KBC Is the KBC 'prevailing' rate argument dead in the water?

Discussion in 'Tracker Redress' started by mccoypat94, 14 Feb 2018.

  1. Johnc6

    Johnc6 Registered User

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    On May 10th, the Central Bank told the Finance Committee that there were 1500 more impacted accounts identified recently and they need to be verified. People assume it is not KBC but nobody knows for sure which bank they are talking about as they will not identify until verification is complete.
    They also said “The vast majority of complaints can be dealt with. Lenders are aware of that and the FSO is now very clear about it too. We do not expect them not to be answered.”
    So, if there is still a hold up, maybe there are still more accounts being examined. It’s a waiting game either way.
     
  2. unfortunate

    unfortunate Frequent Poster

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    Hate waiting
     
  3. peemac

    peemac Frequent Poster

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    That's a difficult situation, but being devils advocate, did you not check the rate when you were signing the documents or when the offer of mortgage came?
    Certainly on the mortgage offer document its fairly clear what rate is being offered.

    Its a complaint for the broker who would have had to have indemnity insurance (even if he's closed down now)

    The argument the broker would have is that the discounted variable was the best rate at that time - no-one could forsee that the banks would increase the variable rate so much in comparison to the ecb rate. So difficult one to adjudicate on and can see why even the fso say its complicated.
     
  4. Darn40

    Darn40 Frequent Poster

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    I see some banks are back in front of the finance committee.
    Anyone know if Kbc are back in shortly.
     
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  5. unfortunate

    unfortunate Frequent Poster

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    Couldn't tell you. Everything has quietened off really.
     
  6. unfortunate

    unfortunate Frequent Poster

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    Does any know when tracker examination is completed so fspo can begin review of cases??
     
  7. Darn40

    Darn40 Frequent Poster

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    Last edited: 23 Jun 2018
    I think the most recent deadline
    Was end of June, but I’d say that
    That Deadline will be extended.
     
    Last edited: 23 Jun 2018
  8. unfortunate

    unfortunate Frequent Poster

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    Hm thanks darn40. Hopefully some moves then
     
  9. unfortunate

    unfortunate Frequent Poster

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    Hm thanks darn40. Hopefully some moves then
     
  10. Darn40

    Darn40 Frequent Poster

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    Kbc are before the finance committee on Tuesday, according to the Irish times don’t know how to attach the article here
     
  11. Jazzer1

    Jazzer1 Frequent Poster

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    Seen this morning, apparently they are going to announce a reduction in numbers!!.
     
  12. Daisy duke

    Daisy duke Registered User

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    Has anyone contacted the finance Committee ahead of tomorrow’s meeting, or is there a feeling that KBC are going to report on their position as “job done”?.
     
  13. Jazzer1

    Jazzer1 Frequent Poster

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    I contacted Deputy mcgrath again in relation to the date of the flyer being pulled. I suggest everyone else to contact them so they can forward your questions to KBC.
     
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  14. mccoypat94

    mccoypat94 Frequent Poster

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    I cant see that changing , they were cock sure of themselves back in February I think its was.
    I hope they say definitively that they are not accepting liablity for any more coherts so as to allow the FSO get cracking on the complaints that they have around KBC, at least we could put things to bed.
     
  15. Daisy duke

    Daisy duke Registered User

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    I would guess you are probably right..They will somehow manage to come out as the good guys in this..
     
  16. unfortunate

    unfortunate Frequent Poster

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    Got lengthy email today from ombudsman's office explaining process of complaint and the guy will ring to talk too. There may be some moves to investigate complaints by the fspo. At last some movement.
     
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  17. Wonder

    Wonder Registered User

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    For anybody that would like to see what kbc defined there rates as look up .
    Phoenix funding 3 limited Irish stock .Prospectos.
    Go to page 13 and 14 .
    Variable rate of interest calculated by reference to ECB benchmark main refinancing operations minimum hike rate (the ECB rate).
    Standard variable mortgages move from time to time by kbc or which one initially on a discount variable rate.
    So if u started on a fixed rate and moved to variable it was a tracker.
    If u started on a discounted variable you moved onto a standard variable.
    This is not dead in the water ......
     
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  18. unfortunate

    unfortunate Frequent Poster

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    Is there a link to this??
     
  19. Wonder

    Wonder Registered User

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    Sorry unfortunate no .
     
  20. demoivre

    demoivre Frequent Poster

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    Last edited: 9 Aug 2018
    KBC have said this morning that they have completed their redress and compensation scheme relating to the tracker scandal. Looks like that's the line in the sand for some people. I know several people who were told they were part of the review and who never heard anything good, bad or indifferent form KBC. So it looks like internal appeals, FSPO appeals and ultimately the courts imo before this issue will reach a conclusion.
     
    Last edited: 9 Aug 2018