Permanent TSB – The leopard has not changed its spots!
It is now a number of weeks since Permanent TSB announced its “independent” redress scheme and what have we learned?
We have learned that the bank are acting like we have come to expect they would act – in the bank’s interest.
Individuals who were overcharged by a bank which systematically and unjustifiably enriched itself at the expense of its customers is still playing tricks.
We believe that the letters sent out to the 1,372 mortgage holders had a number of purposes:
- The letter / apology gives the impression that the bank are sorry and are dealing with their wrongdoing in a fair and independent way. Permanent TSB would hope that this will minimise any fine imposed by the Central Bank. We do not believe the redress scheme is independent or fair. The letters are computer generated with the compensation calculated by way of a spreadsheet without any regard to the actual hardship inflicted on the mortgage holder. The majority of the offers of compensation amount to a small percentage of the amount overcharged.
- PTSB will hope that a certain percentage of people will accept the compensation without taking further advice. Although there is no risk of a lower award, certain mortgage holders believe that they might put the offer of compensation at risk if they engage proper independent advice. This is not the case.
- The offer encourages people to take the offer without any risk to losing the money. This has the effect of lowering the amount of any further award which will have an effect of lowering legal fees.
Permanent TSB have had many months to prepare for this redress scheme but yet they have sent out the offer letters of redress without any of the calculations as to how they came up with the amounts offered.
Each person has to contact the bank for the calculations which in the majority of cases have not yet been received.
Some clients are being told that they will receive them “Friday week” which gives even less time to assess the offer.
The few clients who received the “calculations” were simply sent their original loan offer and no further explanation.
There is no detail as to how the interest rate which their “independent experts” have picked has been calculated.
The interest rate is Permanent TSB’s base for assessing the overpayment and compensation.
If it is our financial expert’s opinion that the interest rate should be significantly lower then the overpayment will be significantly higher leading to higher redress and compensation for our clients.
We have a number of clients who have been contacted by the bank to be told that their conversation was being recorded and whether they were happy with the offer.
In our opinion this is unfair and underhanded.
Finally, Permanent TSB have caused a major Data Breach which is now coming to light.
They have reported this data breach to the Data Controller but this again proves their incompetency and why they cannot be trusted.
We believe that individuals should engage a lawyer to represent their interests.
It is only through the Court process that an individual will obtain a proper independent assessment of compensation.
A number of cases may have to be heard before the Court to really establish the value of these claims.
Thereafter the majority of cases will be settled. In the meantime, we are advising many of our clients to accept the award in a specific way so as not to prejudice their right to seek further compensation through the Courts.
This means that our clients can get the benefit of the award now and then receive further compensation in the future.
Anybody affected by this issue should contact us immediately at Anthony Joyce & Co. Solicitors and we can discuss your rights.