# PTSB  compensation.



## Aineyoung (26 Sep 2017)

Hi

I'm possibly late to the party here. apologies if this is going back over old stuff.

I've just got my PTSB redress letter. The good news is that they are reducing my principal loan  to where it should have been (had I not been persuaded to move off the tracker, I fixed for 7 years at 5.6%) and they will repay me the over charge.....plus restoring my tracker to 0.95%

Having fully realized how much money I was wheedled out I'm annoyed at this compensation of 10%.....as it does not address the sacrifices and hardship through those years, when wages were cut. college fees..Insurances went up and up...savings disappeared.
however I did not lose my house, health or sanity ... which I'm grateful for , but  sons college was suspended, and all savings used up for bills etc..
what are other people doing ?..are others contesting this ...or will I simply count my blessings and move on.


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## Stitcher (26 Sep 2017)

Have you spoken to Padraic Kissane? He will be holding a meeting very soon for all ptsb affected complainants. It's great you got your Tracker rate back but I agree the compensation is paltry.   I didn't think that ptsb had restored people to their rightful rate so well done. There's hope for the rest of us yet!


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## Brendan Burgess (26 Sep 2017)

Hi Aine

The 10% is paid to everyone whether they deserve more or less. 
Accepting it does not affect your right to claim more. 
If you claim more and are not successful, then you keep the 10% anyway.

I think that suspending your son's college is certainly a good grounds for looking for more. I have really no idea how you would quantify it though. 

Brendan


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## Wardy7 (27 Sep 2017)

Stitcher, If you had a rate quoted on the original contract you were restored to that rate.

Some of us didn't have the rate specified and that's where the problem lies!

Aine, personally, if I was in your situation, I would accept & move on. You have a fantastic rate (entitled to it!). If you are on form to deal with an appeal, you could go that route. Very stressful & you need to weigh it up to decide if it's worth it. Especially when you consider the success rate for appeals. Very low!!

I am a rate issue (3.25%+ECB), so I have to keep fighting. I would love nothing more than to put this all behind me. My 8 year old tells people that my favourite site is AAB.....isn't that sad


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## Brendan Burgess (27 Sep 2017)

Wardy7 said:


> Very stressful & you need to weigh it up to decide if it's worth it. Especially when you consider the success rate for appeals. Very low!!



I would not agree. 

It costs you nothing to appeal. 

You might get more compensation. 

But I would not be paying for legal and financial advice. Get the forms. Fill them in.  Make your case.  Don't overwork it or spend too much time on it. 

Then if your claim is rejected, move on. 

Brendan


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## Wardy7 (27 Sep 2017)

Brendan, I do agree with your overall principle of "it costs you nothing to appeal", however, having gone through this farce of an appeals process, I wouldn't waste my time again. I went through the motions to get to the next stage.

All things considered, OP has been put back to favourable position & chances of appealing & winning more compensation are, in my view, slim to none.

It is a very stressful process, because the mere task of completing the form requires you to revisit & dig deep into, for some, very dark times in the recent past.  In my opinion, the potential reward doesn't warrant the stress, time & effort required.

OP says, late to the party so is quite possibly in the mental & emotional state to go gung ho at this. If so, absolute best of luck & congratulations on getting back what you were entitled to!!


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## Aineyoung (27 Sep 2017)

Many thanks everyone for all for your replies, I appreciate your advice. I think I'm just relieved to be back on this tracker, and Ill leave at that. My Son has finally ccome through college now anyway despite it all.

I sent in my complaint to PTSB and then OMBM 2 years ago...so its good to finally get a resolution. Good luck to everyone. I was placed on a tracker following a fixed period , and I still kept the letter stating it was at that time 4.950%(ecb +0.95)  So happy enough. All the best Wardy7 . I hope things go your way.


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## Runningman (27 Sep 2017)

Hi Aine
Congrats on getting your cheap tracker back. I am also being reviewed by PTSB at the moment. I'm just wondering what was the reason they put you back on the tracker? Was it in your original contract or something different? 
I don't have it on my original contract but defaulted onto one following my first fixed period, and was not informed of the tracker rate on the offer sheet, and never defaulted onto a tracker again, after further fixed terms. 
Thanks


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## Aineyoung (27 Sep 2017)

Hi Runningman
it wasn't on my original contract either, it defaulted onto a tracker in 2008...following several years and cycles of fixing . 
In 2008 I went to PTSB Bank  with my tracker letter seeking advice, as I didn't know what it meant.
The mortgage advisor basically told me to come off the tracker and fix it ..as things were so unstable...which I did for 7 years.

A year later as wages etc. were cut...I rang PTSB again seeking advice, by then I realized  trackers were better, and my interest rate was so high.
I just accepted their refusal answer at the  time, and was annoyed I had not gone to someone impartial .

When it came off fixed rate in 2015, I asked to go back onto the original tracker ...and when the answer was no in 2015..I started this process...however I had kept all the letters  phone calls etc..so I felt strongly I had been deliberately encouraged to fix without proper advice, plus they were not willing to help me when I was struggling a year later.
Hope that helps you. Best of luck!.


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## Runningman (28 Sep 2017)

Hi Aine, 

Many thanks you for your reply, and it's interesting as I too defaulted onto a tracker rate, and I too at the time was very ill informed about tracker rates. I did not make a choice and my mortgage defaulted on to the tracker, however during the 1st month of this PtSB wrote to me again with improved fixed rate terms!  They also never informed me of what the tracker rate was on the initial options letter or the improved offer letter. 
I have argued this with them for years now and even went through the FSO who found in PTSBs favour. And after hearing from their  Oirachtas meeting earlier today, I am still hopeful that I'm one of the remaining people who have yet to be put back on the correct rate. 

I'm wondering if you had any prior notice that your case was being investigated or was the first letter you received the redress letter? As I did receive correspondence from them around 8 weeks ago to say that they are still reviewing my case as part of the central bank investigation. 

Thanks


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## Aineyoung (28 Sep 2017)

HI Runningman, 


I got prior notice in March 17 that my case was under review.This was in response to sporadic calls to chase things up .

5 months later in mid August a letter arrived acknowledging their failure, and that I was temporarily returned to tracker rate pending full review,  
The redress letter came within 4 weeks with full details. I have to say I found the FSO helpful throughout.

Maybe the difference in our cases, is that I did receive a letter stating the tracker rate when it came off the fixed cycle early 2008, plus there was no need for them to write to me to  to make offers of fixed rates etccc...as muggins went into them! ...seeking advice.

I really do hope things go your way. fingers crossed.!


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## Runningman (28 Sep 2017)

Hi Aine

Thanks again for your reply, my case definitely has similarities to yours and here's hoping I get the same result. 
Was the main reason you got your tracker back because of the poor advise from PTSB? Or the fact that your mortgage defaulted onto a tracker and you were never told that it wouldn't default after further fixed terms? Or was there even a specific reason given by PTSB??
Sorry for all the questions but it has me fairly wound up at this stage

Thanks  again


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## Aineyoung (28 Sep 2017)

The letter states that part of the central bank of Ireland review, they had to identify instances where there was a failure in administration or management of an account....etc...;

specifically ;..

"you may not have been provided with adequate warnings when your account was switched away from a tracker mortgage . This failure may have influenced your product decision at the time of switching the product on your mortgage account"

too true! It hinges on inadequate warning..


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## Runningman (29 Sep 2017)

Hi Aine, 
Thanks so much for all your answers, it has given me some hope as I feel my case is quite similar to yours. 
I'll update this threat with any further correspondence from PTSB.


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## Omega143 (29 Sep 2017)

Hi Guys
Am with BOI .
I am one of the lucky ones I suppose . Got my tracker back in 2014 and a cheque . 
I did move off tracker in 2008 to a fixed , but the issue was that BOI didn't offer me the tracker back on documents ... Only fixed and variable . 
I am waiting for update on compensation . As of yesterday they cannot tell me or unwilling to on where I am in this process


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## gahfan (24 Oct 2017)

Aineyoung, well done but if I were you I'd appeal the compensation level, up to yourself of course. I got e3k which I thought was very low and I am appealing through a solicitor, there are no upfront costs, hopefully it'll be resolved soon


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## thedaras (24 Oct 2017)

Hi all.Its been a while!
I did get my tracker back some years ago, after a massive amount of work on my part.
At that time we had asked for compensation,which was refused.
Can anyone let me know if they have received compensation?
And I mean actual compensation,Not the money they had to pay you back but actual compensation for time, stress, overdrafts etc?
Many thanks
Ps.Brendan,we were in contact by phone and email some time ago.I wasn’t very well at that time but did send you some documents in the hope of helping others get their tracker back.I have now gathered all the documents and letters from me to the Ptsb,the ombudsman,the refusal from Ptsb,the acceptance from Ptsb, etc etc..


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## gahfan (25 Oct 2017)

thedaras said:


> Hi all.Its been a while!
> I did get my tracker back some years ago, after a massive amount of work on my part.
> At that time we had asked for compensation,which was refused.
> Can anyone let me know if they have received compensation?
> ...



Hi thedaras, I'm appealing the level of compensation thru Anthony Joyce solicitors, just waiting to see the outcome


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## thedaras (26 Oct 2017)

Thanks for the info..gahfan.
Good to hear you were offered 3 k,is there any chance you could let me know how they came up with this figure? Was it based on the amount they gave you back?
How long were you off your tracker? Was it long after you got your tracker back,that they decided to compensate you?
Questions questions..
Very annoying to think they can just dismiss those who were lucky “to have fought their case early,which still included heartache,stress,overdrafts, moving providers etc etc.


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## thedaras (26 Oct 2017)

Brendan,re when you say 10% is offered to everyone,I didn’t get any compensation not even a bunch of flowers.Is this compensation restricted to those who were refused a tracker for a particular amount of time, or is everyone who was refused a tracker entitled to it?


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## robe (26 Oct 2017)

https://www.askaboutmoney.com/posts/1507329/


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## Cloisonné (17 Dec 2017)

Hi can I ask  you did you request that they pay you the overpayment  or did they just pay it to you..?..


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## Aineyoung (18 Dec 2017)

it was offered in the redress letter..n it was 10 percent of the amount i was out of pocket..no more or less..i have not contested it..got too busy with moving on.


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