KBC KBC before the Finance Committee on 6th February

Wim : The 417 cases in October - some were on the wrong rate due to operational issues.

358 were on a tracker rate but agreed to a change of mortgage contract e.g. interest only period - but rolled onto SVR. The letter was confusing.

Another Cohort:

Wim: They started on a tracker but moved to a tracker - but they went to fixed and then onto SVR - they were not made fully aware that they were giving up their tracker by fixing.
 
Wim and co very sure of themselves around the flyer dates.. seem to believe the CB are concurring ...not very hopeful after listening to this
 
On the flyer issue, I think everyone needs to look at their own dates and in particular the following:
1. the date of application to KBC
2. The date the loan offer was made by KBC
3. Whether you were progressing any other mortgage applications at the time
4. The date you paid your booking deposit on the house and the date you went sale agreed on the house
5. The date of drawdown

Everyone needs to understand their own personal story here, and be able to show in some way the flyer influenced their decision - if indeed it did.

If someone only got the letter of offer from KBC AFTER 07/11/2006, then its very likely there was high levels of discussion between the broker and customer during this period of time.
However, if someone got the letter of offer from KBC on say 07/09/2006, chances are (in all reasonable scenarios), they have made their decision by November, and while they may not have drawn down until January 2007, they may struggle to prove the flyer impacted their decision.

If someone had multiple mortgage applications on the go, and only signed the letter of offer after 07/11/2006, and can prove they had multiple mortgage offers, then they may be in a stronger position.
Also anyone with an email/letter from the broker making reference to KBC flyer or tracker is also worth raising at this stage.


I think from what was said today, a few more may get included, but I don't think everyone will. They appear to be pretty clear on the boundaries and seem to have discussed this with the central bank. Good luck to one and all....
 
When Wim gave his interpretation of the prevailing variable rate no one question him.He viewed the prevailing rate as an svr
 
This is encouraging from our perspective. We met broker in Feb 08, when flyer was active. We made a formal application to kbc in April based on our Feb discussions with broker. We signed mortgage contract in may 08, fixed 5 year.
 
I've asked kbc for written explanation from 2005 for standard variable rate and prevailing variable rate, a glossary of mortgage terms and product brochure. I suspect they are fobbing as per the script. Have a trick up my sleeve though to use at some stage though not a heavy hitter it is embarrassing for them.
 
We applied and got approval January 2008 and drew down Feb 29th and was told via phone not impacted ? after tonight's meeting I am definitely pushing this
 
I rang kbc this morning to get an update on my account I applied for my mortgage on the 20th of Feb 08 the guy from kbc said the cut of point was 11th Feb 08.......He tried to say it was agreed at the the oireachtas meeting. I said never heard any date about the the 11th of Feb being mentioned......He couldn't answer me he said that's what is on his screen and when I said I was ringing my T.D he said what he's reading out to me might not be 100% correct. The cut of point was 28/29 of feb08 is that not correct?
 
I think you like me wll have your work cut out Jazzer.
You should get your letter of complaint in as soon as possible, as somebody alluded to above the comittee are running out of steam and cases like ours are the dreggs im afraid...
 

My offer letter was 20th Feb. i called on Friday for an update but was told my account has not been reviewed yet!
 
Thats nonsense, they have completed the review and written to everyone affected.
 
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