Won my case with ptsb but not back on a tracker

P

pfs79

New Member
Messages
5
Delighted to see PTSB now contacting people impacted as a result of fspo complaint being upheld.

They are applying the principles of the Tracker Mortgage Examination(TME) to impacted accounts even though they failed to identify this cohort when the TME was ongoing.

Given the additional time that has passed and the sale/transfer of some impacted mortgages to hedgefunds in 2019, should PTSB not be made to take back any impacted accounts on basis of the prevailing fixed rates available in 2018/19? This would be on assumption an impacted Borrower was able to fully repay the (now reduced) mortgage balance following application of redress (ie: a combination of balance adjustment, cash refund and compensation).

Failure to take these accounts back into PTSB leaves the impacted clients permanently disadvantaged at a Tracker rate of +3.25% going forward (given rising interest rate environment).
 
A very interesting question.

Who is your mortgage with at the moment? Pepper I presume?
What rate are you paying and what options do you have?
Do you have a split mortgage? If so how much is active and how much is in the warehouse?

ptsb was entitled to sell your mortgage whether it was performing or not.

So I doubt they would have any legal obligation to buy it back.

However, the sale does not allow them avoid redressing you for the lost tracker.

And if you ended up in arrears when you would not have otherwise done, then you could well get compensation.

Brendan
 
SaySomething said:
This complaint, which was partially upheld by the Ombudsman's Office in 2022, gives you an idea of what happened for customers in the circumstances you've referenced:


Obviously the Omdbudsman does not reference a particular lender but you get the idea. Go to pages 39 & 40 for the steps the bank had to take to rectify things.
Click to expand...
So, as the impacted borrower wrongfully removed off tracker, I can tell u am now on a rate of 7.25% and stuck in vulture fund. Appeals panel rejected my argument that in order to be fully put in position I would otherwise have been in, then I should be on a 3.1% rate based on PTSB's fixed rates in 2019 on entire debt. (I was over €16k ahead of schedule on the date the split mortgage was put in place in 2016 as per redress statement on tracker rate)

I am bitterly angry and upset
 
pfs79 said:
So, as the impacted borrower wrongfully removed off tracker, I can tell u am now on a rate of 7.25% and stuck in vulture fund. Appeals panel rejected my argument that in order to be fully put in position I would otherwise have been in, then I should be on a 3.1% rate based on PTSB's fixed rates in 2019 on entire debt. (I was over €16k ahead of schedule on the date the split mortgage was put in place in 2016 as per redress statement on tracker rate)

I am bitterly angry and upset
Click to expand...
For what it is worth I would like to express my sympathy.

I have posted here before that I think the people trapped on high rates with Vulture Funds have been subjected to a much more grievous injustice than any other better publicised recent scandals.

You gave your business to a bank whose rates are subject to market forces and the sold you on to one of these funds who have no need to recruit further business and so can charge what they like.
 
The Bank I took my mortgage out with, overcharged me by tens of thousands before selling my mortgage which caused me to seek a split.. that I actually never needed had the correct tracker rate applied.
 
pfs79 said:
So, as the impacted borrower wrongfully removed off tracker, I can tell u am now on a rate of 7.25% and stuck in vulture fund. Appeals panel rejected my argument that in order to be fully put in position I would otherwise have been in, then I should be on a 3.1% rate based on PTSB's fixed rates in 2019 on entire debt.
Click to expand...

Hi pfs

Could you clarify please.

1) Has Ulster Bank agreed that you should not have lost your tracker?
2) If so, then Pepper must put you back on the tracker rate
3) If you are paying 7.25% does that mean that your tracker rate is ECB + 3.25%?
4) What has it got to do with ptsb's fixed rates?

Brendan
 
Brendan Burgess said:
Hi pfs

Could you clarify please.

1) Has Ulster Bank agreed that you should not have lost your tracker?
2) If so, then Pepper must put you back on the tracker rate
3) If you are paying 7.25% does that mean that your tracker rate is ECB + 3.25%?
4) What has it got to do with ptsb's fixed rates?

Brendan
Click to expand...
1) I am PTSB customer. My complaint with fspo, first submitted in early 2017 was upheld 5 years later in January 2022 and as a result c 200 others were deemed impacted.
2) Pepper applied rate of ECB + 3.25% since last year
3) my mortgage sold by ptsb in 2019 to glenbeigh as it had a split applied - this proceeded despite fspo investigation being ongoing
4) the redress statement shows I was €16,000 AHEAD on mortgage repayments based on correct tracker rate at the time split mortgage applied in 2016.
5) Tracker appeal panel rejected my assertion that I am suffering further losses as a result of not being in ptsb and having access to their 3.2% fix rate that was available in 2019 (lower than the 3.25% tracker at time)
6) my payments on split mortgage with pepper at 7.25% is much higher than what it would cost to repay my full mortgage amount, without the split mortgage arrangement on PTSBs 3.2% fix rate.
7) the reason I posted here is because my fspo decision is referenced by "saysomething" on 15th Feb.
 
These posts were originally in a thread about Ulster Bank but the OP of this thread is a ptsb customer

Brendan
 
A tough one.

The Ombudsman upheld cases and directed that ptsb give the customer ptsb's prevailing tracker rate. ptsb did have a prevailing margin and it was 3.25%.

Your original complaint was about the loss of the tracker and you won.

Have you complained to the Ombudsman about your mortgage being sold to Pepper. It is a separate issue so I don't see why you can't start a new complaint about it.

But you should not frame it as a consequence of losing the tracker, as you have already concluded that issue.

I would also suggest that you write to the Minister for Finance and the Central Bank both of whom suggested that customers whose mortgages were sold to vulture funds would not lose out.

Brendan
 
Do you still have a split mortgage?

If so, how much is in the active part at 7.25% and how much is in the warehouse at 0%?

You might be better off on a rate of 7.25% on your active part and 0% on the warehouse if the warehouse is big enough.

Brendan
 
You must log in or register to reply here.
Back
Top