# ptsb says that I am not included in the redress scheme



## robbie_62 (28 Jul 2015)

Just spoke to PTSB this morning and they said my mortgage doesn't fall under the investigation !

We broke out of fixed rate in Jan 2009 and went onto Standard Variable.


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## Gregory (28 Jul 2015)

robbie_62 said:


> Just spoke to PTSB this morning and they said my mortgage doesn't fall under the investigation !
> 
> We broke out of fixed rate in Jan 2009 and went onto Standard Variable.


 
Check your original mortgage loan agreement letter, if it says on expiry of the fixed rate period youl then be on the current PTSB tracker Mortgage rate, then your should be on the list.


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## matan (28 Jul 2015)

Robbie62 have you checked your online banking to see if your August payment has reduced or if you are not online ring them and ask them the figure for your August repayment.


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## Bronte (28 Jul 2015)

robbie_62 said:


> Just spoke to PTSB this morning and they said my mortgage doesn't fall under the investigation !
> 
> .


 
Did they give you a reason why?


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## robbie_62 (28 Jul 2015)

Yeah checked and double checked, still at 4.5% and same amount due of over €1400


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## PTSBCase (28 Jul 2015)

robbie_62 said:


> Yeah checked and double checked, still at 4.5% and same amount due of over €1400


Ring them Robbie. They should tell you straight away over the phone if you are impacted. If they can't ask them to have a look at your contract and let you know if its states you are entitled to a tracker mortgage at the end of your fixed rate term.


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## robbie_62 (28 Jul 2015)

Yeah I rang them this morning and they just said my mortgage was not part of the current investigation


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## PTSBCase (28 Jul 2015)

robbie_62 said:


> Yeah I rang them this morning and they just said my mortgage was not part of the current investigation


Oh, ok - You may have had a fixed mortgage with no option to a tracker. A few people I know had them, i.e. just an option to fixed/variable at the end of their fixed period. Check your contract to make sure but I'm guessing that's what it is.


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## Jacqueline (30 Jul 2015)

Im reviewing my letter of offer. I called the bank and asked if i was in the redress bucket but they said no so now im very unsure of what exactly you need in your mortgage detail to qualify. 
In our european standardisation sheet it says 5 year fixed and after your mortgage will roll onto a tracker mortgage. However we broke this fixed rate 1 year after taking out the mortgage but were never offered a tracker rate

Confused...


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## phil (30 Jul 2015)

I had a 1.1% 2006. Refinanced and Fixed for 3 years in 2008. Broke out in Jan 09 by call with PTSB and fax and no fee.In our european standardisation sheet it says 3 year fixed and after your mortgage will roll onto a tracker mortgage. Calculation 1.25%. But figure not stated. told by PTSB i was part of investigations but not part of redress.Was told in 2012 by PTSB if i had not broke out early I would have got a tracker back at higher rate.

Confused too.


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## Jacqueline (30 Jul 2015)

Mine says exactly the same, 5 year fixed and then to roll to tracker. have you emailed Padraic? i have done so this morning ... as was told i am not part of redress at all . its a difficult one.


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## Brendan Burgess (30 Jul 2015)

Guys, you are placing too much emphasis on the ESIS.

Look at your mortgage contract. What does that say? 

When you fixed, what did the paperwork to fix say? If the paperwork made it clear that you were changing your contract from a tracker rate to a fixed rate and that on completion you would go to the standard variable rate, then you have very little case. 

Brendan


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## Jacqueline (30 Jul 2015)

Brendan Burgess said:


> Guys, you are placing too much emphasis on the ESIS.
> 
> Look at your mortgage contract. What does that say?
> 
> ...


Brendan my mortgage contract began with a 5 year fixed. it states under special conditions that 

'on the expiry of that fixed rate period the interest rate will be such rate as may be selected by the applicant or such variable interest rate (which may be a tracker variable rate) as will apply in the absence of such selection'

Am i looking in the correct area?


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## phil (30 Jul 2015)

In my Letter if approval - particular of mortgage loan { is this the contract] i have special conditions and condition 1 says 

On expiry of the fixed rate period the interest rate will be such rste as may be selected by the Applicant(s) from the permanent tsb rates then offered for selection by the Applicant(s) or such variable intetest rate ( which may be tracker variable rate) as will apply in the absence of such selection.


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## phil (30 Jul 2015)

BTW when i spoke to PTSB yesterday they could not locate my special conditions sheet! I told them id send my copy! I was told no they would send me an appeal form.


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## Jacqueline (30 Jul 2015)

That is such a joke, i called them and they told me a tracker condition was not in my mortgage even though its mentioned both her in special conditions note 1 (same as you phil) and in the ESIS sheet. i look forward to hearing what Padraic has to say on the matter i have emailed him my details also


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## L John (30 Jul 2015)

'Which may be tracker variable rate' is the issue.  For the redress cases it stated a tracker would be applied.  Legalese and its cold comfort I know. Ptsb can argue on the basis that tracker mortgages weren't available and the contract only stated it may be a tracker


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## Jacqueline (30 Jul 2015)

L John said:


> 'Which may be tracker variable rate' is the issue.  For the redress cases it stated a tracker would be applied.  Legalese and its cold comfort I know. Ptsb can argue on the basis that tracker mortgages weren't available and the contract only stated it may be a tracker


So does that mean then the ESIS letter is of no use either where it states that at the end of the fixed term your mortgage will roll over to a tracker mortgage?

I broke out of my 5 year fixed


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## L John (30 Jul 2015)

It all comes down to legal argument on the content of the documentation. Im not saying you don't have a case. Its a seperate issue to the current redress scheme only applies where the special conditions state definitively that the tracker was to apply


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## ns20413 (30 Jul 2015)

So what would it have to say in the Special conditions that would say we are entitled to the tracker for the life of the mortgage? Does it have to be a specific wording?


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## L John (30 Jul 2015)

For the cases in the redress scheme it states in special conditions that the mortgage will revert to a tracker at the end of the fixed term


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## phil (30 Jul 2015)

I believe this could be another case of ptsb dragging this matter out. They know that this case of "may be" will have to be interpreted by a court. They probably are willing to take the risk in it ruling against them rather than pay out to affected accounts straight away.


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## phil (4 Aug 2015)

http://legal-dictionary.thefreedictionary.com/May

Just came across this. The words may be in a contract are legally the same a shall.


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