# Hundreds undercharged in tracker fiasco!



## Sarenco (30 Oct 2017)

The Sunday Times ran a story yesterday to the effect that PTSB discovered during the course of the Central Bank review that they have been systematically undercharging hundreds of borrowers on tracker rates!



https://www.thetimes.co.uk/edition/ireland/hundreds-gained-in-tracker-fiasco-3278g33w9


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## Wardy7 (30 Oct 2017)

No way


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## Stitcher (30 Oct 2017)

Why have we not heard about this already? Any more detail as only some of article can be read via link


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## MrEarl (30 Oct 2017)

Stitcher, 

If you register with the Times, you can read a couple of articles for free each week.



Getting back to the story....

The good old permo strikes again 

Interesting that they can't amend the lending rate to the correct loan rate for future interest calculations, whatever about not being permitted to back date a correction.  

Every single PTSB customer should be checking their loan agreement and then the rate they are being charged, to see if they are one of the lucky ones benefiting here.  

I wonder if the Permo would do a deal with the borrowers involved, to incentivise them to refinance their homeloans ?


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## Brendan Burgess (30 Oct 2017)

MrEarl said:


> I wonder if the Permo would do a deal with the borrowers involved, to incentivise them to refinance their homeloans ?



I haven't read the article. 

But why on earth would ptsb try to get a borrower to refinance?  They want to keep their customers, not lose them.

Brendan


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## joe351980 (30 Oct 2017)

Could it be tracker mortgages that should be on a buy to let tracker rate.


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## Sarenco (30 Oct 2017)

joe351980 said:


> Could it be tracker mortgages that should be on a buy to let tracker rate.



I doubt it - the article says the borrowers are being charged a lower margin than that specified in their mortgage contracts.

Seems bizarre to me that the Central Bank won't allow PTSB to correct the position.


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## MrEarl (31 Oct 2017)

Brendan Burgess said:


> I haven't read the article.
> 
> But why on earth would ptsb try to get a borrower to refinance?  They want to keep their customers, not lose them.
> 
> Brendan




Hello Mr. Burgess,

My understanding of the situation is that the PTSB have made errors, the result of which is to have placed borrowers on rates which are lower than those specified in their tracker loan agreements.  The word from the Central Bank is that they cannot now increase the rates to what the contacts state the rate should be.  As such, PTSB are losing out because of their error and hence, there's a reason for them to get the borrowers in question off their loan book.


Here's the article for your convenience:




			
				The Sunday Times said:
			
		

> *
> Niall Brady*
> October 29 2017, 12:01am, The Sunday Times
> 
> ...


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