determine if the mortgage was affected. What I do remember is that we received letters advising of a rate change and the new monthly payment once the fixed period finished on both accounts.
I am aware that all this may not result in a positive outcome. We have disposed of all correspondence as it really was a bad chapter in our lives but I am keen to see what happens. I have requested information yesterday on the main account using the SAR form and as I now have the account number for the top-up mortgage, I have sent one-off for that account too.