# A commitee to represent borrowers/ Issues to discuss with ptsb



## Brendan Burgess (4 Aug 2015)

Hi folks 

I think we need to form a Borrowers' Committee to meet with ptsb.

If you would like to join, please open a conversation with me and we will organise a meeting in Dublin later this week. 

Brendan


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## Brendan Burgess (4 Aug 2015)

*Issues common to everyone *

Mechanics of calculation of overcharge and refund

Guidelines for calculating compensation 

How people who don't respond to the letter are dealt with
Those affected fall into the following major groups:

1) Tracker rate not specified in the contract
2) On expiry of fixed rate, I chose the SVR as it was lower
3) I switched lender as the SVR was so high
4) Excluded from the scheme


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## Brendan Burgess (4 Aug 2015)

*Changes which must be made to the permanent tsb redress programme *



1)  A committee of borrowers should be set up to negotiate a general global agreement on behalf of borrowers.  The individual case basis is not acceptable:

a.  It’s time consuming for both sides

b.  Borrowers do not have the expertise or resources to negotiate these cases

c.  Most solicitors and accountants would not understand the issues

2)  The guidelines for including people in or excluding people from the scheme should be published

3)  Procedures must be put in place for people who feel that they should be included in the redress scheme, but who have not been notified.

*4)  *

5)  Borrowers who switched from ptsb to another lender must be given the option to switch back to ptsb on their revised trackers

6)  Borrowers who overpaid their loans must have their overpayment refunded to them – this might be happening automatically.

7)  People should have their trackers restored from the date which they broke out of their fixed rate mortgage

8)  The rate offered to those who did not have a rate specified in their contracts, should be reviewed independently and not decided unilaterally by ptsb

9)  If there was a deliberate attempt to encourage people off their trackers, then all of those affected should get their trackers back

a.  People who were given an artificially low SVR on expiry

10)  In September – borrowers who have not responded should be put on the tracker rate automatically and notified accordingly. The fair treatment of customers trumps any other legal obligation.

11)  In September – borrowers who have not replied should be notified that the refund will be paid directly into the account from which the mortgage payment is made, unless the borrower instructs them to the contrary.


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## Brendan Burgess (5 Aug 2015)

From this thread 

4) Redo the annual statements with the revised interest rates so that people can check them. 

Brendan


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