PTSB compensation offer appeals denied

The majority of permanent TSB customers who challenged compensation offers over tracker mortgages have their cases dismissed.

The customers were offered compensation by the bank after it was revealed that thousands of Permanent TSB mortgage customers lost out on a tracker rates that they were entitled to.

The bank’s decision several years previous prevented the customers from switching from a fixed-rate mortgage to tracker rate, despite being entitled.

As a result of the PTSB’s policy twenty-two families lost their home.

Tracker has an interest rate that is set at the dominant European Central Bank rate, which is currently at zero.

The Central Bank took action against the bank over the issue and the bank wrote letters to affected families with compensation offers, those who were unhappy with the offers were allowed the right to appeal.

For the more serious cases where people lost their homes, the appeal panel included Caroline Gill deputy Financial Services Ombudsman, James McCourt Solicitor and former president of the Law Society.

A total of ninety-six compensation offers have been appealed between two panels that have been set up, sixty-nine of the appeals have reached decisions, with many more appeals dismissed than upheld.

Fourteen appeals were exclusively upheld or were partly upheld whilst the large majority were not upheld.

So far the only €40 million of the €140m set aside by the bank has been handed out so far, according to March 2015 results.

Posted on May 10th, 2016 in Property

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