A number of mortgage holders are set to receive a €1,000 payment each following an error that affected their mortgage repayments.
87 PTSB customers are due to receive a redress payment after the bank made a mistake with their mortgage payments, according to the Irish Independent, reports The Mirror.
The lender is planning an investigation into thousands of mortgages after discovering a charging error that affected 87 customers.
The problem impacts mortgage holders who changed their monthly payments or previously took a payment holiday because they could not meet their repayments, reports The Mirror.
In these cases, PTSB miscalculated the remaining balance owed and the repayment timeframe when setting up a new payment schedule.
Some customers were overcharged due to miscalculated revised monthly repayments, reports The Mirror.
PTSB, formerly Permanent TSB, is reportedly paying an average of €1,000 in compensation to those who were overcharged, while other customers ended up paying less each month than they should have after their payments were rescheduled.
For undercharged customers, PTSB will not seek repayment of the shortfall, reports The Mirror.
The issue reportedly dates back 10 years, with a small number of cases extending back 30 years. Affected customers can either remain on their current monthly repayment schedule or switch to the schedule they should have originally been on.
In these instances, PTSB incorrectly calculated the remaining balance owed and the timeframe for repayment when attempting to establish a new payment schedule, reports The Mirror.
Some customers were overcharged as the revised monthly repayment schemes were miscalculated.
PTSB, formerly known as Permanent TSB, is reportedly paying an average of €1,000 in compensation to those who were overcharged, while other customers ended up paying less each month than they should have following the rescheduling of their payments, reports The Mirror.
For customers who were undercharged, PTSB will not be seeking repayment of the shortfall.
Reports indicate the issue dates back 10 years, with a small number of cases stretching back 30 years. Affected customers will be permitted to remain on their current monthly repayment schedule or switch to the repayment schedule they should originally have been placed on, reports The Mirror.
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