Hi there, kbc say that they "got in touch with some customers" in January. If that was just communicating with them or returning them on tracker who knows I haven't heard of anyone getting any where with kbc. All I get when i phone them are dates when to expect news and then the date extended.
I have a case with KBC. I was told I would hear by September 2016. That was then extended til end of the year. I rang them last week and they said "did you you hear in the media that it might be July 2017?" Bizarrely they told me my case is already closed and dealt with. But they can't notify anyone until the Central Bank clears them - and it's possible they won't notify any of their customers until the whole review is completed. When you call them they sound like Manuel from Fawlty Towers: "I know nothing!"
Did you guys have a tracker and lose it after fixing ? What reason are you included in the review? I got an unexpected notification that I was included last summer. I never had a tracker but was offered one at the outset, Jan 07.. deciding instead to fix for 3 years (fatal error) ... no tracker on the table come 2010 at end of fixed period . However we are included it seems because we were offered a tracker.. even though it wasn't called a tracker in the contracts .
Anyone else similar to this? I've had two follow up letters just basically kicking it down the road .. it's the hope that kills you
I emailed the central bank on two occasions and was told to communicate with my bank. The last time which was only last week I spoke to kbc I told the person I was speaking to to go back and listen to the previous calls if they are recorded and listen to all their contradictions.
I find it hard to understand why some people who never had trackers are included in this review. No wonder it's taking for ever. The Ombudsman's office is now inundated with people who are complaining because the think the should have been offered trackers and weren't. I had a tracker rate "for the full term of the loan" at 0.95% over ECB. In January 2009 I asked for a further 12 month extension of my Interest Only loan and was very upfront that I couldn't afford the full capital payments. I had just had my hours cut right back. KBC refused to give it to me. They made me switch to a Variable Rate in order to only pay the interest. At the end of the 12 month Interest Only extension they didn't offer the tracker rate back. Since then, I know people who have had their loans frequently restructured and lots of interest only periods when they had difficulties paying. They have never had their tracker rates taken form them. It's an absolutely no-no touching tracker rates and they know it. But try getting them to admit it....
@Niall Morris !
I found the post below in boards.ie from 2010 and perhaps might explain DamC82s position. I understand DamC82 was contacted by KBC who confirmed in the review.
The key seems to be the roll off terminology.
Originally Posted by drinkpinkhorse
Really need help??
We are on a fixed rate mortgage which is due to end in September with new term beginning October. I phoned my mortgage lender today who is KBC and asked them what will be my new rate in October. He told me that I will be going on a Tracker mortgage in October to which I am stunned an overjoyed. He said that I will be due a letter in the post in next couple of weeks confirming new rates and details.
Here are my questions:-
1. In my Loan agreement it does not mention a tracker mortgage on a prevailing variable rate so where is he getting a tracker mortgage?
2. What is the current KBC tracker rate?
3. Should I start partying now or wait till I receive my letter confirming what customer service rep advised on the telephone?
Yes read that before Lightening and I also have a work colleague who experienced something similar. However tbh I never thought for a second that I was entitled to a tracker ( and I'm still not sure I am) until last May when the letter emerged about all fixed IIB mortgages rolling onto trackers at the end of the period. Whether or not that's relevant I'm unsure but it was dated at the exact time we took out our mortgage so of course it raised my interest. Subsequent word that I was included in the 'review ' naturally even gave a glimmer of hope. However I have only my own naivety to blame by passing up the opportunity of a tracker at the outset. Awful mistake in hindsight
Thank you for posting that Lightening. I wonder did drinkpinkhorse get the tracker rate back, in 2010, as indicated by his post? I know about the "all fixed rates will roll onto tracker rates" document as Padraig K showed it to me himself.
Niall did you request the tracker back at the end of your interest only period? Or did you just accept that there were no longer any trackers available, as we did?
I'd imagine your case is very strong though? As frustrating as it may be to deal with this , a positive outcome seems very likely?
DamC82. I didn't request the tracker back at the end of the 12 month period because I suppose I thought it was gone. (You can imagine what KBC would have told me anyway!!) If I knew now what I didn't know then, I would have absolutely refused to sign the mandates they kept sending me to give up the tracker and move to SVR. They admitted it verbally at a meeting with me in 2013 that "there was an issue with a tracker" but they have always been extremely careful about what they put in writing. My financial mediator says mine is the most cut-and-dried case of all his cases - and yet it still drags on and on and on. Thank you for your very positive comments, though. They are much appreciated. I would never believe or assume a positive result until I see it right in front of me in black and white.
@NiallMorris. Yes drinkpinkhorse got his tracker back and others in same position confirmed also. I feel this backs up the policy of the bank at that time and the famous flyer from IIB to brokers that all fixed ..will roll to tracker.
Best of luck to you Niall, this crowd have got away with a lot.. I really hope they are forced to give customers back what they are entitled to.
Whether or not that includes my account or not Im unsure, however the drinkpinkhorse case is a glimmer of hope.. Id love to just put it to bed completely one way or another.. It would be life-changing to have a positive out-come and I dont say that lightly.
KBC are all over the show, only last night I reviewed my paperwork and discovered the letter I have from October and a subsequent one from February completely contradicted each other.
Hi All, I spoke to KBC again this afternoon and they said they are doing everything possible to notify people by post before Christmas. I pointed out the obvious: that's less than three weeks away.
"This has gone on for more than a decade, during which time people have suffered financial distress and continued psychological abuse," was how I put it over the phone. "Let people know. Don't let this drag on into another calendar year. Honour your promises."
I ended the call by saying that, if they aren't going to write to me before Christmas, I will expect them to phone me with an explanation. There wasn't much more I could say.
Has ANYONE received any definitive correspondence from KBC? Are there any letters dropping into letter boxes yet? Or is it all just empty talk? @Lightening@MorgVar@Gavin77
Hi Mauritius. I wish it was true and we were going to hear before Christmas. My last call to them they said by the end of the year or could extend into next year. I emailed Michael mc grath just the other day expressing my concerns with the complete silence from kbc. The early November date came and went. We're getting to the end of the year and now the goalpost is moving to early in the new year.Michael Mc grath replied he said central bank are back up mid December and banks are before the finance committee in January that they most definitely will be keeping the pressure on.
The wait it beyond sickening at this stage.
There is actually only about 10 working days left in the year for which they have to send out the letters (if we exclude Xmas week)......I would say there is zero chance of receiving them at this stage.
I come to conclusion that the team we speak to on the phone have no idea what is going on. There is some senior management in there making all the decisions and is hiding in the background. I was thinking of calling up and asking to speak to the most senior manager in the team....have anyone done this?
I think the reality is, based also on what I was told by KBC helpline, is that this could stretch into 2018. This scandal has consumed our thoughts and worry, for way too long, but try not let your anxiety & another missed deadline get in the way of a good Christmas.
I guess I feel fortunate, in that I honestly gave up all hope following the failure of my appeal to the FSO back in 2010. Sure you hear about successful tracker appeals in the wider market, but it's the hope that kills you, and you assume this to be a different cohort or different bank, who perhaps were less clearer in their outbound communications, & that made me oblivious really to the work that @PadKiss & co were doing on our behalf, behind the scenes for many years now. Unlike many of you, I really only gathered to regain some hope from Oct 2017, but I appreciate this will have consumed you for way to long now, but try to celebrate the fact that a lot of good was put right in 2017, with banks having to report a loss on their mistakes, & more importantly, the financial fortune that may be coming your way in 2018. You can take a lot of hope, by what other banks have decided to do.
The work involved behind the scenes to put this right has to be appreciated though, i.e. the teams that have to get mobilised to match the priority, the sign-offs or internal approvals on calculations, the compliance & audits required, even on the smallest detail, such as outbound letters & comms, especially with the volumes involved. It's unfortunate that KBC were the last bank to get their act into gear regarding the redress process, but I think it was obvious for some time that KBC were going to try and fight the scope of eligible cases, and wait to see how other banks would react & what level of redress and compensation they would have to match, before booking an impairment.
If Santa doesn't deliver a letter to you, perhaps January won't be the most depressing month for some of you.