gnf_ireland
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I believe the only people who were taken off their trackers against their will are those who had to restructure
I have said on this thread that the only people who had trackers taken of them are those who had to restructure.I had to restructure in January 2009.
The bank will claim the terms of the mortgage had changed as a result of restructuring - rightly or wrongly.
How far did you go with the FSO ? Did they adjudicate in KBC's favour or just fob you off?
I don't underestimate it at all. But I don't believe many of these cases would have been won on legal arguments alone. I think the only thing that has pushed them to accept what they have accepted is the central bank review. The only thing is that should have happened 5 years earlierThey had closed the book on all those trackers and firmly believed they were in the past. don't underestimate how they tried to get away with it
And I will repeat - the trackers only became valuable with hindsight. No one signed up for a tracker in 2006-08 with the expectation that the bottom would fall from the irish property market and the european financial market with ECB effectively going to 0 and the variable rates in Ireland staying around 4.5%, with a 2-3% gap between trackers and variable rates. It is what happened since 2008 is what has made the trackers very valuable.