Practice areas Permanent TSB plc Overcharging

Permanent TSB Overcharging Borrowers

Lawlor Kiernan are currently representing clients in over 40 cases against Permanent TSB bank for mortgage overcharging. It has been confirmed that 5 High Court cases will proceed to trial as test or lead cases. The dispute centres around the tracker interest rate margins Permanent TSB put these customers onto at one of the following points in time:

  1. On expiry of the initial 1, 2 or 3 fixed rate period.
  2. On expiry of the initial 12-month discount tracker interest rate.
  3. As part of the bank’s redress and compensation in August 2015.    

If you have a Permanent TSB mortgage and are on a tracker interest rate margin of 2.25% to 3.35% plus ECB, please contact us as you may have an overcharging case.

Lawlor Kiernan are representing overcharged customers since 2015 and acted in the Geraghty v Permanent TSB case which was the first case listed for trial in the High Court on the tracker margin issue. The Geraghtys argued that the tracker margin they were put onto (2.25% + ECB rate) following the Bank’s Redress and Compensation Scheme was incorrect and that they should have been put on a lower tracker margin of 1.1% + ECB.  The case was successfully settled prior to the hearing.  For further information in relation to that case, please click on the following link: 

If you have received redress and compensation, you can still pursue the Bank for additional compensation. In many instances, the compensation paid by the bank is inadequate and more importantly, the tracker interest rate margin could be incorrect. 

Common Questions & Answers

  1. Q. We accepted Permanent TSB’s offer of compensation. PTSB sent us a letter stating they overcharged us together with details of their redress scheme. We didn’t seek legal advice from our solicitor and accepted the compensation. We now think the compensation we received was inadequate and the tracker interest rate margin is too high. Is there any legal remedy open to us at this stage?
    A. Yes, even if you accepted the redress and compensation offered you can still pursue Permanent TSB for more compensation. As Permanent TSB has admitted they have overcharged you, you are entitled to sue them for breach of contract (breaching the terms of your mortgage agreement). Any amount Permanent TSB have already paid can be deducted from any court awards or any settlement.
  2. Q. We are on quite a high tracker interest rate (2.25% + ECB) with Permanent TSB. We queried this rate with the bank but they have advised us that we are on the correct tracker interest rate or the ‘appropriate’ rate for our account.
    A. If you have taken out your mortgage with Permanent TSB between 2006 to 2008 and are currently on a tracker interest rate of 2.25% + ECB or higher, it is likely that you are on the incorrect interest rate. We would need to obtain and review your mortgage file to advise you.

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