# Switched from permanent tsb in 2010, now getting refund , but not getting my tracker back



## roncondon (5 Aug 2015)

Came out of fixed rate early in feb 2009 rate was set to finish in aug. Stayed with ptsb on variable till aug 2010 when variable rates began rising looked at fixed rates ffound a better deal than ptsb and switched. Got letter with redress for 1 year and some comp. Have I got a case for the rest of redress and getting back with ptsb on tracker rate as obviously I wouldn't have switched had I been on tracker?


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## ssmcks (7 Aug 2015)

I am in a similar situation and would also appreciate other people's experiences of this. Have not as yet received my letter but have been told we will receive one. Am now with the aib but would not have moved if I jad been on the tracker with ptsb. Tia.


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## Brendan Burgess (17 Aug 2015)

This is very odd. 

It seems clear to me that if someone had a tracker, lost it due to ptsb's error, and switched to another lender, they are entitled to their tracker back.  

The fact that they gave Penny back hers supports your case.

If you switched to another lender because you borrowed additional money, there might be some defence of ptsb's position. 

If you switched while trading up houses, then you have very little case. You would have to be able to argue that you would not have traded up if you knew you could have kept your tracker. 

But if you did a straight switch of €200k with ptsb to €200k with KBC, then I see no defence of their position. 



Could you tell us a bit more about your cases.

1) What tracker rate did your mortgage entitle you to? 
2) Did you borrow more money? 
3) Did you trade up? 

Brendan


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## Thomas (17 Aug 2015)

Brendan Burgess said:


> This is very odd.
> 
> It seems clear to me that if someone had a tracker, lost it due to ptsb's error, and switched to another lender, they are entitled to their tracker back.
> 
> ...


I am in a similar situation.  I fixed in 2007 on a 3 year rate.  In December 2008 I broke out of my fixed rate but was never told I would be giving up my right to revert to my tracker in March 2010.  I switched the mortgage in February 2009 as the PTSB rates were just getting too onerous.  As property prices were falling, the new lender would not give me the full mortgage and so I had to borrow money from my family to make up the difference. 

I received a letter from PTSB last week saying as I broke in December 2008 and left in February 2009 it appeared I had not suffered any financial hardship but offered me a token amount of compensation but no redress.  I rang them today to see about getting the tracker mortgage back and they said that they had received no instructions on offering the rate if I switched back.  They took my contact details and offered to call me once they had more information.  I have requested the appeal form but am going to consult with financial adviser/lawyer to see what steps I can take.


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## Brendan Burgess (17 Aug 2015)

I see that another ptsb customer was allowed to return to ptsb on a tracker 

*PTSB lost tracker; switched lender; returned to ptsb on tracker*

http://www.askaboutmoney.com/thread...ed-lender-returned-to-ptsb-on-tracker.166350/


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## ssmcks (17 Aug 2015)

Similar story to you Thomas. Took out mortgage in 07 and fixed for three years. Broke out in 09. Switched banks due to increasing variable rate in 02/10. 
Letter states that as account was closed before maturity of fixed rate we have not been financially impacted. Believe me we have!
Rang ptsb on Thurs. Enquired what would have been my tracker if we had not broken out of fixed rate. Have not received an answer to that as yet. Was told there were other enquiries from customers like myself who had switched and were wondering could they switch back. Still awaiting reply on that also.
Brendan my tracker on expiry was ' tracker rate applicable to balance outstanding on loan'. Am unsure what this actually means.
We didn't borrow more money and we didn't trade up.


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## Brendan Burgess (17 Aug 2015)

Here is a case where the Ombudsman rejected a complaint from an ICS customer 

*ICS failed to offer tracker. I switched to AIB. Ombudsman rejects complaint*


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## roncondon (17 Aug 2015)

Brendan Burgess said:


> This is very odd.
> 
> It seems clear to me that if someone had a tracker, lost it due to ptsb's error, and switched to another lender, they are entitled to their tracker back.
> 
> ...


Hi Brendan
We never fought for tracker rate , just accepted what they told us on the phone bout not being able to get it once fixed rate had been broken.  (Even though never told when changing to variable rate). Anyway our contract says 0.8 % above ecb rate. We didn't borrow any more and didn't move house. Moved cause fixed rates were better with boi. As stated on earlier post only offered 1year redress and 1400 euro comp.letter also states that is all we get cause account is closed. I phoned helpline and got no help they just offered us complaint form. I also requested how they calculated our redress. This was requested about 2 weeks ago, nothing received yet. We have decided that since there is so much involved we areggoing through a solicitor from now on.


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