# re ptsb paying out



## Fail go (30 Jul 2015)

hi all im new to this
my interest rate went from 4.5% to 0.85% a drop of nearly 700.00 a month in my mortgage im not in arrers on my mortgage im just wondering can I get the money owed to me payed to me and not off my mortgage plus my compensation money


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## Hopefully (30 Jul 2015)

Hi Fail go yes you will get the money you overpayed for the last 6 years refunded to you however if you have arrears they will clear that first and give you the balance.  You will also get compensation aswell as your refund.


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## Fail go (30 Jul 2015)

Hopefully said:


> Hi Fail go yes you will get the money you overpayed for the last 6 years refunded to you however if you have arrears they will clear that first and give you the balance.  You will also get compensation aswell as your refund.


thanks for that at least by taking the money off them and not putting it off my mortgage it makes me feel like they are paying out if they take it off mortgages it means they really are not taking the hit for what they have done too us and no thank god thanks to my wonderful family for the last few years they have kept me from going into arrears and belive me times were tough as a single parent and at the time a very sick child and trying to pay a mortgage with her in hospital for 2 years was now a lot of fun


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## George13 (30 Jul 2015)

By what Katnia has said about her offer it sounds like they are paying some off the capital and refunding what is left, I don't think she mentioned having arrears


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## Fail go (30 Jul 2015)

George13 said:


> By what Katnia has said about her offer it sounds like they are paying some off the capital and refunding what is left, I don't think she mentioned having arrears


ok but the way I see it they wont be paying anything off my capital they will be giving it to me to chose where I want to put it they have taken it off me once they wont do it a second time


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## AAM_User (30 Jul 2015)

Fail go said:


> ok but the way I see it they wont be paying anything off my capital they will be giving it to me to chose where I want to put it they have taken it off me once they wont do it a second time



If you have arrears, they're deducting this first, then paying out the rest to an account of your nomination (not necessarily with them).


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## dec_hy (30 Jul 2015)

Fail go - had you been on the tracker you're monthly repayment would obviously be lower but at this stage your balance outstanding would actually be lower as well.  They are going to set your balance to the lower level (the level it would have been had you been on the correct rate) and give a refund of the overpayments.  They are putting you back in the place you would have been had you been put on the right rate at the right time.  Thats what I think is happening but I haven't got my letter yet.


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## Fail go (30 Jul 2015)

dec_hy said:


> Fail go - had you been on the tracker you're monthly repayment would obviously be lower but at this stage your balance outstanding would actually be lower as well.  They are going to set your balance to the lower level (the level it would have been had you been on the correct rate) and give a refund of the overpayments.  They are putting you back in the place you would have been had you been put on the right rate at the right time.  Thats what I think is happening but I haven't got my letter yet.


no they never offered me a tracker ever only offered me a variable at a crazy interest rate iv never had a tracker since I took the mortgage in 2006


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## emeralds (30 Jul 2015)

So you took out a mortgage in 2006 at a fixed rate? And then went to variable? And were never on a tracker at all?


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## Fail go (30 Jul 2015)

emeralds said:


> So you took out a mortgage in 2006 at a fixed rate? And then went to variable? And were never on a tracker at all?


that's correct


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## emeralds (30 Jul 2015)

Wow...so even though you never had a tracker, they have put you on one now? That is strange...I thought this redress program only was for those who had been on trackers originally, went to fixed - with a guarantee of being returned to trackers when fixed rate ended - and then were not offered trackers when they came off fixed..


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## random2011 (30 Jul 2015)

emeralds said:


> Wow...so even though you never had a tracker, they have put you on one now? That is strange...I thought this redress program only was for those who had been on trackers originally, went to fixed - with a guarantee of being returned to trackers when fixed rate ended - and then were not offered trackers when they came off fixed..



It was still a tracker product/mortgage..even if the first two or three years were fixed. We had similar contract where we had a tracker product but started on a fixed rate for 3 years before losing it due to the SVR being cheaper when we completed the fixed period.


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## Fail go (30 Jul 2015)

emeralds said:


> Wow...so even though you never had a tracker, they have put you on one now? That is strange...I thought this redress program only was for those who had been on trackers originally, went to fixed - with a guarantee of being returned to trackers when fixed rate ended - and then were not offered trackers when they came off fixed..


Ya but by the massive drop in interest I think iv been screwed big time so I guess I just have to wait and see what's in the letter and it didnt arrive today


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## Terrve (30 Jul 2015)

I never had a tracker either but in the EU standardisation sheet it says that the figures assume I would roll onto tracker at end of fixed rate term. It says nothing about variable rates. I got my letter today, so cases like this are also included. The key part is that I broke out of the fixed rate without paying a fee and 'without penalty' but the penalty was the loss of option to go on a tracker, so I believe this is why people like me have been included in this redress programme. Check your original offer letter - you can request this from the bank if you don't have it.
I had a reduction in my capital, as well as repayment of the overpaid interest and also a sum of money for compensation / independent financial advice.
Unfortunately for me, it never stated a margin over ECB so I'm on 3.25+ECB. But it's still a decent saving on what we were paying.


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## phil (30 Jul 2015)

Terrve what did you mortgage contract say?


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## Kelmcc (30 Jul 2015)

@Terrve are you going to appeal the rate?  I'm the same as you, no margin stated on letter of offer. I don't know where they plucked this rate from!! Were you happy with the compensation


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## Terrve (30 Jul 2015)

Mortgage contract had a list of assumptions after the table and one of the assumptions was that at the end of the 3 years, the rate would roll over onto the tracker that would be available at that time.
The compensation seems ok, we had decreased the term on the loan when we moved to SVR, so what they did was calculate the refund based on what we would have paid from expiry of the fixed. So that means there was no change made to the period when we were on SVR and we had also decreased the term and now the remaining term is based on the lower term, rather than the original. 
I will definitely be appealing the rate. I was challenging them on it earlier but the girl I spoke to was clearly just drafted in to help and didn't know much. When I asked for an appeal form, she seemed shocked and asked why I wanted to appeal! I asked for the calculations, you have to ring them for this, and I will find someone to look at the amortisation table and also the calculations and build a case for appeal. I think a lot of people will appeal this arbitrary figure of 3.25%.


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## Fail go (30 Jul 2015)

I'm so nervous to see what the offer is going to be


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## freefall14 (31 Jul 2015)

Just wondering if anyone else was not offered tracker option after coming off fixed rate (5 year) in 2011. should I have been offered one and am I entitled to a redress? I was only offered another fixed rate or Svr, I can not find the offer letter though. I am probably not entitled to anything but just wondering all the same.


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## Brendan Burgess (31 Jul 2015)

Folks

This is a very complicated issue.

Please don't start threads with vague titles. 

Please don't tag new questions onto existing threads, start a new one.

Brendan


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