# My PTSB tracker story



## Runningman (26 Jan 2017)

Hi,
Just wondering if anyone can advise me if I'm entitled to return to tracker with PTSB. 
Took out mortgage in July 2006 which was a 1 year fixed (discount rate), at the end of this my offers letter arrived with fixed and variable options on it, and to tick the option I want. If I did not choose one of the above options my mortgage would default onto a tracker rate (rate not specified). I failed to choose an option and my mortgage defaulted onto a tracker rate for a short period. I then received another improved options letter(within 2 weeks) the 3 year fixed rate was lower than original offer. I chose to go onto this improved 3year fixed rate. 
Roll on 18 months later(Jan 2009), I broke out of this fixed rate early with no charge for exiting fixed rate and was only given an option of variable. Which I've been on since. 
I've since found out with a bit of digging that the original offer of tracker which I went onto very briefly was ECB +0.6%. Which was never documented on offer.

I've looked over my mortgage offer from 2006 and it does not give me a contractual right to go back onto tracker after fixed rate. Which I believe is the crux of the whole PTSB redress scheme from last year.

My questions are why was the tracker %rate in the first options letter not shown? 
Why did my mortgage default onto a tracker? 
Should I be included in this central bank review?

Hope it's not too confusing and thanks


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## Wardy7 (26 Jan 2017)

You really need expert advice on this.  Contract Padraic Kissane. 

I'm PTSB too and Padraic is the man in the know!


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## Brendan Burgess (26 Jan 2017)

Runningman said:


> I've looked over my mortgage offer from 2006 and it does not give me a contractual right to go back onto tracker after fixed rate.



So, unless you and ptsb agreed a change in your contract, you are not entitled to a tracker.



Runningman said:


> If I did not choose one of the above options my mortgage would default onto a tracker rate (rate not specified).



Sounds as if ptsb made a mistake in your favour. 



Runningman said:


> I then received another improved options letter(within 2 weeks) the 3 year fixed rate was lower than original offer. I chose to go onto this improved 3year fixed rate.



So you gave up a cheap tracker for the security of a fixed rate.  Lots of people did that.



Runningman said:


> Roll on 18 months later(Jan 2009), I broke out of this fixed rate early with no charge for exiting fixed rate and was only given an option of variable. Which I've been on since.



I don't think you had any right other than a variable.

*Conclusion: *
You have a very poor case.

I would normally advise that you should not pursue such a case, but ptsb has pursued very weak cases in the hope of depriving people of trackers.  So you should do the same.

You should write to ptsb in the first instance, and ask them why you are not on a tracker.  Then wait until you get a reply.

It is possible that their current review may put you back on the tracker.

You should not contact Padraic until you are refused as it will cost you money. But if you are refused, he is the man to help you make a good complaint.

Brendan


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## Runningman (26 Jan 2017)

Thanks for comments,

I think you're right Brendan as in a weak case. I've already gone through the FSO on the why my mortgage defaulted onto a tracker, and didn't the second time unsuccessfully. 

What I've realised after this complaint and the most annoying part for me is that I never complained to the FSO that the tracker rate was not on the offer sheet and was an unknown to me. I know now I should have called PTSB and asked but was sadly to naive back then. And from reading other stories about PTSB 'sharp practices' I really feel that is why I got an improved offer on a fixed rate 2 weeks after original offer, to which I jumped at in my stupidly. Will always feel cheated by PTSB


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## Runningman (25 Aug 2017)

Update:
I've recently received correspondence from PTSB last week. 
I_ refer to our letter to you dated 12th April 2016 (which was a generic response from my complaint that I was not included from the first redress but the central bank review is ongoing and any impacted accounts will be contacted in due course)
As you aware ptsb has been conducting a review of tracker mortgage accounts as part of the central bank led examination of tracker mortgages in order to identify any instances where there was a failure in the administration or management of a mortgage account.
We will continue this review throughout 2017 in line with the industry wide examination of tracker mortgages. In parallel, the central bank of lreland will conduct its own assurance review of our findings.
Where we identify any issue, we will contact the relevant account holders directly and will not wait until the overall review has concluded. Please be assured that we will write to you within the next 12 weeks to provide you with a progress update. 
_
This letter has me confused, it does not state I am an impacted customer, so why wait 16 months to let me know that they are conducting a review? 

Any thoughts?


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## Brendan Burgess (25 Aug 2017)

Hi Runningman

ptsb must give periodic updates to everyone whose file is being reviewed. That is all that they are doing. 

If they identify you as deserving your tracker back, they can put you back on the tracker immediately.

If they identify you as not affected, they may not be able to do so, until the Central Bank reviews their process.

Brendan


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