KBC KBC giving me back my tracker!

Did you check what your payment on your capital is? Seemingly I've to pay €200 extra on capital than previous month.
The lower the interest rate the higher the capital repayment - this would be natural enough in a mortgage scenario.

To be fair to KBC, their mortgage statements clearly break down each payment into capital and interest elements, so just request a mortgage statement once the April payment has been made and it should be pretty evident.
 
The capital increases gradually through out the term of the loan i understand that but a jump of over €200 from one month to another.
And a call later to be told that's how we do it??
I'm sure when I get the relevant documents I will see how they are doing it.
 
I too phoned today and they confirmed a drop of over 470.00 Per month new rate to apply 1.1% per month starting 1st March. They did say still working on redress and no update. They also said depending on result of redress monthly repayment may drop further but will not go up. Stunned to say the least. A new life.
 
Yes I did. Dated 5th January . Inscope And impacted. I always had tracker 1.1% above ECB as per loan offer from 2006 but I fixed in May 2008 and when I came off it in May 2010 it was gone.
 
I called KBC Friday evening to query if March 1st direct debit was amended and they confirmed changing to rate 1.25%, its a difference of over €400 to my mortgage payment each month. I wont be happy until I see it on screen on March 1st!!
Hi Did they confirm the 1.25 rate.

Like you seeing is believing
 
@Rakitom yes I was first advised of direct debit amount then asked what rate was that and was advised 1.25%. am still waiting on written confirmation hopefully it arrives in mail before 1st March.
 
@Rakitom yes I was first advised of direct debit amount then asked what rate was that and was advised 1.25%. am still waiting on written confirmation hopefully it arrives in mail before 1st March.
Hi Clara,

Can you post the dates you are affected on. “cohorts”

Great news, I very pleased for you.

How these guys sleep at night knowing the misery they have been dishing out for almost a decade.

Guaranteed emunity.
 
Just an update, over the phone I was told my account has been updated ... new payment amount for March 1st.
Rate 1.25% plus ECB rate.
Still awaiting written confirmation to fully allow myself to believe it but accounts seem to be updating daily.
 
Hi All,
E mailed for an update last week. got this answer today.
"At this stage we have processed the rate rectification step for your account and you will receive confirmation of this change in the coming weeks from our Operations Department. As detailed in the 5th January letter, it is our intention that redress and compensation payments will be completed by the end of June 2018."

Great news but The devil will be in the detail i think......
 
Looks like everybody who is deemed impacted will get what they deserve, as for us on the outside its bleak..
 
Hi Dam,
Hopefully you will get some more information from a financial advisor, maybe you and others in same timeframe deemed not impacted could work together. There might be strength in numbers.
Best wishes.
MC
 
Hi Dam,
Hopefully you will get some more information from a financial advisor, maybe you and others in same timeframe deemed not impacted could work together. There might be strength in numbers.
Best wishes.
MC

Dam your case is very similar to mine. I've sought advice from two different sources, including the best in the biz and it appears my goose is cooked. :(
Kbc were ever so smug in front of the oireachtas for a reason. They believe their job is done .
They will compensate anyone deemed impacted and no more. The central bank are behind them on it. It's such a sickner as I got a letter last week so polished with their version of events. They Strategically and conveniently emitted things that would reinforce my position .. cest la vie
 
I just spoke to KBC this morning. I was away last week. My mortgage is down by just under €345 each month on a tracker rate of 1.25pc. I imagine I'll have a letter to confirm this by tomorrow. A great day and thanks to peemac and Mauritius especially for their help and advice over recent weeks.
 
Got confirmation today of rate rectification. My mortgage was split 1/3 tracker and 2/3 fixed in March 2008 (drawdown 2005). They are giving me tracker for the 1/3rd but not on the remainder. However the big problem is that we made a 50k capital payment 3 years ago off the mortgage and kbc took that off the 1/3 amount meaning that balance now on a tracker is very small and the much larger balance remains on the higher rate . We didn't specify at the time which portion of the loan the capital payment should come off. Anyone think I have a case to have the higher portion deducted by the 50k thus meaning I get the benefit of the tracker on a larger portion ?
 
I got the impacted letter dated 5th of January. Rang today for an update, was told my account has'nt been fully reviewed yet and that it will be done by end of March.
Any one else in the same boat??
The not knowing is driving me crazy
 
KBC should take the 50k capital payment off whichever portion was most beneficial to you. I assume that's how they made the decision for you 3 years ago. They now need to perform 2 calculations - 1. The redress for the tracker with the adjusted balance, and 2. redress on the fixed portion at the lower rate.
 
KBC should take the 50k capital payment off whichever portion was most beneficial to you.
Agree here with one exception - if you had a portion of the mortgage fixed at the point in time the over payment was made, then the over payment could not come off the fixed portion but the variable portion. When the over payment was made, had you any portion of this fixed or was it a combination of variable and tracker?

Got confirmation today of rate rectification. My mortgage was split 1/3 tracker and 2/3 fixed in March 2008 (drawdown 2005). They are giving me tracker for the 1/3rd but not on the remainder. However the big problem is that we made a 50k capital payment 3 years ago off the mortgage and kbc took that off the 1/3 amount meaning that balance now on a tracker is very small and the much larger balance remains on the higher rate . We didn't specify at the time which portion of the loan the capital payment should come off. Anyone think I have a case to have the higher portion deducted by the 50k thus meaning I get the benefit of the tracker on a larger portion ?
Absolutely you have a case. The over-payment should have been done either
- (conservatively) 1/3rd off tracker, remainder off variable
- (fairly) full off variable
*assumes nothing is fixed when the over payment was made*

I don't understand the fact they are giving you a tracker on 1/3rd? Was this not always on a tracker, as you only fixed 2/3rds? Surely they should be giving you back the tracker on the part you fixed and the original tracker would remain as a tracker all the time. Maybe you can clarify this as well as whether anything was fixed at the time the over payment was made.

I also think that if at the time the over payment was made you were 1/3rd tracker and 2/3rd's variable, you also have an argument for getting your money back if you needed it now. It could easily be argued that in the event you were 100% tracker at the time you would have been unlikely to have made the mortgage over payment as it would not have been as financially advantageous for you to do so. At the time its likely that deposit rates were in excess of tracker rates, but not variable rates ! This is also worth thinking about depending on your current circumstances.
 
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