# ptsb says I am not going to get my tracker back



## martin57 (1 Apr 2015)

phillip said:


> In 2005 started a tracker in late 2006 the rates were going very high got a call from local ptsb manager that he would advise to fix rate .had meeting  with him and agreed to fix for 7 years .rates came down and I wanted to brake back to tracker not aloud.complaind to ombudsman .He rejected case on the grounds that the manager said he had no recollection  of the meeting or other conversations.so wanting to know does any one have any advice? ????


hi all
bad news today for me from ptsb they said that when I was let break out of my fixed rate term in 2009 of 5 years that I was not entitled to
a tracker rate and that I didn't request it to be offered to me when I finished my fixed term in my mortgage offer did everyone who was
let break out of their fixed rate in 2009 by ptsb have it requested to be offered a tracker when they came to the end of there fixed term. I still
don't know why they let me break out of my fixed rate for nothing and no penalty. good luck to everyone else waiting.


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## taldar (1 Apr 2015)

martin57 said:


> hi all
> bad news today for me from ptsb they said that when I was let break out of my fixed rate term in 2009 of 5 years that I was not entitled to
> a tracker rate and that I didn't request it to be offered to me when I finished my fixed term in my mortgage offer did everyone who was
> let break out of their fixed rate in 2009 by ptsb have it requested to be offered a tracker when they came to the end of there fixed term. I still
> don't know why they let me break out of my fixed rate for nothing and no penalty. good luck to everyone else waiting.



Sorry to hear that - They are still at it so!


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## George12 (1 Apr 2015)

Is this bad precedent? It's not a good feeling that the first result we hear of os a bad one.


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## PTSBCase (1 Apr 2015)

Sorry to hear that martin57. Did it state on your loan offer than on expiry of your fixed term that you are entitled to a tracker? Because if it did you are no different to the ptsb customers who won their case with the fso? Or am I wrong?


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## martin57 (1 Apr 2015)

PTSBCase said:


> Sorry to hear that martin57. Did it state on your loan offer than on expiry of your fixed term that you are entitled to a tracker? Because if it did you are no different to the ptsb customers who won their case with the fso? Or am I wrong?


hi . I am not sure if it states that I cant find all my loan offer I am going to ring my solicitor tomorrow for a copy of my loan offer.
before I fixed in 2006 they offer me the tracker and said if they didn't here form me they would put me on a tracker so if they offered it to me before I fixed why shouldn't I offer it again. can I request a copy form ptsb.


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## PTSBCase (1 Apr 2015)

Correct me anyone if I'm wrong - but to have your tracker reinstated it has to be stated on your loan offer. 
Martin57 - you can request a copy of your loan offer from ptsb. Your solicitor could charge you to send it out so I'd recommend getting it from ptsb directly.


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## martin57 (1 Apr 2015)

PTSBCase said:


> Correct me anyone if I'm wrong - but to have your tracker reinstated it has to be stated on your loan offer.
> Martin57 - you can request a copy of your loan offer from ptsb. Your solicitor could charge you to send it out so I'd recommend getting it from ptsb directly.


thanks for the reply I am going to request my loan offer form ptsb tomorrow, will keep you all updated, I don't trust them, why did they let me break my fixed term for nothing.


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## southside100 (2 Apr 2015)

PTSB had different types of 5 year fixed products with different maturity options. Not all of these products had a tracker rate as a maturity option. If yours didn't then unfortunately you were never entitled to a tracker on expiry of your Fixed Rate.

I don't think my 5 year fixed product had it either so I'm not expecting a refund either.

The fact they let you break out of a fixed rate with no penalty is a seperate issue.


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## Monbretia (2 Apr 2015)

Yes the fixed rate break is totally separate, the breakage cost of a fixed rate was usually related to the cost of funds at the time of breakage, some contracts had a fixed amount regardless but most were calculated on a set formula.  It may have been at the time that PTSB would save money by offering people the option to get out, they could in turn refinance the tranche of money they had taken to fund these fixed rates.   

I remember several times with another bank where there was no fee to break a fixed when requested even though the loan offer had stipulated there would be one but it was just luck depending on how interbank rates were at the time.


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## fuzzy10 (2 Apr 2015)

This doesn't fill me with confidence... Sorry to hear your unfortunate news Martin


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## Brendan Burgess (2 Apr 2015)

I don't think that this case sets a precedent for anything. 

It's very hard to follow the original post but it looks to me as if he never had a tracker. 

Some people seem to think that breaking out of a fixed entitles them to a tracker, which is bizarre. 

Brendan


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## Brendan Burgess (2 Apr 2015)

Monbretia said:


> It may have been at the time that PTSB would save money by offering people the option to get out, they could in turn refinance the tranche of money they had taken to fund these fixed rates.



Or it may have been a deliberate and misguided attempt to induce people to break out early so that they would lose their right to a tracker?


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## Runningman (2 Apr 2015)

Hi all, 
I had similar case as Martin57 rejected by FSO last year. Took down mortgage in July 2006 with 1yr (discount)fixed rate. At end of this received options from PTSB July 2007. Options letter stated if I do not choose one of the above options within 14 days my mortgage will default to tracker rate 0.6% above ECB. One month later received an improved fixed offers and (sadly)chose 5year fixed option 4.99%. Which was 5.10 in First offer letter.

On to January 2009 and I too broke out of fixed rate early and was only given option of variable rate. Which at the time was delighted with reduction in monthly repayments.

Started complaint with PTSB in 2012 which was painstakingly slow and complaint ended up with the FSO. Complaint was rejected on grounds of not having Tracker on my original loan offer. And I never questioned the availability of tracker when I broke free from fixed rate on Jan 2009. 

So like Southside100, I'm not expecting anything from PTSB but will always feel I was cheated by them. Main reason as  my very first Loan offer told me I would 'default to tracker rate'. I was not aware that this was not in my original loan offer. Surely it should have defaulted to variate rate??


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## martin57 (2 Apr 2015)

Runningman said:


> Hi all,
> I had similar case as Martin57 rejected by FSO last year. Took down mortgage in July 2006 with 1yr (discount)fixed rate. At end of this received options from PTSB July 2007. Options letter stated if I do not choose one of the above options within 14 days my mortgage will default to tracker rate 0.6% above ECB. One month later received an improved fixed offers and (sadly)chose 5year fixed option 4.99%. Which was 5.10 in First offer letter.
> 
> On to January 2009 and I too broke out of fixed rate early and was only given option of variable rate. Which at the time was delighted with reduction in monthly repayments.
> ...


Hi all just too confirm took out mortgage with ptsb in 2006 for one year fixed at 3.06 when the term ended I was offered a tracker but fixed for five year's. Just that they said if they did not here from me  in 14 days they would put me on a tracker. Just to confirm I was never on a tracker with ptsb.


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## Gerry Canning (2 Apr 2015)

martin57 said:


> Hi all just too confirm took out mortgage with ptsb in 2006 for one year fixed at 3.06 when the term ended I was offered a tracker but fixed for five year's. Just that they said if they did not here from me  in 14 days they would put me on a tracker. Just to confirm I was never on a tracker with ptsb.


Martin,
Suggestion.
For e6 you can request a SAC (Subject access request) from ptsb.
What it means is they must, since it is an obligation,ll send to you all written and transcripts of phone calls of everything on your account.
You can then review.


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