KBC KBC giving me back my tracker!

From the press release above

o Rates have been rectified on all impacted tracker mortgage customer accounts. Redress and compensation continues to be paid to affected customers as soon as possible but no later than end of June 2018.

Tracker Mortgage Examination

KBC Bank Ireland has engaged with the Central Bank to conclude the identification phase of the tracker mortgage review. So far, the bank has made rate rectifications and redress and compensation payments to 501 customer accounts. Rates have been rectified on all other impacted tracker mortgage customer accounts (including those newly identified in December 2017). Redress and compensation continues to be paid to affected customers as soon as possible but will conclude no later than end of June 2018. KBC Bank Ireland reiterates its apologies to all impacted customers for the harm and distress caused by the bank’s error or failure.

KBC has made a total provision of €120.3 million to account for redress and compensation payable to the impacted accounts since the start of the examination. This includes a provision for redress and compensation of €61.5 million in Q4 2017.

Wim Verbraeken, Chief Executive, KBC Bank Ireland said: ...

Understandably, it has also been a year of considerable focus on the ongoing tracker mortgage examination. As we restore impacted customers to the correct tracker rate, make redress and compensation payments, respond to customers and facilitate the independent appeals process, our focus is on achieving a fair and expedient outcome for customers. Again, I would like to convey my apologies to all impacted customers for the harm and distress caused by the bank’s error or failure, and to assure customers that they remain the highest priority for KBC into 2018.”
 
Am I officially the first person to go from "in the scope and deemed impacted" reference the letter I received 5th of January to now deemed not impacted????
I rang today for an update and got that news!!!!!!!!!
 
Hi Willow,
that’s the first case I’ve heard reported and it’s shocking ... what were your dates/ cohort originally ?
 
Drew down Nov. 05, fixed for 2 yrs to revert to lenders prevailing rate. Topped up Oct 06.
Never had a tracker, and to be honest was surprised when I received the letter on Jan. the 5th. But dont know why they would send me the "impacted" letter in the first place.
Were they sending everyone this letter???
 
I think this is extremely unfair, do you get more information than just you are now not impacted or give you any valid reason?? it must have been the top up that included you in the group
 
They kept me on hold for 20min , then said my account hasnt been fully reviewed yet but they just knew by looking at it that its not impacted!
 
I also topped up but in 2007. Wasn't deemed impacted or anything. Drew down 05 fixed 2 years all same as willow. Received no letter contact but am questioning them on some issues
 
@WILLOW Really sorry to hear that. I would consider taking legal advice based on the 5th January letter. As we know, the wording of the letter left open the possibility that not all accounts had actually been impacted, however I would draw your attention to the transcript of KBC's appearance before the Oireachtas finance committee earlier this month. There were two main points to this evidence that I feel are relevant to you:

- Mr Verbraeken stated that all accounts identified as impacted would be restored to a tracker rate by 1st March.
- Under questioning from Pearse Doherty TD, Dara Deering stated that the reason for the vagueness in the wording of the letter was to do with the bank trying to manage customer expectations given the volume of work to be carried out. It was quite a startling response in itself since she basically admitted that the bank was treating its customers like children in filtering the information it was giving them. However, nowhere did she state that any accounts deemed impacted were likely not to be impacted ultimately.

I think it's also relevant that the process was being overseen by an external party - Deloitte - and ultimately subject to Central Bank scrutiny. So for them to backtrack on the 5th January letter, regardless of your circumstances, is a serious matter. Since you don't yet have any written confirmation that you are not impacted but do have a letter stating that you are, I really would place this matter in the hands of a competent solicitor and have them write to KBC on your behalf. Put the frighteners on them!
 
Thanks for the reply, i'll hold tough for a written explanation and I'll proceed with some sort of complaint. The witten explanation should make good reading!!!!!!!!
 
It is very unfortunate, If you received a letter saying that you were in the review, you could understand but it said deemed impacted ...I find it a contradiction from them that your account has not been fully reviewed but yet you’re now not impacted ?
 
I got confirmation today, 1.25% from March first.

Sorry for those that haven’t got the response they wanted.

I don’t think this is quite over yet.

However KBC have been slow to admit wrong, but have been very quick to move people back to Tracker rates once they addmitted they had made the “MISTAKE”!!!!! I think when they got caught would be a better phrase.

To get a full explanation you will need to lodge a formal complaint through one of There hubs. You will need your account number, ID and a written submission stating the particulars.

All the best to those who fight on.
 
I’m so sick of there standard 2018 line “an error was made” - it was never an error. KBC fought me to the Ombudsman and absolutely refused to admit they had done anything wrong. It’s only now that they have been caught that KBC are admitting they were at fault all along. It’s close to criminal behaviour.
 
Hi Clara

i Got it by Email, encrypted,

That’s how I’ve been communiting with the bank.

I was told priority to sort the rate, and the paper mail will be sent.

I assume everyone that has been returned to a tracker rate. 1.25% will get physical mail next week.
 
But they simply cannot say anthing else - same as Gerry Adams can never say he was a member of the IRA.

By saying anything incriminating or admitting they took advantage of the situation would lead them open to all sorts of issues - frankly I don't care how they word it or what they say, once the rightful rate is returned (as it has) and the overpayment refunded with compensation.
 
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Hi Peemac

Hope you are happy with the situation, good to see you posting again.

I’ve suffered in silence for most of the affected years, however I did mention the tracker issue on many phone calls with the bank representatives.

I can only say this will make a very big difference to my life and that of my family. I can consider Changing job now, or start my own business.

It’s a short term trim on spending, interest rates will rise again but hopfully not to fast.

This is a life changing event for me. And comensation to follow.

I assure you if Mick Noonan was still in finance this would not be happening.
 
Rakitom said:
I assure you if Mick Noonan was still in finance this would not be happening.
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I know the Central Bank have not been the best at consumer protection for the last while, but I do think they have done a reasonable job on this issue and brought the banks kicking and screaming to acting a bit fairer in this regard

Rakitom said:
This is a life changing event for me. And comensation to follow.
Click to expand...
Absolutely delighted for you and hope you can put this behind you.

Rakitom said:
interest rates will rise again but hopfully not to fast.
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It is worth taking a moment to consider those who are stuck without the options of trackers, including those people buying houses today ! I really do fear what the future holds when the inevitable interest rate rises eventually start to rise...

Rakitom said:
I can only say this will make a very big difference to my life and that of my family.
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And hopefully a weight off your shoulders and allow you sleep better at night.
Try and reward yourself and your family from the compensation payment if finances allow, and then look forward and try forget about the past
 
Rakitom said:
I assure you if Mick Noonan was still in finance this would not be happening.
Click to expand...

I've been posting almost daily

I agree, it needed younger politicians to understand how big an issue this was for tens of thousands. A Mortgage is a distant memory for the likes of noonan.

There are things I would have liked to have done over the years but could not - some of due to the high mortgage. But I was alwasy told never to dwell on what might have been and always change your plan to suit tomorrow.

Lets just say my plans for next few years have got better
 
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