Danske bank to close retail customer accounts

yop

posiedon_regs wrote: »

I've just unearthed my original mortgage agreement with NIB from early 2006. It consists of both a signed "side letter" and a T&Cs document. The letter is particularly interesting:

"Termination:
We will ensure when removing an Account from an Offset Portfolio that Validation will take place to ensure that the account is not the last Mortgage Account or linked Account causing an unwanted termination of the Offset Portfolio. In the event that an Offset Portfolio is closed, then the remaining Offset Account(s) must be converted to an appropriate Current/Savings Account."

The first line of the above, signed by the bank (now Danske), would seem to me to be in direct contradiction to the letter received this week which is a statement that all of my offset accounts are being closed in April/May. The latter is not BTW an "offer" but simply a statement of intent. If Danske breach their previous legal undertakings they may by in breach of Irish Contract Law.

Unfortunately, the problems of offset mortgage holders are unlikely to make headlines on the independent.ie or Newstalk because they are too complex for readers/listeners to comprehend quickly and the numbers affected are relatively small. Also the Ombudsman is a toothless tiger due to the probable delays which Danske may choose to introduce. My intention is to seek legal advice, however, I believe Danske expect only a minority of customers to do so, thus saving them a considerable sum on compensation. Very clever indeed!

Excellent, I didn't see that in mine. Ok, is there anyway you could scan in that page and post it here?


I was speaking to a lad a months ago and he told me that he was fighting with Ulster Bank over their tracker, it seems most of the people involved were using one guy, I HAVE NO AFFILIATION with this guy, but MAYBE because this is his "area" then he might be able to help?

The name is: Padraic Kissane Financial Services

I had a google for him and I notice this thread
http://www.askaboutmoney.com/showthread.php?t=185540

So they had success, what do people think, would it be worth a chat with him?

If that paragraph exists and is part of all our Offset mortgages then I think we have them

yop

dolallyoh wrote: »

I, and others, have the exact same contract / side letter. (You could read back a few pages). Nothing clever about trying to renege a contract.

Feck, I can't find it any where!

JimsAlterEgo

presume they have a copy of all documents, FOI request FTW

yop

JimsAlterEgo wrote: »

presume they have a copy of all documents, FOI request FTW

Probably "lost in the system"....

wmpdd3

Actually I had to request every document danske had on me and it all arrived, nothing missing and within a week.

The other 4 banks had loads missing.

dolallyoh

yop wrote: »

Feck, I can't find it any where!

I doubt it's even relevant. If banks cannot walk away from Trackers then they cannot walk away from Offsets. I fully expect to win this.

yop

dolallyoh wrote: »

I doubt it's even relevant. If banks cannot walk away from Trackers then they cannot walk away from Offsets. I fully expect to win this.

Me too

yop

Ok lad, I had an email from Padraic Kissane, he already has a number of Danske customers on his books fighting this, so if we get as many together under his direction we might have a stronger case

dolallyoh

Nice one, what has to be done, is there a fee?

yop

Ok, just off the phone with Padraic, and he definitely sees an issue with this.
He has put a call in with Danske to speak to someone at Directorship level to find out what they are at exactly and where the 1% came from and also the conditions with that 1%.
He will get back to me either Monday or Tuesday.

With regards a fee, no figure was mentioned but there will be one, which is totally expected. IF we are to get as many together to contact Padraic, then he can put us all under the one case and any correspondence will be on behalf of us all. That would mean the fees will be reduced.

So I would encourage people to make contact and the more numbers we have the better on this.

Want to stand up to Danske, power in numbers!

Dont forget the Facebook page.

https://www.facebook.com/DanskeRipOff

clint_silver

yop wrote: »

Ok, just off the phone with Padraic, and he definitely sees an issue with this.
He has put a call in with Danske to speak to someone at Directorship level to find out what they are at exactly and where the 1% came from and also the conditions with that 1%.
He will get back to me either Monday or Tuesday.

With regards a fee, no figure was mentioned but there will be one, which is totally expected. IF we are to get as many together to contact Padraic, then he can put us all under the one case and any correspondence will be on behalf of us all. That would mean the fees will be reduced.

So I would encourage people to make contact and the more numbers we have the better on this.

Want to stand up to Danske, power in numbers!

Dont forget the Facebook page.

https://www.facebook.com/DanskeRipOff

Ive no problem coming under this too. same boat even though the 1% would initially benefit me, it wouldnt long term. did Padraic say to contact him directly?

Ryaned40

Count me in !!! Let me know what he wants me to do and consider it done ! As I stated in an earlier post "we signed up for an offset and they are trying to force us into a standard variable mortgage , if we close our accounts we have had it ! I am opening a current account with ptsb and trans dds myself just in case they do close the acc just so I can still get to some of my money but I am leaving 80% of it in current and savings with offset! Let them close the accounts !!! Bet they won't , it's a game to get most people scared and close the acc themselves so danske won't be responsible me thinks!!!

yop

clint_silver wrote: »

Ive no problem coming under this too. same boat even though the 1% would initially benefit me, it wouldnt long term. did Padraic say to contact him directly?

Ryaned40 wrote: »

Count me in !!! Let me know what he wants me to do and consider it done ! As I stated in an earlier post "we signed up for an offset and they are trying to force us into a standard variable mortgage , if we close our accounts we have had it ! I am opening a current account with ptsb and trans dds myself just in case they do close the acc just so I can still get to some of my money but I am leaving 80% of it in current and savings with offset! Let them close the accounts !!! Bet they won't , it's a game to get most people scared and close the acc themselves so danske won't be responsible me thinks!!!

Agreed, the more of us, the stronger we will be on this.

What he said to me was that he would come back on either Monday and Tuesday and should have contact with Danske on this by then, I would certainly email him or phone him and register the complaint.
As I said there will be a fee, I don't know how much yet, but one v one Danske could possible just laugh at us, a group of us v them is a different battle.
IT worked for the tracker folk, I think we have just as strong a case.

Tiffani

Offset aswell same T&C in mortgage contract and side letter as everyone else.



Had look around Danske website – not sure but looks as if “general terms & conditions” which are referred to in statement being issued by Danske via Central Bank were implemented on 4 Nov 2013 – FOUR days after they announced they were exiting retail banking in Ireland?

yop

Tiffani wrote: »

Offset aswell same T&C in mortgage contract and side letter as everyone else.



Had look around Danske website – not sure but looks as if “general terms & conditions” which are referred to in statement being issued by Danske via Central Bank were implemented on 4 Nov 2013 – FOUR days after they announced they were exiting retail banking in Ireland?

Smart kids.

Can someone who has that side letter please scan it in and attach it here. Would love to see it as I can't find my copy.

yop

Actually does someone know 100% what the interest rate should we be paying.
What rate was it if you didnt have a prestige account and what should it be if you do.

sandycove123

Good work, count me in too

Ryaned40 wrote: »

Count me in !!! Let me know what he wants me to do and consider it done ! As I stated in an earlier post "we signed up for an offset and they are trying to force us into a standard variable mortgage , if we close our accounts we have had it ! I am opening a current account with ptsb and trans dds myself just in case they do close the acc just so I can still get to some of my money but I am leaving 80% of it in current and savings with offset! Let them close the accounts !!! Bet they won't , it's a game to get most people scared and close the acc themselves so danske won't be responsible me thinks!!!

sandycove123

4.6% reducing to 3.6%

yop wrote: »

Actually does someone know 100% what the interest rate should we be paying.
What rate was it if you didnt have a prestige account and what should it be if you do.

clint_silver

I've an offset and an Interest only and Im still waiting on my letter.

they dont know what to do with me.

Id take the 1% off the interest only and run for the hills.

yop

sandycove123 wrote: »

4.6% reducing to 3.6%

Cheers, I need to check this when I log in to my NIB when I get home, but I have a feeling that when you click on the information about the mortage, I am paying 4.6%, even though I am paying for a Prestige........ I could be wrong though.

Tiffani

Danske statement issued via Central Bank seems to provide a little more information than Danske did in recent letter:

“The mailing confirms that the Bank will reduce the rate by 1% on all offset mortgages regardless of the extent to which the offset option was utilised by the customer. This reduction in rate will be applicable to fixed or variable offset mortgages. The vast majority of customers have variable rate offset products with no customers on a tracker rate for this product.

Where a customer also has a mortgage discount as part of their current account package, the 1% offset discount will be applicable in addition to that discount, despite the closure of their current account package”.

So looks as if it could be 3.6% for some people and 3.15% for others















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ABC101

yop wrote: »

Cheers, I need to check this when I log in to my NIB when I get home, but I have a feeling that when you click on the information about the mortage, I am paying 4.6%, even though I am paying for a Prestige........ I could be wrong though.

After selecting the account, go to the settings tab... or is it Terms tab... scroll down and it will tell you what the rate is and how much interest is accruing for the month etc.

Padkiss

Hi all and thanks YOP
Padraic Kissane here I have not had the reply I was promised on the phone from Danske (to be expected) def a case here I will come back to it on Monday but will research in more detail over the weekend. This is so similar to the tracker issue I am battling most banks on. What is said now is on one hand irrelevant its the terms and conditions that matter in all dealings going forward or if these must be changed it must be without cost to the customer.
Just registered on this site now so dont want to say too much or I might be banned for promotion. This is a change to your terms and conditions for sure and it needs to be challenged. Danske are currently stating on their Web site the following in relation to mortgages held with them
"There is no change to your mortgage arrangement. The outstanding amounts will continue to be repaid within the existing agreed terms and conditions. We are writing directly to all customers in the coming weeks to confirm this position." I will be making sure next week that this is indeed the case. Talk later Padraic

ABC101

I'm just "supposing" here... but if they looked back at my average savings over the last 6 years.... and then multiplied that forward for the remaining term.. with a total projected savings cost of 40K for the remainder of the term...

Then if they were to then take that 40K off my principle outstanding... then perhaps I could be persuaded to give up my Offset mortgage.

Yeah perhaps I would then just call it quits and go on the SVR.

clint_silver

Padkiss wrote: »

Hi all and thanks YOP
Padraic Kissane here I have not had the reply I was promised on the phone from Danske (to be expected) def a case here I will come back to it on Monday but will research in more detail over the weekend. This is so similar to the tracker issue I am battling most banks on. What is said now is on one hand irrelevant its the terms and conditions that matter in all dealings going forward or if these must be changed it must be without cost to the customer.
Just registered on this site now so dont want to say too much or I might be banned for promotion. This is a change to your terms and conditions for sure and it needs to be challenged. Danske are currently stating on their Web site the following in relation to mortgages held with them
"There is no change to your mortgage arrangement. The outstanding amounts will continue to be repaid within the existing agreed terms and conditions. We are writing directly to all customers in the coming weeks to confirm this position." I will be making sure next week that this is indeed the case. Talk later Padraic

Hi Padraic, if you authenticate yourself with one of the mods (is there one in the house ? ) then you should be able to post as yourself without fear of bans.

yop should be able to advise.

clint_silver

ABC101 wrote: »

I'm just "supposing" here... but if they looked back at my average savings over the last 6 years.... and then multiplied that forward for the remaining term.. with a total projected savings cost of 40K for the remainder of the term...

Then if they were to then take that 40K off my principle outstanding... then perhaps I could be persuaded to give up my Offset mortgage.

Yeah perhaps I would then just call it quits and go on the SVR.

Im kind of in the same boat, Id even go so far as to ask them if they took off a percentage that I was agreeable to, Id go to another providor for that amount and in effect buy the mortgage off them, what percentage were the mortgages sold by the govt for last week?

If we as a group went to danske and said we want to buy the mortages - 30% how would we get on. up to everyone to hit the other providors then to get mortgage approved for that amount.

yop

clint_silver wrote: »

Im kind of in the same boat, Id even go so far as to ask them if they took off a percentage that I was agreeable to, Id go to another providor for that amount and in effect buy the mortgage off them, what percentage were the mortgages sold by the govt for last week?

If we as a group went to danske and said we want to buy the mortages - 30% how would we get on. up to everyone to hit the other providors then to get mortgage approved for that amount.

It would certainly be something which I would be willing.
I used this site here to figure out if I retained the money currently in our account how this would effect the mortgage as it is exactly now.
http://www.barclays.co.uk/Mortgages/Offsetmortgagecalculator/P1242596528046

It will give you an idea for figures.

handlemaster

any word on trackers havent heard anything ..

clint_silver

has anyone NOT got their letters yet?

Im still waiting.

ABC101

clint_silver wrote: »

has anyone NOT got their letters yet?

Im still waiting.

I'm still waiting... no internal email received either.

But slow post from Danske is nothing new... particularly from NI... takes about 9 days in my experience.