KBC KBC told brokers" all fixed rate loans will roll onto trackers on expiry"

Status
Not open for further replies.
I only requested a review of my account this week, as yet no reply. how lomg should i leave it before contacting again?
 
You need to download their data access request form from their website and pay the 6.35 euros requested enclosing a cheque or postal order. They must supply the requested info within 40 days of request.
 
Hi Mauritius and Lightening, I think it is unlikely that the Central Bank has the authority as part of the current review to force or dictate how a particular cohort of customers should be treated. While I imagine the central bank has the power to challenge various decisions made by kbc regarding its review, I suspect the Kbc decision will be final as part of this review. Of course, the central bank could subsequently use its enforcement powers as appropriate.
 
Agreeing with leighlinboy and lightening and several other.
Firstly I think padraic's post if it was great news I think he would have contacted clients that he has already taken on to inform them of the update. For what ever my opinion is worth it think that finally they have got kbc to realise that they are not untouchable and have to comply. Which obviously is a move in the right direction.
Like many others I cannot wait for them to be answerable. Like lightening I too have had ridiculous phone calls over the years. When my morgage was at its highest and should have been a tracker and I phone afraid of falling behind being told.... sure there are plenty of opportunities to better myself if I can't afford my morgage go better myself. Also another occasion told if I can't afford children well don't have them. Told if I'm using my visa to buy food well then sell my home if I can't afford it. Then even last September when we were supposed to be informed if we were successful kbc staff said what we're you told. I said you would inform me in September (last sep) if I was successful and he said did we inform you i said no well then he said there's your answer as well as several other pathetic calls. It just needs to be over. And still paying never missed a payment missed out on a lot of things but not a payment.
Assumptions and opinions end up wrecking your head even more as time passes by a meeting with clear facts outlined i believe would be beneficial.
 
Sligolive said:
Hi Mauritius and Lightening, I think it is unlikely that the Central Bank has the authority as part of the current review to force or dictate how a particular cohort of customers should be treated. While I imagine the central bank has the power to challenge various decisions made by kbc regarding its review, I suspect the Kbc decision will be final as part of this review. Of course, the central bank could subsequently use its enforcement powers as appropriate.
Click to expand...
Sligolive I'm surprised by your comment because I thought Central Bank intervention and supervision is the whole point of the review. The banks clearly wouldn't voluntarily give back tracker rates if they could avoid it, as shown by their past behaviour.
 
Thanks lightening. My personal hopes are not that high, i never had a tracker so for me it rests on the time of their leaflet of nov2006 my fixed rate finished dec2006 and the fact that i was never offered a tracker and should have been. However i do hope that everyone who is entitled, gets their rightfull rate for past and future. the banks cheated everyone and then the taxpayers were forced to bail them out [also time for USC to be scrapped] its time they were made to pay for the hardship caused.
 
I have been submitting complaints to both KBC and the FSO for friends of mine who's broker at the time had written to them that they are entitled to a tracker rate at the end of the fixed rate from KBC. Both KBC and the broker have denied they have done anything wrong which is frightening when you think about it. KBC even said that the broker should not have offered that to them when clearly they were telling all brokers about this product. My friends were advised they will not be part of the Central Bank review.

We submitted a complaint in April to the FSO who have only replied this week.....so it took them 4 months when their website says replies will be in 8 weeks. We were thinking the whole time who do we complain to about the FSO!!!. The response was actually as expected in that the FSO will delay their response of this complaint until the end of September when this part of the CB review is finished. So still the waiting game for another month for everyone involved.
 
PJDCol - "end of September" you'll be lucky. In my latest conversations with BOI tracker "team" I was told that the identification of impacted customers phase would now not be completed until December. Also told that those people who are deemed not to be impacted will receive no communication from the bank.
 
Yes I fully expect nothing at the end of September and in fact last time I spoke to KBC about my case he clearly gave the impression there could be a delay.
 
Spoke to kbc today. They said they have many months work left to get through the list of impacted costumers which will run past sep deadline. Which I'm my view is an absolute joke.
 
Did central bank set the September date if they did is it a target date or deadline and if it is a deadline who are they answerable to? Are there any penalties for not reaching it. It's just a joke that it's allowed carry on. If they were told unless they'd proven by September that the costumers would get tracker reinstated they would be working a hell of a lot faster.
 
Perhaps the Central Bank is providing significant challenge to KBC regarding its phase 2 findings and as such this is resulting in KBC being delayed in closing phase 2. It may not be a bad thing that KBC do not meet the deadline. However, I agree the situation is farcical at this stage.! It is over 2 years since this review kicked off. How much of our time is being wasted continually looking for updates etc. Compensation would want to be high if eventually received and should be linked to the return the bank has achieved on our capital(overpayments) during the period.
 
Agree with Sligolive. It is likely the Central Bank are challenging Kbc's Phase I. If KBC have said they have many months of work left to get through the list of impacted customers (Gavin77) this sounds like good news.
 
Different Ombudsman. The previous one nearly always sided with the banks (70% +). Loads were turned down, including mine. This just gave the banks permission to be even more arrogant. Only since the new guy has come in and over-ruled all previous decisions have we seen a total change. I'd love to tell my story publicly. People would be shocked. But I have to wait.
 
Id be very concerned that the likes of the KBC cases get left behind , that piece references "most cases have been restored to correct rate" Michael McGrath even is quoted saying that . There is a sizable amount still to be even identified and contacted or is it straight to appeal now ?
 
I agree Mauritius but it should be protocol and procedures decide not personalities. as far as kbc being left behind I was only on to Michael mc grath Friday which he replied and he replied again today. He was very interested in the situation which I shed as much light as I could. I would recommend you getting in touch the more information he has the more he can question kbc on which he intends to in the next coming weeks.
 
KBC are dragging but they will have to notify everyone by the deadline - end of this month. They have put it off as long as they can.
 
I'm phoning KBC tomorrow. If they tell me they are trying to extend out beyond the September deadline, I will write to Michael McGrath and again to the Central Bank.
 
Status
Not open for further replies.
Back
Top