KBC KBC giving me back my tracker!

gnf_ireland said:
I believe the only people who were taken off their trackers against their will are those who had to restructure
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Mauritius said:
I had to restructure in January 2009.
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I have said on this thread that the only people who had trackers taken of them are those who had to restructure.
The bank will claim the terms of the mortgage had changed as a result of restructuring - rightly or wrongly.
How far did you go with the FSO ? Did they adjudicate in KBC's favour or just fob you off?

Mauritius said:
They had closed the book on all those trackers and firmly believed they were in the past. don't underestimate how they tried to get away with it
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I don't underestimate it at all. But I don't believe many of these cases would have been won on legal arguments alone. I think the only thing that has pushed them to accept what they have accepted is the central bank review. The only thing is that should have happened 5 years earlier


And I will repeat - the trackers only became valuable with hindsight. No one signed up for a tracker in 2006-08 with the expectation that the bottom would fall from the irish property market and the european financial market with ECB effectively going to 0 and the variable rates in Ireland staying around 4.5%, with a 2-3% gap between trackers and variable rates. It is what happened since 2008 is what has made the trackers very valuable.
 
Aisling1 said:
I completely agree , I have received my compensation currently gathering info for appeals but I feel so strongly this verges on criminal , I bought it to their attention and they ignored me . I wish that a case could be taken against them , their ongoing arrogance and lack of accountability is overwhelming
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Hi Aisling,
Just wondering what steps/stages you had to go through with KBC from getting your impacted letter to getting tracker rate restored to receiving your compensation/redress?

Was there much if any written correspondence?
Thanks
MC.
 
How far did you go with the FSO ? Did they adjudicate in KBC's favour or just fob you off?

Mauritius: They adjudicated in favour of KBC. Which goes even further to prove your points.


And I will repeat - the trackers only became valuable with hindsight. No one signed up for a tracker in 2006-08 with the expectation that the bottom would fall from the irish property market and the european financial market with ECB effectively going to 0 and the variable rates in Ireland staying around 4.5%, with a 2-3% gap between trackers and variable rates. It is what happened since 2008 is what has made the trackers very valuable.[/QUOTE]

Mauritius: This is all so true - absolutely no one could have foreseen this.
 
Mauritius said:
They adjudicated in favour of KBC. Which goes even further to prove your points.
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I think this is the challenge, and @peemac has also stated this having direct experience of the same thing. In the letter of the law, KBC done nothing wrong. Most banks are probably the same in this regard. However, there is a difference between the understanding a legal person has versus a lay person with no legal background. KBC were not up front about what they did - they hid their approach in the details of the mortgage agreement.
If everyone moving to a fixed rate signed a document which clearly stated the following:
"I fully accept that by signing up to a fixed rate mortgage, I will lose my tracker and will roll over onto the banks default variable rate on maturity of the fixed term", very few people would complain.
They have done something similar to existing variable customers by not offering existing customers the same rates as new customers for the same LTV (accept they have the existing customer offer currently which allows them to change rates but it can be withdrawn at any time. It is similar in its approach to hide material detail in terms and conditions.

Mauritius said:
Mauritius: This is all so true - absolutely no one could have foreseen this.
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And this is the part I think most forget in these discussions- very few would have genuinely pushed for trackers at the time as most did not understand their real value.

@Mauritius I do hope you push for additional compensation given the whole FSO experience, and glad for you it worked out in the end !
 
Hi there
Since October I was ringing weekly to get an update .
Finally was told I was impacted the second week in January .
Received the letter a week later.
Received my compensation last week.However I rang every day once told I was impacted .
I also followed up every conversation with an email . “ as per our conversation “
I’m currently preparing my appeals pack and waiting on my FOI correspondence from KBC.
I’m also progressing with a complaint aswell . I feel very strongly about all of this , it was so wrong and so unjust
 
Aisling1 said:
I’m currently preparing my appeals pack and waiting on my FOI correspondence from KBC.
I’m also progressing with a complaint aswell . I feel very strongly about all of this , it was so wrong and so unjust
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*edit* done a search for your story
Aisling1 said:
When I returned to full payment they had taken my tracker , I wrote to kbc and appealed but when they replied they said that in the interest only agreement I had agreed to coming off my tracker . I thought this was very unfair and now in light of recent events am wondering, any advise welcome !
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Did you check the interest only agreement to see what it said?
Did you ask at the time about what rate you would roll back to?
Did you ask about what happens to your tracker as part of the interest only agreement?

I do agree it was unfair the way you were treated, and I would look through the details of the complaint raised with KBC and their responses. I think all of this should be included in the appeals process.

Can I ask why you did not raise to the FSO at the time, or did you?

Personally I would also raise a formal complaint to KBC asking them why they previously rejected your complaint and only now have changed their mind. Ask them formally what has changed in the mortgage agreement that results in the U-turn

I think you should discuss this case with a financial advisor on how best to approach it.
 
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They took my tracker in 2010 at the time I wrote to Kbc multiple times , they investigated and said no wrongdoing
I also wrote to the ombudsman again no wrongdoing there either .
My marriage broke up two years later as a result of the financial strain , my son was 3 at the time so I stopped contacting them for a period of two years approx .
However since 2014 I had been writing to them , I got a bit of energy back and started at it again , honestly they nearly broke me .
 
Aisling1 said:
Hi there
Since October I was ringing weekly to get an update .
Finally was told I was impacted the second week in January .
Received the letter a week later.
Received my compensation last week.However I rang every day once told I was impacted .
I also followed up every conversation with an email . “ as per our conversation “
I’m currently preparing my appeals pack and waiting on my FOI correspondence from KBC.
I’m also progressing with a complaint aswell . I feel very strongly about all of this , it was so wrong and so unjust
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Thanks for info re. Correspondence with KBC.
I’m sorry to hear about the impact on your personal circumstances.
Best wishes for your appeal and hope you have a positive outcome after all the stress.
Regards,
MC.
 
..MC.. said:
I’m sorry to hear about the impact on your personal circumstances.
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Aisling1 said:
My marriage broke up two years later as a result of the financial strain , my son was 3 at the time so I stopped contacting them for a period of two years approx .
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..MC.. said:
Best wishes for your appeal and hope you have a positive outcome after all the stress.
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@Aisling1 Given what you have said above, your case is pretty complex.
I think its fair to say you should never have been taken off a tracker because you went interest only, and I assume you were not in arrears. It was an arrangement between yourself and your bank. If they had intended to take you off the tracker, this should have been spelled out to you at the time. The values of trackers were well understood by 2010 with ECB at the time around 1%, and certain banks offering incentives to move off trackers.

The fact you queried this with the bank formally and had no success, and then went to the FSO with the same level of success adds to the strain here.

There has been a heavy price to pay for you personally, and while it may be difficult to blame financial strain fully for the marriage break-up, it is clearly a contributing factor. Marriage break-ups are normally complex and rarely have one simple root cause. That said, you have clearly have paid a heavy price as a result of the actions of KBC.

I would strongly suggest you get professional advice when putting together your appeal for compensation. I personally would struggle to be able to put a price on what you have gone through, but someone will ultimately be given that task. Professional assistance will aid this process considerably.

Good luck in your quest, and of all the cases I have hear to date, this one stands out due to the nature of the way you lost the tracker and the pain it has caused. Sincerely wish you the best wishes in getting some closure on this part of your life, and hope you family situation is improving !
 
Thank you for that , honestly it has been awful but i am hopeful for the future however I am definitely appealing , I think it ll be a difficult road as they are so obstructive but we ll see how it goes ,
 
Aisling1 said:
however I am definitely appealing
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Absolutely agree with you appealing given what you have gone through

Aisling1 said:
I think it ll be a difficult road as they are so obstructive but we ll see how it goes ,
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However, I would strongly recommend someone assisting you with the appeal. You are too close to the pain of this and you need to try take a step back and see the wood from the trees. I know if I was in a similar situation the appeal would end up more a verbal rant over 200 pages rather than a structured appeal clearly articulating why additional compensation is required.
The structure of this appeal is key to maximising the potential compensation. Please give consideration to professional assistance here !
 
gnf_ireland said:
Absolutely agree with you appealing given what you have gone through


However, I would strongly recommend someone assisting you with the appeal. You are too close to the pain of this and you need to try take a step back and see the wood from the trees. I know if I was in a similar situation the appeal would end up more a verbal rant over 200 pages rather than a structured appeal clearly articulating why additional compensation is required.
The structure of this appeal is key to maximising the potential compensation. Please give consideration to professional assistance here !
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I agree you have to take some of the emotion out of it , I have got professional advise to help complete my appeal still awaiting some documents for it , however I think you can make an oral presentation as part of your appeal and I think I will tell my story, I think they need to see and hear the person behind the figures in addition to the forensic accountancy part
 
Aisling1 said:
however I think you can make an oral presentation as part of your appeal and I think I will tell my story, I think they need to see and hear the person behind the figures in addition to the forensic accountancy part
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I agree it will make a difference to have the human side of this.
However, be under no illusion how difficult this will be - both physically and mentally. You will relive the pain endured over the years.
That said, it may assist in offering some closure to you - just make sure you have sufficient support available to you on the lead-up and the day in question. After the oral presentation it is likely you will go through an emotional roller coaster, so make sure you are not on your own that night !

Good luck with it all, and I do hope you are genuinely successful. Stories like yours definitely put some others into perspective !
 
Just wondering if anyone has received an update letter? I was expecting to receive something before the mortgage goes out on Thursday but nothing yet.
 
I rang today to query when I would receive rate confirmation in writing and was advised letter would issue by the end of this week. I also asked if a partial payment would issue with this letter and was told no.
 
Verity said:
I rang today to query when I would receive rate confirmation in writing and was advised letter would issue by the end of this week. I also asked if a partial payment would issue with this letter and was told no.
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Ok, the letter will come at the end of the week but when will the new rate apply. Will it apply from this Thursday?
 
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