# Slow to pass on Interest rate drops



## gola (6 Nov 2008)

I have a tracker mortgage with Permanent TSB and despite the last interest rate drop being back around the start of October they say I won't see the benefit until my payment on December 8th.
They also say I won't see the benefit of today's drop until my January the 8th repayment.
Their excuse is that it takes 30 days to process.
Now I'm not sure what exact date the last interest rate drop was announced and it may have not have been 30 days before Nov 8 but today's one is certainly more than 30 days before December 8th and they still say I won't get it till January.
Have I any comeback on this?


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## LDFerguson (7 Nov 2008)

gola said:


> Have I any comeback on this?


 
Check the terms and conditions of your loan offer to see if they have broken any.


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## irishlinks (7 Nov 2008)

The new ECB rate comes into effect on the 12th November - not from yesterday.  The last one was effective from Oct 15th.


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## sman (7 Nov 2008)

I contacted PTSB and got the following back...

"Please be advised all *permanent tsb* tracker and variable rates will be changed by the close of business November 7th. The rate change is made in line with the 30 day time frame given by the ECB. The further 0.5% reduction by the ECB yesterday will be implemented by *permanent tsb* on December 5th.  "


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## St. Bernard (7 Nov 2008)

The main men in Ptsb must find it harder to subtract .5% from the current rate then adding .25% on.

They were sick the day the teacher done subtraction.


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## daymoh (7 Nov 2008)

gola said:


> I have a tracker mortgage with Permanent TSB and despite the last interest rate drop being back around the start of October they say I won't see the benefit until my payment on December 8th.
> They also say I won't see the benefit of today's drop until my January the 8th repayment.
> Their excuse is that it takes 30 days to process.
> Now I'm not sure what exact date the last interest rate drop was announced and it may have not have been 30 days before Nov 8 but today's one is certainly more than 30 days before December 8th and they still say I won't get it till January.
> Have I any comeback on this?


 
I don't think this is an issue. If you review your previous mortgage payments you should notice that it took them 30 days to process previous rate increases. I'm with PTSB too..


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## School (7 Nov 2008)

Thats not the case as im with ulster bank on a tracker variable and over the last 2 years when there was an increase i got a letter within a week and in the next mortgage repayments i was penalised with the new interest hike, this time they are going down I suddenly have to wait the 30 days. Really annoyed about it although looks as if there is nothing i can do about it. If there is id love to know if someone has a suggestion


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## irishpancake (7 Nov 2008)

School said:


> Thats not the case as im with ulster bank on a tracker variable and over the last 2 years when there was an increase i got a letter within a week and in the next mortgage repayments i was penalised with the new interest hike, this time they are going down I suddenly have to wait the 30 days. Really annoyed about it although looks as if there is nothing i can do about it. If there is id love to know if someone has a suggestion



My first suggestion for UB customers is to make sure you contact their so-called "Customer Care Centre", at *1890-252-304*. (This number is no longer listed on their web-site, so much do they care about their customers.)

Make sure you get the name of the agent, and take note of the date and time.

Do not let them bamboozle you with 30-day BS, as UB have passed each and every rate increase, since 2005, on to the customer at the first available opportunity, i.e. the next payment. However, when the rate decreases, as with last month, they make sure that this rate change is not passed on to customers until the last possible date.

They have not applied the rate changes consistantly, and ppl should insist that they re-visit the rate increases, and apply them in the same fashion as the latest change, or else apply this latest rate change in the same manner as heretofore. 

Secondly, people should escalate their complaint within UB:



> What if you're not happy with our response?
> 
> Our aim is that your concern should be resolved as quickly as possible by staff who have the right experience, knowledge and authority.
> 
> ...



Thirdly, unless you get a satisfactory response, seek a "Final Response" from UB, and submit a complaint to the FSOB within 15 days of the "Final Response".

Detailed steps, including on-line complaint form, are [broken link removed], at the FSOB web-site.

Also, don't forget, you can also appeal any decision by the Ombudsman, details of complaints procedure are [broken link removed].

I have followed the above procedures with a complaint against UB previously, and I was paid a significant sum in compensation by UB, which was awarded by the Ombudsman, Mr. Joe Meade.

I am not suggesting that aggrieved customers will win, or get compo, but the system is there, and people should use it.


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