Has anyone formally complained to the Ombudsman about the vulture fund rates?

C

CorkHome2022

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Can anybody let me know if they have gone the FSPO route in respect of Vultures raising rates to nearly double the mainstream mortgage providers who issued their mortgages in the first place .
We are awaiting the investigation process to begin with FSPO .
It would be good to know we are not alone in taking on these Vultures .
 
Brendan Burgess said:
Hi CorkHome

I don't recall anyone reporting here that they have made a complaint.

Brendan
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I did the aforementioned search and there seemed to be a few people with FSPO complaints about vulture funds and the rates charged. E.g.

Was on an LTV rate with ptsb - but Start increasing this rate?

We were part of the Project Glas sale to Start a few years back but had sorted out our arrears before the sale . We had switched to a LTV MVR rate of less than 50% with PTSB . They did not pass on the 0.1% reduction from July 2020 but now want to peg on 1.2% yet PTSB have not increased their LTV...
www.askaboutmoney.com

Mortgage Prisoners - time to get loud!!

I think it’s time we come together and make some noise about the unfair treatment we are receiving from the constant increases from Vulture Funds. It is clear that Central Bank and the Government are not in a rush to help us! I truly believe if enough of us come together and make a much noise as...
www.askaboutmoney.com

A vulture fund must offer you the rates currently offered by the seller of the mortgage

You should be going on the KBC Standard Variable Rate equivalent , KBC have not left market so rate is linkked with theres. A big issue will be when they are really gone. What rate then ? How is that determined if the contract does not provide for it. The Central Bank need to be on top of that...
www.askaboutmoney.com
 
CorkHome2022 said:
It would be good to know we are not alone in taking on these Vultures .
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Your case is interesting, and I think your complaint is specific to PTSB managed LTV rate rather than 'the vultures' generally. I haven't had time to sit down and read a contract, but I think there might be a case to be made that your mortgage should be linked to PTSBs rate which is still published.

I've heard anecdotally that another purchaser cannot vary some EBS mortgage rates as they're contractually linked to EBS's variable base rate.
 
I am in the process of a complaint with the FSPO re the rates, if you search it should come up. I am in the mediation process at the moment.
 
Hi Tom

I have looked through your posts and while you talk about the issue, I can't find you mentioning that you have actually made a complaint.

In any event, it would be useful to have a thread with a list of those who have actually made complaints on the issue and what stage they are at.

So could you reply to this thread in the following format

1) Original lender :
2) Date mortgage sold:
3) Which vulture fund bought your mortgage:
4) What mortgage rate you are now paying:
5) Date complaint made to vulture fund
6) Date of final response from vulture fund:
7) Date complaint submitted to Financial Services Ombudsman
8) Summary of basis of complaint.
 
Brendan Burgess said:
Hi Tom

I have looked through your posts and while you talk about the issue, I can't find you mentioning that you have actually made a complaint.

In any event, it would be useful to have a thread with a list of those who have actually made complaints on the issue and what stage they are at.

So could you reply to this thread in the following format

1) Original lender :
2) Date mortgage sold:
3) Which vulture fund bought your mortgage:
4) What mortgage rate you are now paying:
5) Date complaint made to vulture fund
6) Date of final response from vulture fund:
7) Date complaint submitted to Financial Services Ombudsman
8) Summary of basis of complaint.
Click to expand...
Yes Brendan I looked for advice on AAM, was advised to ride out the higher rates which I could not afford. Complaint acknowledged by FSPO in April 2023 after receiving final response letter. I will update after mediation.
 
Tomandgerry said:
I will update after mediation.
Click to expand...

It would be very helpful to know now the general details of the complaint.
The process with the Ombudsman is confidential so the attitude of the Ombudsman and the bank's reply to the Ombudsman should not be posted here. But the key information of Who the bank is, why it was sold and who the vulture is would be very helpful.

For example, if yours was a ptsb mortgage sold to Pepper, it would definitely be worth your while comparing notes with someone else in the same position.

But if yours was a BoSI mortgage sold to Start it wouldn't benefit you much to talk to a ptsb mortgage holder sold to Pepper.
 
Our Mortgage was with PTSB
In July 2017 we switched to the LTV MVR of 50% or less , we had arrears .
April 2018 resolved arrears and began trail of new repayment schedule and arrears capitalised
Feb 1st 2019 PTSB sold to Start
No issues as repayments did not change
15 October 22 Start raised rate from 3.7% to 4.9%
19 November rate raised to 5.65%
25 October we queried rate rise not being in keeping with our Terms under the LTV MVR Switch .. it should have been 3.6% as per PTSB rates .
1 November 22 Final Response from Start rejecting our complaint they said we got a "Discount " but T and Cs of LTV switch placed us in a specific band of PTSB rates , opinion given to us by professionals is that the link is as strong as a tracker linked mortgage.
29 November 22 Submitted Complaint to FSPO
9 March 23 Declined mediation as Start have been given enough time to look at our supporting documents from our mortgage to realise that we have a legitimate case so no point in letting them drag this out as we very much doubt their motives or sincerity to engage in meaningful mediation so we requested the file be sent for investigation and adjudication.
23 May 23 rate raised to 6.4% which proves we were correct regarding Starts motives , PTSB rate today for the LTV MVR Rate is 3.8%

We have 5 years and 5 months left on our term but should be clearing same in 3 years so we unlike others out there can afford to let the FSPO process run its course .

A point to remember that the Vultures do not have the same funding model as the Banks and they bought these Portfolios at massive discounts so their argument for rate rises as blatant lies .
Another point to note , in my opinion the stuff put out by the Vultures about helping people in bother due to these rate hikes is just a smokescreen to lock borrowers into longer terms , hinder their ability to exit the Vultures and further enhance the profits they will reap form each mortgage .
They are driving some people further into arrears by their actions and profiting from it .

PTSB sold the Project Glass at a 38% discount , information given to me by a very well informed TD .
 
CorkHome2022 said:
Our Mortgage was with PTSB
In July 2017 we switched to the LTV MVR of 50% or less , we had arrears .
April 2018 resolved arrears and began trail of new repayment schedule and arrears capitalised
Feb 1st 2019 PTSB sold to Start
No issues as repayments did not change
15 October 22 Start raised rate from 3.7% to 4.9%
19 November rate raised to 5.65%
25 October we queried rate rise not being in keeping with our Terms under the LTV MVR Switch .. it should have been 3.6% as per PTSB rates .
1 November 22 Final Response from Start rejecting our complaint they said we got a "Discount " but T and Cs of LTV switch placed us in a specific band of PTSB rates , opinion given to us by professionals is that the link is as strong as a tracker linked mortgage.
29 November 22 Submitted Complaint to FSPO
9 March 23 Declined mediation as Start have been given enough time to look at our supporting documents from our mortgage to realise that we have a legitimate case so no point in letting them drag this out as we very much doubt their motives or sincerity to engage in meaningful mediation so we requested the file be sent for investigation and adjudication.
23 May 23 rate raised to 6.4% which proves we were correct regarding Starts motives , PTSB rate today for the LTV MVR Rate is 3.8%

We have 5 years and 5 months left on our term but should be clearing same in 3 years so we unlike others out there can afford to let the FSPO process run its course .

A point to remember that the Vultures do not have the same funding model as the Banks and they bought these Portfolios at massive discounts so their argument for rate rises as blatant lies .
Another point to note , in my opinion the stuff put out by the Vultures about helping people in bother due to these rate hikes is just a smokescreen to lock borrowers into longer terms , hinder their ability to exit the Vultures and further enhance the profits they will reap form each mortgage .
They are driving some people further into arrears by their actions and profiting from it .

PTSB sold the Project Glass at a 38% discount , information given to me by a very well informed TD .
Click to expand...
Excellent to see people fighting back against corporate greed and defending themselves. Many could learn from this post. If everyone stood up for their rights Ireland would be a better place.
 
CorkHome2022 said:
Our Mortgage was with PTSB
In July 2017 we switched to the LTV MVR of 50% or less , we had arrears .
April 2018 resolved arrears and began trail of new repayment schedule and arrears capitalised
Feb 1st 2019 PTSB sold to Start
No issues as repayments did not change
15 October 22 Start raised rate from 3.7% to 4.9%
19 November rate raised to 5.65%
25 October we queried rate rise not being in keeping with our Terms under the LTV MVR Switch .. it should have been 3.6% as per PTSB rates .
1 November 22 Final Response from Start rejecting our complaint they said we got a "Discount " but T and Cs of LTV switch placed us in a specific band of PTSB rates , opinion given to us by professionals is that the link is as strong as a tracker linked mortgage.
29 November 22 Submitted Complaint to FSPO
9 March 23 Declined mediation as Start have been given enough time to look at our supporting documents from our mortgage to realise that we have a legitimate case so no point in letting them drag this out as we very much doubt their motives or sincerity to engage in meaningful mediation so we requested the file be sent for investigation and adjudication.
23 May 23 rate raised to 6.4% which proves we were correct regarding Starts motives , PTSB rate today for the LTV MVR Rate is 3.8%

We have 5 years and 5 months left on our term but should be clearing same in 3 years so we unlike others out there can afford to let the FSPO process run its course .

A point to remember that the Vultures do not have the same funding model as the Banks and they bought these Portfolios at massive discounts so their argument for rate rises as blatant lies .
Another point to note , in my opinion the stuff put out by the Vultures about helping people in bother due to these rate hikes is just a smokescreen to lock borrowers into longer terms , hinder their ability to exit the Vultures and further enhance the profits they will reap form each mortgage .
They are driving some people further into arrears by their actions and profiting from it .

PTSB sold the Project Glass at a 38% discount , information given to me by a very well informed TD .
Click to expand...
Thanks CorkHome for posting. I strongly agree with your point regarding their solutions are a smokescreen to lock borrowers into longer terms, thus making it more difficult for borrowers to switch away from them. That was certainly my experience when they reviewed my SFS.
 
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