KBC KBC giving me back my tracker!

Clara16

Frequent Poster
Messages
95
I am very mindful of those still in the fight with KBC and I really really hope it goes your way. I was also extremal thankfully for all those who have put in the hard work in this fight, personally we tried a couple of times with KBC and stopped to move on with our lives and the rows and stress it caused.

I won’t be chasing further compensation, I’ve very happy to close the door on this and am grateful it was done so quickly.

Thank you for the virtual community for keeping me sane the last few months, the advice here has been invaluable. A massive thank you to Padraig I will send the €650 cheque on.
 

Cushcam

Registered User
Messages
42
Am I the only account so, that received a letter dated 26/02, revealing the rate change, but with no cheque inside :)
 

Westie32

Registered User
Messages
27
I am the flyer cohort, got a letter with rate change dated 26th Feb, had to call KBC in relation to this letter and he said my account had not been fully reviewed and I would have an update before the end of March.
 

Rakitom

Frequent Poster
Messages
93
I have a question for the financial wizzizs on here.

If the redress was considered a reverse loan to the bank from the customer.

In a legal arguement!

Example figure, €60000 accrued over 7 years

What would the bank have expected the customer to pay in interest if it was a personal loan.

Hopfully the readers can understand this question.

My guess is you or I would pay back over. €90k In capitol and interest.

Thoughts on this hypothesis please
 

peemac

Frequent Poster
Messages
648
@Rakitom - I'm not a financial wizard, :) but can give the answer.

Based on kbc's personal loan rate for a 50k loan of 6.5%, total interest on a 7 year loan paid monthly over the period would be €14,841
 

Rakitom

Frequent Poster
Messages
93
@Rakitom - I'm not a financial wizard, :) but can give the answer.

Based on kbc's personal loan rate for a 50k loan of 6.5%, total interest on a 7 year loan paid monthly over the period would be €14,841
Great answer,

But these guys have not paid a penny on that loan in seven years.

All be it the loan has accrued over seven years, so the initial loan to the bank was not €50k

Anyone hazard a guess.
 

Rakitom

Frequent Poster
Messages
93
I would think this would be the basis of a challenge to the compensation payment.

Again anyone want to wade in?
 

Rakitom

Frequent Poster
Messages
93
Here’s a nightmare scenario for KBC.

If you invested the money in bit coin every month for the last 7 years what would your return be.

I don’t think this is a normal investment scinario.

But would like to know the answer?
 

peemac

Frequent Poster
Messages
648
I would think this would be the basis of a challenge to the compensation payment.

Again anyone want to wade in?
I doubt it unless you could show you had to take out a personal loan.

Considering risk free deposits / bonds were almost 0% return, the seemingly 20% compensation is in my opinion quite fair unless it caused other hardships.
 

daraghmacl

Registered User
Messages
4
Received letter + cheques today.

1 cheque for 650.
1 cheque for overpayment, time value of the money and compensation.
Balance reduced.

I believe the interest payment is low and is worked out on the average ECB rate + 1% per the booklet. Personal loans from KBC run to 6.3% APR currently - why is this rate not applied or an average on their rates over the 8 years (in my case) this has affected me.

There is no rationale for compensation applied and I will be querying same. They appear to apply it on a case/case basis. My compensation is approx 10% of the total excess interest charged.

If anyone has spoken to a solicitor about this side of things, please could you PM me as I would like a referral. I am hoping to make some calls myself tomorrow and if allowed happy to share feedback here or in private.
 

Zengaw

Registered User
Messages
1
This is so confusing, got letter, impacted, got tracker rate restored since 1st of March. Got letter today advising of tracker rate, and apologies for over charging, when should I see redress and compensation
 

daraghmacl

Registered User
Messages
4
This is so confusing, got letter, impacted, got tracker rate restored since 1st of March. Got letter today advising of tracker rate, and apologies for over charging, when should I see redress and compensation
There was approx 10 days between my 2 letters. Might be worth phoning KBC to understand where they are in relation to investigating your particular account. Best of luck.
 

ask2017

Registered User
Messages
19
I received my rate rectification letter today from KBC. I have 4 parts to my mortgage after top ups etc. two parts revert to tracker and two carry on at variable rate. Disappointingly the letter does not give the detail of the capital balance on each part at which the new repayments have been calculated or the split of the interest/capital for repayments. Happy to be back on tracker !
 

peemac

Frequent Poster
Messages
648
Is anyone else still awaiting rate rectification letter? Thanks
Yes, and gave them a call today just to double check :)

They confirmed letter had gone out.

Also chatted to manager in an post naas dsu and he said still delays on some post esp rural areas
 

Verity

Registered User
Messages
15
Thanks peemac I would definitely fall into the rural Ireland category! Hopefully tomorrow just want to see it confirmed in black and white.
 

KBCTracker

Registered User
Messages
5
Received letter from KBC. Not giving us back our tracker :mad: Because we were originally on a variable rate (when the mortgage was taken out) then Tracker prior to fixing for 2 years they have deemed that I understood what a variable rate was ! This has nothing to do with the fact that had we known we couldn’t get the tracker back after the fixed rate period, we would never have fixed the rate. They didn’t tell us, at the very least they should have advised us during the fixed rate that they were discontinuing tracker rates and given us the option to pay to break the fixed rate to go back on the Tracker. Simply they did not give us the full information which has cost us tens of thousands of euro.

Any advice ?
 

Rakitom

Frequent Poster
Messages
93
Received letter from KBC. Not giving us back our tracker :mad: Because we were originally on a variable rate (when the mortgage was taken out) then Tracker prior to fixing for 2 years they have deemed that I understood what a variable rate was ! This has nothing to do with the fact that had we known we couldn’t get the tracker back after the fixed rate period, we would never have fixed the rate. They didn’t tell us, at the very least they should have advised us during the fixed rate that they were discontinuing tracker rates and given us the option to pay to break the fixed rate to go back on the Tracker. Simply they did not give us the full information which has cost us tens of thousands of euro.

Any advice ?
Hi I’m reading you post, and wondering why you switched from Tracker to Fixed Rate.

I’ll hazard a guess, 2008 tracker rates where as high as 5.9%. And all the media agencies where encouraging trackers to fixed rates.

I’m assuming you fixed for a financial benefit. And this ended around 2011.

This would mean you where not part of the cohort. Under the flyer.

The banks states you knew what a SVR was as you started out on SVR, switched to Tracker & then to Fixed.

The bank then returned you to SVR ON EXPIRY.

You are not covered on the Flyer Cohort, however you have a strong arguement it was the banks responsibility to inform you of the risks associated with the switch.

I have one question, on your fixed expiry did you ask to be returned to a tracker?
Who did you speak to.
Did the person ask you your account security questions for data protection.

If not then it may be deemed that you accepted the SVR as the default for your account.

The other option, who moved you from your TRACKER to fixed. Did they explain your options on expiration.
Do you have the original paper work.

Having done one of these is a hub lately you don’t get a lot of info from there staff. They are so busy trying to earn commission for new accounts.

My opinion on your situation is the Tracker Arrangement should have been your default as it was the last rate before the Fix.

But that’s just my opinion
 
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