# Got a Negative Equity switcher; part of redress programme, but not getting tracker back



## CathR8 (4 Nov 2015)

Hi, I am just wondering if anyone has a similar case as ours and if so how they are getting on with the PTSB Redress program to date. 
We took out a 100% mortgage with ptsb in 2007 with 2year fixed rate. Subsequently we came off the fixed rate shortly before it was due to expire & ptsb confirmed there was no penalty. 
Fast forward to 2013, we were obviously in negative equity - to the tune of roughly 192K. We approached PTSB about moving home & trying to reduce the debt outstanding. It took a long time & some serious stress but eventually they agreed to allow us to sell up, move & carry the negative equity with us. In the process we knocked nearly 20K off the borrowings. So therefore, we had a new negative equity mortgage on the new property with PTSB. 
About 2weeks ago we got a call from the redress program to ask why we hadn't responded to their correspondence. it was the first we had heard of it - They had posted to our old address. My husband explained the above to ptsb staff member on the ph and they said that basically we were due money + compensation due to the fact that at the time we broke from fixed rate we were not advised that we could have taken a tracker rate and that as the account was 'closed' it would be paid straight into the bank account of our choice. When my husband asked them should we not therefore be offered tracker rate on current mortgage they couldn't understand him. They asked us to write to ptsb to request change of correspondence address. That they would then send us a letter for us to nominate the bank account. 
On looking at their own website in the mortgage section, under negative equity mortgages it states that they offer tracker portability - ie move home + keep tracker rate plus an additional 1%.
So we believe that:
° as they are now telling us we should have been offered tracker rate on original mortgage (which we Would have taken @the time had it have been mentioned) - we should have been offered tracker portability on the current negative equity mortgage. 
However this does not seem to be In  their redress plan for us. They have told us on phone  it's straight forward payment as old mortgage account is closed. 
We believe that to be unfair as we effectively carried the balance of that mortgage with us as negative equity and the mortgage is still with ptsb.
Also had we had been on the tracker rate originally it seriously would have effected our decision of moving and we may never have done it! 
We have yet to receive offer letter. It takes 48hrs for them to update change of address on their system & had been done on Monday when I phoned. I then requested an appeals form and again informed them that to date we had no written correspondence from them in terms of offer letter or info pack etc. I was told both would be requested. Today the appeal form and info arrived so I called about offer letter and was told this takes longer that they had it prepared but it had to be reviewed again for security reasons and that we should receive with 5/7 days. 
I find it odd that it takes so long considering that they have previously posted a info to old address!!! 
Anyway thanks for taking time to read & I'd be I interested to see how others in same situation faired. 
Many thanks
C.


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## Brendan Burgess (4 Nov 2015)

OK, let's look at what should have happened here.

1) In 2009, you should have been offered a tracker, but you weren't.
2) In 2013, you should have faced a choice - stay where you are and keep tracker or trade up and lose tracker.   (The tracker mover product was not introduced until 2014, so you would not have had a choice of the tracker mover product.)

So you now have to make a case that the tracker was so valuable back in 2013, that you would not have moved. That is a judgement call.

You need to appeal the case to the Customer Appeals Panel.  It will be impossible for them to decide whether you would have moved or not. No one knows. I think a fair resolution would be to give you the tracker mover product.

If the Customer Appeals Panel refuses it, then you can appeal to the Financial Services Ombudsman.

Brendan


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## CathR8 (4 Nov 2015)

Brendan Burgess said:


> OK, let's look at what should have happened here.
> 
> 1) In 2009, you should have been offered a tracker, but you weren't.
> 2) In 2013, you should have faced a choice - stay where you are and keep tracker or trade up and lose tracker.   (The tracker mover product was not introduced until 2014, so you would not have had a choice of the tracker mover product.)
> ...



Thanks for that Brendan, I didn't realise the tracker portability was only put in place in 2014. At the time we changed in 2013 we were told we were one of the few negative equity mortgages approved so it seems our case is slightly different. But absolutely we wouldn't have moved had we had the tracker - financially it just wouldn't have made sense. 
The appeals documentation is very in depth so we are considering taking legal advice to help us out. I know there is 400 allowed towards the cost of this but I am also reluctant to get dragged into any legal dealings as we simply could not afford to. Our circumstances have changed in the past year & each month is a struggle to pay mortgage let alone have to contend with legal costs. 
 Hopefully offer letter will arrive soon & we can proceed with appeal on basis like you say that tracker was too valuable and we never would have moved. As that is the truth. We certainly would not be under the stress and feeling the anxiety each month that we are, if we were still living @ old place with a tracker in place. 
Thanks so much for responding


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## Brendan Burgess (4 Nov 2015)

You would be much better speaking to Padraic Kissane than taking legal advice at this stage.

Brendan


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## CathR8 (5 Nov 2015)

Brendan Burgess said:


> You would be much better speaking to Padraic Kissane than taking legal advice at this stage.
> 
> Brendan


Thanks Brendan I have looked up his details and will contact him today. Appreciate all the help thanks


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