# ptsb agrees to pay additional €50k and write off €300k shortfall



## Harry 29 (28 Jul 2016)

Hi
I have received 50k , and write off of Balance due  of close to 300k.. Property
Keys were handed back to the bank PTSB. Im now advised  its à great deal and nothing more should come of this.. 
Anyone else had the same kind of deal.?


----------



## Sarenco (28 Jul 2016)

Harry 29 said:


> I have received 50k , and write off of Balance due of close to 300k



Wow!  That's some deal - you must be delighted.


----------



## Freshstart (28 Jul 2016)

I'd be interested to know what kind of situation resulted in such a brilliant deal!


----------



## AAM_User (28 Jul 2016)

Harry, did they restore your credit rating & arrange for an alternative mortgage ?

Although €50k and the balance write off are great, it still results in you being X number of years older & now no home that you own (this may be your preference), to me, that's unsatisfactory.  A better solution for me would be the €50k compensation, write off of arrears, restoration of situation (cleaning your credit rating & restoring the mortgage back to the tracker rate & payments it should have been on).


----------



## Harry 29 (28 Jul 2016)

AAM_User said:


> Harry, did they restore your credit rating & arrange for an alternative mortgage ?
> 
> Although €50k and the balance write off are great, it still results in you being X number of years older & now no home that you own (this may be your preference), to me, that's unsatisfactory.  A better solution for me would be the €50k compensation, write off of arrears, restoration of situation (cleaning your credit rating & restoring the mortgage back to the tracker rate & payments it should have been on).


 This deal was not asked by My legal team , Ptsb just added the write off .. Legal team advised wow .. There is nothing else more that can be Done?


----------



## Sarenco (28 Jul 2016)

Your legal team were right - it's a stunning deal.  

€300k debt write-off PLUS €50k into your hand. Wow!  

You are a lucky man.


----------



## Luternau (29 Jul 2016)

Sarenco said:


> Your legal team were right - it's a stunning deal.
> 
> €300k debt write-off PLUS €50k into your hand. Wow!
> 
> You are a lucky man.



It might be an even better deal for PTSB...they are not a registered charity that dishes out free money!

Looks to me like their strategy was to go in with an unexpected killer offer. (and it is v good)

But why be so generous now? They are dragging their heels with hundreds of people in tracker margin.


----------



## Sarenco (29 Jul 2016)

Luternau said:


> But why be so generous now?



No idea.  

But I wouldn't be asking too many questions if I was in Harry's position - I'd take that deal and run!


----------



## Harry 29 (29 Jul 2016)

The deal in the first Place was not My choice , it maybe à good one , but as you  say dont ask too many questions , we Would not be here today if we all had our 
Choice  of options explained to us and not taken away   and IF IT was not for the people that asked the questions when this wrong doing was Done ,, they Would still have got away with IT..  They Ptsb can not wave the killer offer and remove My choice of options once again..


----------



## Brendan Burgess (29 Jul 2016)

Harry 

While this sounds generous, we can't conclude it's a great deal without knowing more about it. 

What was the size of your mortgage when you handed it back?
What was the value of your property when you handed it back? 

Why did you hand it back? Were they putting you under pressure?  Had they begun legal action against you? 

What tracker rate should you have been on? 

Why were you in arrears?  Was it solely the loss of the tracker or did you also lose your job, separate or have some other loss? 
How much arrears were  you in? 
When they announced the deal initially, did they give you any compensation?  Is the €50k, the total compensation or is it on top of an initial figure? 
Does the €50k include all your legal and other costs such as the costs for Padraig? 
What other compensation did you claim? 

Brendan


----------



## Brendan Burgess (29 Jul 2016)

Harry 29 said:


> There is nothing else more that can be Done?



Are you asking if you can get more?  If so, why do you think you should get more?

Brendan


----------



## Harry 29 (29 Jul 2016)

Hi Brendan 
What i can till you is that i did have arreas and IT was à struggle for the fixed term of My mortgage, and yes they hounded me to hand back the keys.. I have to be honest ,  but i never asked for 50k or 1250 for legal Advise , nor for this write down.. But what i Would have
Asked for or  taken was My Tracker  at the time of My fixed rate expiry  , but due to this faliure It never happened.. 
IT has taken away My choice or chance to  have à go àt My mortgage on the Tracker rate i should have received, and 
IF the house was gone IT Would be on My head on My Tracker Rate that should i be given or  taken . No matter what happens ,  i have lost everything , and i am only Lucky in one way , not because of this write down or the 50k .. But because i am still here to tell  this story. Thats how serious this is .


----------



## Brendan Burgess (29 Jul 2016)

How much was your mortgage and how much was the house worth when you handed it back?


----------



## Harry 29 (29 Jul 2016)

Mortgage close to 400k
House worth maybe 250k house Price crash .


----------



## Brendan Burgess (29 Jul 2016)

Harry 29 said:


> write off of Balance due of close to 300k..





Harry 29 said:


> Mortgage close to 400k
> House worth maybe 250k house Price crash .



400 -250k = €150k.   

Where does the €300k figure come from? 

My concern Harry, is that you may be raising the hopes of others that ptsb will give them some great deal.  But your story is just not clear. No one should base their expectations on your case with the level of information provided so far.

How much arrears were you in when you handed back the keys.

Brendan


----------



## Harry 29 (29 Jul 2016)

Brendan 
I am not here to raise people hopes of à great deal With Ptsb, or am makeing this up , i have great Respect for this site and its users , so My story is not quite clear . But what is clear  is that  I will keep you posted on what happens next .


----------



## Brendan Burgess (29 Jul 2016)

Rather than tell us what happens next, could you tell us what has actually happened? 

You were offered €50k. It would be a great help to others if you told us what the features of your case were, so that people could present their case in the best possible light.

Brendan


----------

