KBC KBC statement on tracker redress

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Hello all im brand new to this.

I received the letter last week "im in the scope and impacted......" Never taught I would be!!!
Here's my story. Drew down mortgage with IIB in 05 and fixed for 2 years. Then received letters advising me to fix again, so I did. Never offered or had a tracker.

Although I have found the wording in my contract "at the expiry of the fixed rate period the lenders prevailing variable rate will apply"

I dunno what cohort im in?????
 
WILLOW said:
Hello all im brand new to this.

I received the letter last week "im in the scope and impacted......" Never taught I would be!!!
Here's my story. Drew down mortgage with IIB in 05 and fixed for 2 years. Then received letters advising me to fix again, so I did. Never offered or had a tracker.

Although I have found the wording in my contract "at the expiry of the fixed rate period the lenders prevailing variable rate will apply"

I dunno what cohort im in?????
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Same as me but I have no mention of ecb margin or conditions specified. Have you?
 
It really confuses me that people don’t have there original documentation.

I don’t know anyone who wood willingly discard this information.

The key to this standoff. This bank is so disfunctional, and IIB must have been worse in the boom time. I would guarentee you all that this documentation is so fragmented, good brocker records, solicitor records.

What the broker said and didn’t say.

If you have the originals you are in the driving set.
 
Bella 1234 said:
Hi all,
New to this have been reading for awhile we drew down in late Dec 04 on a new business fixed rate for one year went through a broker. Always thought he had told us we could still go back on a tracker after this period never followed it up life I suppose got in the way foolishly. I got the letter last week to say we are impacted. Same letter as everyone else on this thread received. However I am in the process of restructuring due to financial issues. I don’t want to commit to anything now until I hear from them again have no idea what cohort we are in so confused by it all
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Letter clearly says to "discuss this with your advisor before making any decision"

The letter confirms you are impacted and it means you will return to a tracker and get a refund of overpayment. There is no ambiguity about that.

If there's anything urgent about your situation, the letter will ensure that time is given before anything is done.

You may (will) find you won't have the same financial issues in a few weeks. :)
 
peemac said:
You are misquoting Brendan Byrne.

He was talking about those who were on a tracker rate and fixed and were told they would revert to the prevailing variable rate.

The prevailing rate on their mortgages were trackers.
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Here is the quote. He specifically refers to those accounts who were not on trackers not those that had trackers!


For customers who did not have a tracker, and who were affected by the prevailing rate clause that the Deputy referred to, or similar clauses, since many contracts exist, we believe that the prevailing rate for any commodity-based product or product that has a market price is the rate at which it is offered at that point. It is not offered at a historic rate or rate that has the weight of some historical averaging period in the same way as any commodity, whether fuel or an interest rate, is the rate at which it is offered today. Our view of the prevailing rate is that it is the rate that prevails at the time at which the product is offered and that is how we consider it.
 
@peemac i sent the letter on to the advisor I have and she said I will receive a follow up letter from KBC and just wait until then.

For years KBC all through recession they didn’t want to know or help ease the pressure Im now finding this hard to believe. We fixed just before husband lost job for 5 years and were screwed at a mad rate anyhow don’t want to get my hopes up I’ll just wait it out now.
 
There seems to be a lot of confusion about what the letter says.

I have re-read it several times and had it checked just in case.

There is no ambiguity about it.

It clearly states you are considered "as being impacted"

And that all redress and compensation will be paid by end of June.

They have "if any" and "where applicable" , but these are just caveats in case of an unusual situation where a mortgage was finished at the end of the fixed period or voluntarily paid up at end of period or before or other unusual situation where no overpayment was taken.

Basically, if you have the letter, just allow time and you'll be back on tracker and will be refunded overpayment.

If there's any urgent financial problem elsewhere, a copy of the letter will give comfort to any other institution to hold off any action.
 
Received letter from KBC to say that I am in scope for redress review on primary property drawn down in Dec 2006 at fixed rate for 3 years. However, I also drew down 2 investment mortgages one week later in Dec 2006 with exactly same T&Cs as primary mortgage which were also fixed for 3 years albeit interest only and higher interest rate on buy to let's. I have reviewed with a fine tooth comb all the terms ,paragraphs, special conditions etc .All through the same broker but KBC Customer Services could not tell me initially why 2 investment properties are not part of the review. Subsequently sent email outlining all of these points and waiting formal response . I am struggling to understand why 2 investment properties are deemed excluded even though KBC could only say they are just not in scope.

Am I am barking up the wrong tree with these 2 but to let's even though they seem to fall in the latest eat window ie Dec 2006???
 
@TorturedSoul

Your case sounds very similar to mine same timelines, Drew down variable 06, moved quicly to tracker, April 07 fixed for 5 years ...the rest is history as they say .

No white smoke for me yet im afraid , but havent given up hope, a small cohort id imagine .....had hoped to receive a letter but no joy as of yet .

Getting my documents resent, have most of them will run them past Pad Kiss .
 
Lightening, considering we have "prevailing rate" text in our contract June 08, surely we have a good chance.
 
I see online people have said the CB have sided with the banks on the prevailing rate but I cant find whats been agreed or said, anyone any update? Thanks
 
I don't buy the "prevailing rate" argument. But that's just my own opinion. But I would not be in any way confident of success using that argument on it own and I really think using it is clutching at straws.

@Westie32 - It has nothing to do with you case. You have the letter. You will be on tracker of 1.25%. Your case is based on the written communication to brokers stating in writing that fixed rates in the period (nov 06-feb 08) would roll onto a specific tracker margin outlined in writing.
 
Peemac even you admitted they, KBC, mentioned no variable rate in 2006 annual report.....
"Also interesting in their 2006 annual report - they mention trackers, capped trackers, switching trackers and discounted trackers. Not a single mention of any other type of mortgage rate available or offered. Plus plenty of guff about offering their customers the best rates and best options."

Oct 26, 2017

Your words.
 
Thanks peemac. I know many of the cases are so different its hard to keep track of everything!
 
unfortunate said:
Peemac even you admitted they, KBC, mentioned no variable rate in 2006 annual report.....
"Also interesting in their 2006 annual report - they mention trackers, capped trackers, switching trackers and discounted trackers. Not a single mention of any other type of mortgage rate available or offered. Plus plenty of guff about offering their customers the best rates and best options."

Oct 26, 2017

Your words.
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I fully agree that there was no variable rate generally available - but they still existed. But imagine going into a shop and seeing a bottle of coke for €1.99 and another identical bottle, but just with a slightly different label for €2.99 - same shop, same coke. Which one sells, which one is left there and ignored?

They also did sell a "discounted variable"

I'm not saying there's no arguement to be had, but simply saying "prevailing" means tracker will not wash it. You need to show proof that it could be expected by customers that the rate was a tracker and maybe things such as their own annual report, adverts, PR releases etc etc. But simply saying "prevailing means tracker" will get you no-where - remember this bank is a big bank and has a lot of legal people at their beck and call.

Even the Central bank has had difficulty.

So simplistic argument won't work - I've been there!
 
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On the famous flyer It says that.....

All fixed rate will now roll onto tracker rates of 1.25 or 1.4.

It does not say all new fixed rates for that they offer a better rate at roll off of 0.9.

So don't know how they are getting away with there new interpretation of the flyer now.
 
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