KBC KBC - infamous flyer timeline

Sanparom said:
I questioned the prevailing rate issue with KBC numerous times and finally when pushed, they put it in writing to me that the prevailing rate was the SVR (in 2006). But they didn't actually mention the rate or give me proof. I feel that I was being fobbed off just to shut me up. I will find that documentation tomorrow and post photos here. Could it be that this is another lie from KBC??
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What they say retrospectively is irrelevant. The issue is the wording in the contract. You need to consider the wording in the context of :

1 The Framework document which set out the parameters within which the banks were to conduct the tracker review.
2 The Consumer Protection code
3 The EU directive in relation to unfair terms in contracts.

In my view, and it's only that, reference to a "prevailing variable rate" in a contract, with no explanation or clarification , breaches the guidelines set out in 1 , 2 and 3 above.

What really matter for those who proceed with appeals based on suspect wording in mortgage contracts is what the FSPO thinks, or a High Court judge thinks.
 
unfortunate said:
I got them saying "yes they can confirm prevailing rate is variable", also, but no definition or explanation or anything more concrete than them saying yes it was.
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That means nothing. If they were that imprecise I would be optimistic about an appeal.
 
My case is at the investigation stage and the fspo have asked the right questions and asked for the right documents of kbc should know more in 20 days .
 
Wonder said:
My case is at the investigation stage and the fspo have asked the right questions and asked for the right documents of kbc should know more in 20 days .
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@Wonder that is good to hear
What Is your complaint based on, for instance
Wording in contract or lack of explanation of rate, pre flyer ect
many thanks
 
Babog/wonder - your comments give great hope. Babog - I’m surprised appeal direct with KBC was successful . I’ve had rejections for years (drawdown Jan 06 roll off fixed Jan 07) . Wonder are you getting help on FSPo complaint ?
 
Wonder..... Maybe you'll be the pathfinder with this whole debacle and get some closure and answers that the rest of us are looking for, good or bad. Here's hoping your in luck.
 
I drew down and signed the fixed a month after the flyer came out December 06 through a broker but they have left us out of scope on the basis we originally initiated application in August of 06. We didn’t even decide to run with IIB until a week before the final application however they say the flyer had no baring in our app. I cannot believe they can get out of this but yet it seems they have, others in a similar position?i had written it off 2 years ago tbh
 
I was switching mortgage but stayed when broker contacted me and mentioned flyer to me. This was after I asked for settlement figures, through my solicitor, from IIB who on on the same day they sent me figures sent a letter/fax to the broker, (which I have copy of), stating that he should contact me as "it is in both their interests to keep me as a customer". This is when flyer came up.
 
Had the same experience with KBC and my complaint on entitlement to tracker rate is currently at investigation stage with FSPO. I made a request for settlement figures in early stages of mortgage and same comment appeared in correspondence from KBC to broker on a letter I found on file when I requested documentation under GDPR. Possibly broker was receiving commission from KBC at the time to push their mortgages to the detriment of broker's clients. The broker I dealt with has since closed up shop and sold on business to another party but at the time I applied for mortgage was also dealing with our accountant who was pushing KBC mortgages on all his clients, similar to a pyramid scheme. I know of at least six people who took out KBC mortgages through this broker and accountant and were like us placed on an interest only rate but ended up on an expensive SVR . Of these six, four have ended up in financial difficulty with two declaring bankruptcy and two others being forced to sell their properties. I suspect those of us posting on this website re KBC antics are only the tip of the iceberg.
 
My broker since retired too. But I think you're right commission was at play. But the bank were telling him to keep me as business so they wouldn't lose me and in doing so he mentioned the flyer and it'd be worth my while staying with them. This was may 2007 if I'm not mistaken, right smack bang Middle of flyer period.
 
Interesting. Huge amount of broker activity in play during this period and doubtful that they invisaged what was down the line .as alluded to many are now gone
 
mccoypat94 said:
Interesting. Huge amount of broker activity in play during this period and doubtful that they invisaged what was down the line .as alluded to many are now gone
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Ya I was through a broker also and advised to fix from the start that seemed to be what they were pushing at the time
 
Padraic Kissane said last week that KBC is disputing 400 cases where it is claiming tracker had been withdrawn by the time people came off fixed rates, and wanted to move to a tracker. Padraic has produced bank documents showing trackers were still available at a time the bank said they were withdrawn. During the interview he has they still have serious questions to be answered.
 
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