# Contract says 1.1%, but I have been offered 3.3% - suffered huge distress



## delsalmon (9 Aug 2015)

Hi guys. Basically applied for mortgage March/April 2007, mortgage quote stated tracker of 1.10%. Mortgage approval stated detailed monthly repayments of so on up til end of mortgage, based on tracker mortgage. Letter also stated we'd have option of tracker after fixed rate. Moved into house December, started paying. 2 years fixed rate. Wasn't offered tracker after fixed rate.


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## delsalmon (9 Aug 2015)

Now the juicy bit. Got letter and call. Here's my synopsis and what do you think?

PTSB Mortgage Redress:

Loan balance before adjustment €225,630.16

Loan balance after adjustment €212,155.62

Loan balance adjustment €13,474.54

Overpayment €7,176.45

Compensation €1,979.32


• Interest rate;
Ptsb offer of tracker of 3.25% + ECB = 3.30% not acceptable.
Will only accept tracker of ECB + maximum 1.10%, as per documents provided as evidence.

• Loan Balance Adjustment; needs to be recalculated using the tracker rate of ECB + maximum 1.10%.

• Overpayment; needs to be recalculated using the tracker rate of ECB + maximum 1.10%.

• After recalculation, the loan balance adjustment, and overpayment, should accrue interest over the time charged,  at the Courts Act Interest Rate of 8% per annum.

• Credit Rating;
-Countless referral fees on ALL PTSB accounts, due to the impact of the bank's failure to implement tracker mortgage.
-Lost borrowing power for business and other events.
-Seeking a full refund of ALL referral fees on ALL PTSB accounts, plus interest accrued at the Court's Interest Rate of 8% per annum.
- All input from said accounts to Irish Credit Bureau be withdrawn.











delsalmon said:


> Hi guys. Basically applied for mortgage March/April 2007, mortgage quote stated tracker of 1.10%. Mortgage approval stated detailed monthly repayments of so on up til end of mortgage, based on tracker mortgage. Letter also stated we'd have option of tracker after fixed rate. Moved into house December, started paying. 2 years fixed rate. Wasn't offered tracker after fixed rate.


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## PTSBCase (9 Aug 2015)

Can you please clarify what I think you are saying: 
You got a mortgage offer letter stating tracker of 1.1%. Can you please confirm that you signed this & returned to bank?
Then I'm assuming because you went over 6 months before paying first repayment you had to get another contract issued? I'm assuming you requested fixed which stated it would go to tracker after 2 years? Can you please confirm if it stated 1.1% or just tracker?
Finally have they offered you 3.25%? Have they agreed to give you 1.1% or are you challenging them on this? Thanks


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## delsalmon (9 Aug 2015)

March- The options on our quotation was fixed rate for 2 years, and option of variable or tracker of ECB + max 1.10% after fixed rate.
April- we signed.
December- moved in, started paying.
After 2 years weren't given tracker.
 Absolutely disgraceful behaviour from Ptsb. Every one of the 1300 affected should be given 1.10% tracker for the lifetime of mortgage and recalculated with interest, all ICB input retracted, all referral fees for all Ptsb accounts reimbursed, 40% compensation rate paid against overpayment + loan balance adjustment. Then we might be getting somewhere.


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## PTSBCase (9 Aug 2015)

So you're saying it's not a quote but your contract you signed. If it states 1.1% after fixed I can't understand why you're not getting it? This seems clear & anyone in this situation has gotten it as it's in black & white. Are you sure you didn't have to get another contract reissued as there were 8 months between you originally signing in April to drawing down?? That's the only thing I can think of. I was thinking you may have got another contract issued which didn't have the specific rate? Even if this is the case because you have a signed original contract & not a quotation I would be hopeful you'd have some chance. Have you requested to speak to someone senior in ptsb or do you have someone to represent you?


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## delsalmon (9 Aug 2015)

I've seen and talked to enough in Ptsb to no avail. I'll be seeing them in court in front of a judge  not a appeal trio with a brief to get appeals through quick and quietly in favour of the bank.


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## PTSBCase (9 Aug 2015)

We


delsalmon said:


> I've seen and talked to enough chimps in Ptsb and begged with cap in hand and to no avail. I'll be seeing yee in the high court in front of a judge of the land, not a puppet appeal trio with a brief to get appeals through quick and quietly in favour of the bank.


ll I would suggest the appeals first which is what I'm doing. The high court is expensive so you should try the appeals & fso first.


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## joe351980 (9 Aug 2015)

delsalmon, a lot of posters here looking to get 1 solicitor to represent them jointly. Maybe your representation would be interested in acting on our behalf


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## delsalmon (9 Aug 2015)

I'll be 100% honest joe. I'd rather not be grouped into a class action scenario that might roll on for a couple of years and run out of steam as soon as a new government get elected next spring. 
Padraic Kissane- no reply. 
New beginnings- was told to attend a clinic meeting, then €150 consultation, then the fees "wouldn't be in the thousands!!!"
Anthony Joyce of Francis St, Dublin is who I chose, from rte news. The more people go with 1 solicitor the more info that solicitor has in his armoury.


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## Brendan Burgess (10 Aug 2015)

Hi del

I would echo what ptsb case has asked. 

If you have a mortgage contract which says that you are entitled to 1.1%, then you will get 1.1%.   

In the 1,300 or so cases, mistakes will be made. If they have made a mistake, they will fix it. You do not need a High Court case to do this. 

Check out this post where the rate was amended, although the contract did not even specify the rate.  
*Rate reduced from 3.3% to 1.73% on appeal*

You have nothing to lose by using the ptsb Appeals Procedure. You may get what you want and it will take a few weeks or months.  In particular, if they have made a mistake, you will get the new rate immediately and the increased redress immediately.

If you go to the High Court, you may be waiting a long time. You may get less than you want and a good proportion of what you get may go in legal fees.


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## Joannmct (10 Aug 2015)

"Mortgage quote said 1.1%" my point was this is different to contract. Can you confirm contract said 1.1 too?


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## Bronte (10 Aug 2015)

delsalmon said:


> I'll be 100% honest joe. I'd rather not be grouped into a class action scenario that might roll on for a couple of years and run out of steam as soon as a new government get elected next spring.
> Padraic Kissane- no reply.
> New beginnings- was told to attend a clinic meeting, then €150 consultation, then the fees "wouldn't be in the thousands!!!"
> Anthony Joyce of Francis St, Dublin is who I chose, from rte news. The more people go with 1 solicitor the more info that solicitor has in his armoury.


 
I think you should hold your horses just yet without incurring unnecessary expense.  Start by phoning the PTSB. 

I agree that Anthhony Joyce solicitor sounded reasonable and well informed on the radio.  I think Kissane is inundated with clients.  Whoever you go with get a fee quote.  From a solicitor this is knows as a S68 letter.


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