KBC Has anyone got tracker back from KBC

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Sligolive

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Very good post Cushcam. I think we can take heart from the fact that our voices have been heard in 2017 after many years of continued disregard by KBC.

It is too easy for this issue to become all consuming for all in scope.While I know this is difficult we all need to try to distance ourselves from it a little and remember that like all things in live this matter will come and go.
 

Leighlinboy

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Well said guys take a few deep breaths and try and park it until January and enjoy the Christmas . Only 2 Mondays left in 2017 , dont let it consume you .

The punishments/penalties for deliberately prolonging this should be crippling but thats another debate.
 

Winter Miles

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Hi

Wasn't sure whether to start a new thread or post here.

I have 2 investment mortgages with KBC. Both were restructured back in 2010. One is back just back to full interest and capital payments which is manageable and the other is still restructured. The restructured one is a hopeless case in terms of me meeting full capital and interest payments. Only 10 yrs left on the mortgage. This property is in the UK.

Anywho, with brexit looming i got the property valued by a number of agents and it turns out that the value is pretty close to the mortgage (£150k), give or take +/- £5k depending on the agent. I am concerned that the market will stagnate or go backwards post brexit and thus expose me to a greater negative equity. The value dropped as low as £120k during the recession years and has come back over the last 7 years.

I wrote to KBC asking if it was in order to sell the property as it is on a restructured mortgage. They requested an SFS to be completed and i submitted all info recently. I got a call the following day and was told by KBC that they could not authorise a sale due to this mortgage being under review for the tracker rate issues. I wasn't aware of any such issues, but there you go. I told KBC that by not letting me sell the property was exposing me to potential financial loss and potential financial ruin. I asked for this decision to be put in writing to me immediately and was told that they would let the 'tracker rate review' dept know of my request but the rep couldn't say for sure if they would issue a letter. I certainly got the sense that they would not be issuing any such letter. Also, i was entirely unaware that both mortgages were 'under review'. The rep indicated that the review is due to be completed by the end of the year, but again I got the sense that this is entirely unlikely given we are have about 2 working weeks left.

I want to place the property on the market without delay in January 2018 as it is the start of the selling season (traditionally). It will take 4-6 months for a sale to go through, so hopefully the 'review' will have completed by then, however i am sure that my solicitor will need to take up title etc from KBC and that they may refuse to release same.

Can anyone offer advice?
 

Lightening

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Winter Miles

When exactly did you take out the mortgages and under what terms? Do you have the original contracts? I am surprised you took out a mortgage in the Republic for a property in the UK!
 

Winter Miles

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Winter Miles

When exactly did you take out the mortgages and under what terms? Do you have the original contracts? I am surprised you took out a mortgage in the Republic for a property in the UK!
i took the mortgage out in 2006. IIB / KBC provided the mortgage in £stg. I was required to set up a UK stg account in which rent and mortgage transactions occurred. There was a large group (20) of us from ROI who invested in the same development at the same time.
 

Qwerty123

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My mortgage is included in the review. I requested a copy of all documentation relating to the account and received a letter to say I'll have it by Dec 8th registered post which complies with data protection acts. I haven't received it. Joke
 

Gavin77

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I put this point across to the Kbc team on boards I wasn't asking them a question as I know time after time what the response would be.and as I gathered I got the same Response . While they always say this I have yet to hear of any Kbc costumer identified. Below is my point and their response.

Hi kbc, I aknowledge the person from kbc who reads and replies to this board is just doing their job, but can you relay this message to the powers that be in kbc......25th october your statement aknowledged a few hundred impacted costumers with a further estimated couple of hundred. Early November you said you'd be informing costumers. Waiting on correspondence since then several weeks on. When we ph asking if we were one of the impacted costumers an answer would have been sufficient but you won't. I cannot comprehend how it can take so long just for notification. We are not expecting a hand written calligraphy detailed letter with a wax stamp from the north pole. One typed out letter photocopied to the several hundred just informing us if we're impacted would be less time consuming and would do for now.

Hi,

I can confirm that payment of redress and compensation to tracker mortgage customers impacted and identified so far commenced in early November, and is ongoing. For straightforward cases, which are expected to be the majority, we expect to complete payment by year end. For more complex cases, payments will continue into 2018.

With regards to the appeals process, if an impacted customer would like to make an appeal following receipt of their redress and compensation, they can do so by contacting KBC to request an appeals form. However, the appeals process is not managed by KBC but instead by BDO, who has been appointed by KBC as Independent Secretariat and who will manage the appeals process on the customers behalf. Completed appeals forms will be sent direct to BDO by the customer.

Thanks,


Jenny
 

peemac

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My mortgage is included in the review. I requested a copy of all documentation relating to the account and received a letter to say I'll have it by Dec 8th registered post which complies with data protection acts. I haven't received it. Joke
Do you not have copy of your contract yourself? It's probably the biggest financial transaction of your life.

No use getting worked up about a day here or there. Probably they have sent it today - I can't see how they could guarantee you'd have it today as they don't have control over An Post - especially as its Christmas peak season.

At the end of the day the central bank is doing all the checks and balances - its the only game in town.
 

Qwerty123

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They wrote to me in October to say they were legally obliged to send it registered post on or before yesterday. Two months is plenty of time to get it to me.
 

IdesofMarch

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I believe, KBC are the furthest behind the curve in relation to Mortgage Tracker Redress. I believe the Irish subsidiary were going to leave this problem for their parent company, as it was touch and go if they were going to pull out of Ireland. They got sense and stayed; as the profits that can be made in this Country through simple mortgage lending are the highest in Europe.
 

peemac

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The big profit is on personal loans, credit cards and business loans.

Mortgages are profitable and sought after, but until it is much easier to repossess from someone that refuses to pay their mortgage and refuses to have dialogue with their bank, the rates here will always be higher than Euro average.

In France they start repossession proceedings after 3 months and will rarely wait 6 months.

Here it takes years.

The banks simply see this as a cost of business and pass it on - so next time you see someone protesting about a repossession, remember that the chances are the mortgage hasn't been paid for years, they did not try to come to an arrangement and its you and me actually paying for their non-payment through high mortgage rates.

The good news is kbc made a very handsome profit last year even after the 54m set aside for the tracker scandal.
 

Qwerty123

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With kbc, I was on half fixed half tracker from 2006-2008. At the end of the fixed period in 2008 we reverted to standard variable rate. This was high so we fixed again for 2 years until 2010. On the fixed rate instruction form it states at the end of the fixed period the mortgage will return to standard variable rate. This cycle has continued since, each time the fixed period ended the variable rate was high so we fixed again at a slightly lower rate. Obviously if I had been reverted to a low tracker rate I wouldn't have fixed again. My account is included in the review. My question is should I have been reverted to a tracker after initial fixed period?
 

Lightening

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Querty123 I have seen other posts regarding KBC's fixed rate contract whereby they used the exact wording "Standard Variable Rate" in the original 2006 contract is that correct? What was the wording of the tracker half?

When exactly in 2008 did fixed rate expire?
 

Qwerty123

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Thanks for reply. Ya the tracker half specifically calls it a tracker rate and says it tracks the ecb rate. It was March 08 when the fixed rate expired so I fixed again shortly after.
 

Lightening

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Thanks for reply. Ya the tracker half specifically calls it a tracker rate and says it tracks the ecb rate. It was March 08 when the fixed rate expired so I fixed again shortly after.
Presume you are still on the tracker margin for one half and now on SVR for the other.

I am also presuming it was "late 2008" when your fixed part expired as KBC were no longer offering trackers at that stage. I also presume it was prior to November 2006 that you drew down.

What I do find most interesting and I have seen this from others who have similar contracts with KBC is that prior to the Brokers commmunication in 2006 IIB used the specific wording "lenders "standard" prevailing variable rate" and used it again from 2008. However from late 2006 until late 2008 they used the term "lender's prevailing variable rate" which of course we know during this time there was no such Standard Variable Rate and the "lender's prevailing variable rate" was indeed the tracker variable rate at the time of drawdown.

The fact that they have used that specific wording "standard variable rate (SVR) is their get out clause.

Perhaps run this by Padraic Kissane for further advice but as I said above the exact wording in the contract, the dates of drawdown and expiry are important.
 

Lightening

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Apologies I note it was march 2008 when the fixed expired so KBC still offering trackers at that time however now will insist the fixed wording was clear "Standard Variable Rate"

(You don't mention the wording "prevailing" in the fixed term. I.e. "Lenders standard prevailing variable rate"!)

If you fixed late 2006 after the broker communication then you could argue this.
 

Qwerty123

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I'm not on part tracker at all. I drew down in 05, fixed half tracker half from March 06- March 08. Then in 08 the whole lot went to svr so I fixed again as rate was lower. I didn't get the option of half and half again.
 

Lightening

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I'm not on part tracker at all. I drew down in 05, fixed half tracker half from March 06- March 08. Then in 08 the whole lot went to svr so I fixed again as rate was lower. I didn't get the option of half and half again.
I feel you should have been offered to go back to tracker.

Wait and see what KBC confirms in the the letter we are all waiting for which is supposed to be coming very soon!
 
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