Key Post Did you lose your tracker when fixing your mortgage or breaking out of a fixed rate?

[Bronte]

The ombudsman is now Ger Deering, since last Apri & yes he agrees that all cases should be considered as part of a full review.

For example in my own case, it was substantiated by the previous Ombudsman but the amount of compensation does not bare likeness to what it has & will cost me financially particularly as the bank said they could not reinstate a tracker as their underwriters wouldn't let them. I feel I should be give the full economic cost of this mistake, particularly as I have been in a financial limbo for 8 years, so were this to be reviewed I could get proper, appropriate compensation. This has to happen both out of fairness and as a disincentive to the banks for such practices occurring in future.

In other cases where the case was thrown out this could mean a reverse of that verdict

Did you hear the interview? As I said I didn't properly hear it. Did you get your tracker back or not, what is it you got? Yes I agree you should not be out of pocket one penny for this. And then compensation on top.

 

[rodger]

Notabene

Well said about "financial limbo".

It seems the banks were given an interest free loan by thousands of tracker holders for the past 8 years.

Nobody went to assistance of customers.

If the banks think they can just return the money and that's it then they got away with it. In a time of financial crisis to be cheated by those institutions is hard to believe.

Hopefully the current ombudsman and the central bank will redress the situation.

Even now PTSB customers still treated badly and they won their cases.

Hope to see a good turn out in City West next Thursday

 

[BillyO]

The ombudsman is now Ger Deering, since last Apri & yes he agrees that all cases should be considered as part of a full review.

For example in my own case, it was substantiated by the previous Ombudsman but the amount of compensation does not bare likeness to what it has & will cost me financially particularly as the bank said they could not reinstate a tracker as their underwriters wouldn't let them. I feel I should be give the full economic cost of this mistake, particularly as I have been in a financial limbo for 8 years, so were this to be reviewed I could get proper, appropriate compensation. This has to happen both out of fairness and as a disincentive to the banks for such practices occurring in future.

In other cases where the case was thrown out this could mean a reverse of that verdict

Hi Notabene..are you saying that you did not get your tracker back but you did receive some compensation. Did you go to mediaiton with the bank following a recommendation from FSOB perhaps?

 

[notabene]

yes i did get compensation and did not get tracker back - mine was a redeemed mortgage as I had eventually moved it to a different bank with a lower interest rate after months of trying to get the bank the tracker back where they just stonewalled. Effectively, the financial equivalent of constructive dismissal. This was in 2009 before there were much talk of this practice occurring.

Though my mortgage is currently in equity, the bank said they could not take it back and reinstate the tracker as their underwriters would no longer allow them to do so, convenient. If that is the case that is fine, but full compensation for such is due, they can not have it both ways

went through the full FSO process over 2.5 years - bank refused to go to mediation

 

[notabene]

@Bronte - just listening to it here at the moment

@rodger
what is in City West on Thursday?

Absolutely, in Financial Limbo or Financial Purgatory - you can't make any important financial decisions until it is properly sorted out - and these are wide ranging life decisions and people have the right to be fully compensated for such

I'm not surprised about PTSB - I hope they keep fighting too but you can fully understand how they would have had enough, hugely stressful for all of them them, particularly those who lost houses. I presume the bank is like an insurance company in that they hope to pay out the least possible amount and that if they put up enough resistance you will just go away. This is all the more reason though to keep fighting them as tough as it can be to keep at it

 

[Bronte]

http://www.irishtimes.com/business/financial-services/ciarán-hancock-lenders-chance-to-do-the-right-thing-on-trackers-1.2608244

A detailed analysis there and references to poster Padkiss who has uniquely done so much for people on this issue. Particularly liked this bit:

What is clear is that they now have a golden opportunity to prove Kissane wrong by doing the right thing by their customers.

I'm too cynical about banks to think they will do the right thing, I hope I've proved wrong.

 

[todo]

I'm too cynical about banks to think they will do the right thing, I hope I've proved wrong.

Banks will do what ever costs them the least, I don't think the 'right thing' comes into the equation.

 

[babyblackie]

Advice on dealing with Ulster bank. We have followed the chat here carefully and wrote to UB looking for our tracker back after fixing. Since Christmas we were getting monthly letters saying they need another month and advised of option to go to Ombudsman. Two weeks ago we ring. She says that no progress can be made due to central bank review. They have known this for MONTHS and strung us along. September is our Ombudsman deadline. Should we wait? We have our files prepared. Is the OM dealing with cases? We are in a bit of no-mans land here. I could be irritated but I wouldn't waste my energy on them.

 

[rodger]

I am waiting years

The central bank has said they will update in April 2016

3 days to go

 

[todo]

Advice on dealing with Ulster bank. We have followed the chat here carefully and wrote to UB looking for our tracker back after fixing. Since Christmas we were getting monthly letters saying they need another month and advised of option to go to Ombudsman. Two weeks ago we ring. She says that no progress can be made due to central bank review. They have known this for MONTHS and strung us along. September is our Ombudsman deadline. Should we wait? We have our files prepared. Is the OM dealing with cases? We are in a bit of no-mans land here. I could be irritated but I wouldn't waste my energy on them.

Open your case with the ombudsman, that will take at least a year to complete and you'll have something else to go on if this central bank review is only talk.

 

[notabene]

@babyblackie

Open a case with the fso or send them a solicitor's letter yourself with a view to issuing proceedings, they are very difficult to deal with but they're going to have to play ball now. Even if materially nothing can happen at the moment, it's important to start something as you don't want to end up 'out of time' or statute barred because of these delays.

 

[babyblackie]

Notabene I find I have no confidence in the OM and feel it is an awful choice between him or the legal route.

 

[notabene]

Notabene I find I have no confidence in the OM and feel it is an awful choice between him or the legal route.

I know, the very thoughts of either are wholly unappealing, but do a bit of research perhaps, get some legal advice, have a look at the new ombudsman's process and go with which you feel will suit you better...or you can wait and see what happens with the review in the next little bit....! Their deadline for reviewing their cases and having a report into the Central Bank is 30th Sept so they are unlikely to do anything for you before that - but I would just worry re the time barring,I spoke to a barrister in March who said that Irish Courts are very strict on that - now that was just one person's opinion but.....