# Tracker rate not specified in contract; moved home in 2012



## Joannmct (3 Aug 2015)

in November 2011 I began a long battle with PTSb to be given the tracker rate I had been denied. After months of arguments the agreed to give me a tracker as 'a goodwill gesture'- nice of them. They gave me a rate of + 3.25 and refunded me about 1900 euro I think. I had lost the will to fight anymore so I accepted this after they refused to further negotiate when I claimed that they should have offered me the rate at the time which I broke fixed rate ie. Jan 09 not expiry which was jan 10.
My story is similar to many. I was contacted by PTSb with a 'wonderful' offer of a no penalty break from fixed rate. I believe they deliberately targeted people like ourselves and tricked us into loosing thousands of euro. They of course completely denied this when I questioned them in 2011.
Now I am again furious with PTSB as I contacted them to make sure we were included in this redress scheme and they tell me we are not. How are we not entitled to the same compensation as others just because we brought it to their attention earlier? Our original contract did not specify a rate. We took out a 365000 mortgage in jan 2007 to buy our 380000 home. We broke 3 fixed rate in jan 09. 1900 seems a very low amount of overpayment. They never provided us with details of how they got this figure. Anyone have any idea what I should do now? 


We were desperate to move in 2011 and just accepted the 3.25. We have since given this up and have a 141% negative equity mortgage. They took back the tracker!!! Feel like PTSB out to get us and always win. Anyone with any advice or help?

Update for clarification: I moved home in 2012 and surrendered the tracker to move onto an SVR with ptsb


----------



## Brendan Burgess (3 Aug 2015)

Joannmct said:


> We have since given this up and have a 141% negative equity mortgage. They took back the tracker!!!



Hi Joan

Sorry, I don't follow.

They restored the tracker to you. 

How do you mean "we have since given this up"?

I think that the negative equity is not relevant.

If they had refused you the tracker in 2011, you would now be in the redress scheme. The fact that they restored the tracker to you, means that you no longer need the redress scheme. 

You fall into the category of "Tracker rate not specified"

Brendan


----------



## Joannmct (3 Aug 2015)

Brendan Burgess said:


> Hi Joan
> 
> Sorry, I don't follow.
> 
> ...


You are correct Brendan the negative equity part is irrelevant.we knew we'd have to give up tracker again when we moved.
However
We got tracker of +3.25 in 2012 after a long hard battle with the bank. We did not receive compensation nor did we get any money for financial advise we paid for. We also were given a tracker rate that to our knowledge never existed and felt at the time (and still do) that we should have been given rate at time of breaking contract ie. Jan 2009 2.2% I think. They refunded 1900 euro but took it off our mortgage. They did not explain how they got that figure. It seems very out of line with what is being discussed on this forum in particular as overpayments.
Compensation is being paid to people who were oblivious to the fact they were overpaying. We had a horrible time and energy consuming battle with the complaints dept. they refused to accept liability. They told us it was restored as a gesture of "goodwill" and now they are excluding us from this process which would give us clarity and some compensation and process to appeal rate given. This seems very unfair if you ask me. So I think we do need to be included in this redress scheme.


----------



## Brendan Burgess (4 Aug 2015)

Hi Joan

Please answer my main question: 

How do you mean "we have since given this up"?

No need to repeat the story - just clarify it.

Brendan


----------



## Joannmct (4 Aug 2015)

Brendan Burgess said:


> Hi Joan
> 
> Please answer my main question:
> 
> ...


We moved house last year and got a 141% mortgage. They only offered us a variable rate and told us we could not keep our tracker. That's correct I think anyway? I only mentioned it as I feel since jan 2007 we've been screwed every way possible by banks and I'm angry still about the whole fixed rate break etc.


----------



## Bronte (4 Aug 2015)

But why should you be allowed to keep your tracker if you move house, you have broken your contract when you sell and pay back the mortgage.  You then have to get a new mortgage for the new house at the current PTSB interest rates, you could have moved from PTSB as well.

Though I see you have a 140% mortgage, that's very high, is that why you had to stay with PTSB, as only they would allow it, a negative equity mortgage.


----------



## Joannmct (4 Aug 2015)

Bronte said:


> But why should you be allowed to keep your tracker if you move house, you have broken your contract when you sell and pay back the mortgage.  You then have to get a new mortgage for the new house at the current PTSB interest rates, you could have moved from PTSB as well.
> 
> Though I see you have a 140% mortgage, that's very high, is that why you had to stay with PTSB, as only they would allow it, a negative equity mortgage.


I know. That is why I said I think that is correct and acknowledged that I only included it in my original post as I am very angry about this whole situation and it annoys me also. I know it is off topic and I've acknowledged that in every post since. It has nothing to do with me being targeted by PTSB and tricked into doing away with my right to a tracker rate. It has nothing to do with them lying and scheming to deny me that rate when I fought tooth and nail to get back that rate in 2011/2012. And it has nothing to do with them now not including me in this compensation and redress scheme. I can still be angry about tho! 
Maybe you don't realise what an emotional battle people have fought with their banks over their hard earned money in the last few years. Maybe you do. It was part rant. Sorry I mentioned it!just imagine the amount of money they are making off me with my huge mortgage I pay every month and they are not even giving me the 400euro for the financial advice. I have every right to be angry and have a little rant


----------



## Brendan Burgess (4 Aug 2015)

Hi Joan

Your only complaint is that the rate offered in January 2009 was too high. If you win that complaint, then you would  get the difference between that rate and the lower rate for three years. 

Brendan


----------



## Joannmct (4 Aug 2015)

Brendan Burgess said:


> Hi Joan
> 
> Your only complaint is that the rate offered in January 2009 was too high. If you win that complaint, then you would  get the difference between that rate and the lower rate for three years.
> 
> Brendan


Yeah. I'm going to make a separate complaint. I'll be interested to see if others who have also been offered 3.25+ get anywhere with their appeal of this. I actually only got 996euro refunded when I checked so I need to check this breakdown as it seems low in comparison to others. I'll also be looking to be reimbursed fee I paid financial advisor at the time.

I actually moved house in March 2014. Got tracker of 3.25 in 2012 after bringing this to their attention. Just for accuracy. Bought originally in jan 07 3 year fixed. Broke feb 09. Realised due tracker in November 2011. Got it March 2012.


----------



## Brendan Burgess (4 Aug 2015)

You would need to get a breakdown of how it was calculated.

It was two years of an overcharge less what you saved for a year by breaking the fixed rate.

Even still €1,900 seems very low for a €365k mortgage. 

Brendan


----------



## Joannmct (4 Aug 2015)

I know they took the money I saved in year of getting out of fixed back! Then they calculated overpayment from when fixed would have ended. It worked out at 996euro which they put back onto my account. I had missed that months payment to make them reply to my complaint. It worked. So they put the 996 off the arrears. I requested s breakdown. They sent me about 100 pages of calculations which my accountant looked at and laughed. It was every day of my mortgage to date. Impossible to decipher. We have up. I wonder is that what they'll send everyone now as a breakdown of refund due. Surely there has to be an easier way??


----------



## Joannmct (4 Aug 2015)

Brendan Burgess said:


> You would need to get a breakdown of how it was calculated.
> 
> It was two years of an overcharge less what you saved for a year by breaking the fixed rate.
> 
> ...


I just checked Brendan and they definitely recalculated on the basis of assuming my quote "loan had remained on the fixed rate of 4.79% up to jan 2010 (due date of expiry) and then reverted to a tracker rate of 3.25% above the ecb rate the interest difference works out at 994.20....will be credited against any arrears outstanding at the date of transfer"

Is this how they are now calculating redress? Have you seen any real offers / breakdowns?


----------

