Excellent article on PTSB in today's Sunday Times

[Brendan Burgess]

I would recommend that you all go out and buy today's Sunday Times and send copies of the article to your TDs or government ministers. It summarises the issue very well.

The first three paragraphs say it all

Thousands of customers of PTSB are trapped in uncompetitive variable mortgages, forced to pay sub-prime rates because they cannot move to cheaper deals, especially if they are in negative equity.

The scandal has been overlooked by politicians and regulators, who have directed their anger instead at AIB, BoI and Ulster Bank for failing to pass on to homeowners all of the interest rate reductions announced by the ECB since November

PTSB is more expensive than these lenders , despite passing on the recent ECB reductions in full. This is because it increased the SVR four times between July 2009 and February 2011, when the rate jumped by a full percentage point in one go, even though the ECB left interest rates on hold throughout the period.

 

[Fiskar]

Very interesting article and very useful. The arrears data at the Central Bank must also be telling them this problem too.

Reckon all PTSB SVR customers should apply pressure on their holiday TDs to get something done on the rates charged by this sub prime lender.

This lender is taking more out of peoples pockets per month than the recent budget is taking per year.

 

[swauna78]

I thought the article was well written and highlighted well the stark reality of the situation we find ourselves in. I was pleased he got across the point that we are not asking to be bailed out or subsidised, we are only seeking fairness across the state-owned banks. That was important.

I'm going to make copies of this and send it to all the T.Ds and the Senator I have already contacted and any new ones I can think that are relevant.