TRS payments

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bond-007

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We just received a letter today from the PTSB saying that the revenue have advised them to deduct our TRS from our payments. Great.

Question is the letter states what the new net payment will be with effect from this month. What has happened to the TRS which we should have got since January this year? We started making payments on the mortgage in January 2007. Will it be deducted from this months payment or do we have to ask revenue for it directly?

Thanks in advance
007
 
Current year TRS back payments are, I believe, usually dealt with by the institutions. Previous years are dealt with direct from Revenue.

Be careful, some institutions give this in one lump sum, but I think from other threads here that some people have encountered situations where it has been paid of the remainder of the year. If you don't soon see a once-off large lodgement or large once-off reduction in the net mortgage payment, I'd ask PTSB for clarification on the back payment.
 
No, it's not a lump sum payment as far as I know.

When we got ours granted partway through the year, the Revenue equalised the amount that we were entitled to over the rest of the year. It's a lump sum for the previous year.

E.g. You're entitled to €100 per month TRS on your mortgage. You took out your mortgage in July 2006 and applied for your TRS in February 2007. It was granted in June 2007.

You then receive €600 lump sum from the Revenue Commissioners along with a tax balancing statement (P21) once you request the lump sum and not increased tax credits for the year 2006.

You are also entitled to €200 per month TRS for the rest of 2007 and it will fall back to the regular €100 for the following year (2008).

Note - I'm only using rounded figures for illustration purposes only, I do know that TRS is based on the percentage of the mortgage interest rate!!!!!
 
Ok, from the looks of it, it appears that you get no back payment or equalisation. It seems that TRS is applied to the next payment on. I have no idea what has happened to the 300 odd I was expecting back from January.
 
I just spoke to revenue and they said that any back payment would be simply taken by PTSB and applied to the principle. They did however say that I could request PTSB to return the money. I suppose it will be a cold day in hell before that happens.
 
A simple phone call to ptsb got me the lump back in a cheque within a matter of days
 
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