KBC KBC - infamous flyer timeline

Cooper101

Registered User
Messages
4
Hi guys,
Bit of a lurker here but first time poster.

So my story is, we drewdown our mortgage in March 06, went interest only for the first year & then fixed for the second year. I was just wondering is there anyone here pursuing the ‘all’ fixed loans rolling to tracker. I’ve contacted them a couple of times & have all my documents going back to drawdown... anyway long & short of it, they’re saying this flyer only related to new business Not sure now whether or not to leave it, or seek further advice???? Probably banging my head against a wall but just thought I’d check here before putting it out of my mind!!!!
 

Jazzer1

Frequent Poster
Messages
156
Just curious and maybe I am way off here.But I see Brendan Burgess is getting ready to take legal action with A.I.B over the mortgages that were on a fixed rate and were meant to roll on to a tracker when the fixed rate expired. AIB offered that cohort €1600 in redress. Are the cohort of people that are involved with the infamous flyer in a similar boat as we were promised something similar.
 

gnf_ireland

Frequent Poster
Messages
1,415
So my story is, we drewdown our mortgage in March 06, went interest only for the first year & then fixed for the second year. I was just wondering is there anyone here pursuing the ‘all’ fixed loans rolling to tracker. I’ve contacted them a couple of times & have all my documents going back to drawdown... anyway long & short of it, they’re saying this flyer only related to new business Not sure now whether or not to leave it, or seek further advice???? Probably banging my head against a wall but just thought I’d check here before putting it out of my mind!!!!
Who done the initial mortgage application - broker or yourself? Who done the follow-up the year after to fix the rate - was this done via a broker or directly with yourselves? If its with a broker, are they still in business and what do they say on the matter?

Personally, I think you will find it very hard to convince KBC you are in scope. Their view is you were already a customer and are just changing rate on the same terms as the mortgage you signed up to a year previously. Padraic Kissane may have more luck, but that route will cost you a small amount of money, and really dont know how successful you will be.

If it was me, I would try fight a bit more, but also on the assumption it really is a long shot and I am unlikely to get anything out of it..... Fighting with KBC can be a very long and tough process...
 

Cooper101

Registered User
Messages
4
Thanks for the replies guys.

gnf_ireland, We went through a broker (& yes they are still in business) the broker had actually originally recommended fixing for the first year but then with mounting moving in costs, recommended the discounted rate for the first 12 months & fixing it thereafter. (After our original conversations with the broker, I think we went directly to IIB though with regard to fixing the rate the year after). I’ve contacted the broker to see if they have anything in their files. I’ve also emailed Padraic Kissane to see if he’s taking on any further cases & whether in reality he thinks we have any case. I agree though it’d be a hard sell to get KBC to see us as in scope. Unless something happens in the meantime to include ‘all’ fixed rates in that year rolling to tracker. Not to worry, we missed the boat & will try not dwell too much
Many thanks again.
 

Darn40

Frequent Poster
Messages
77
Hi guys,
Bit of a lurker here but first time poster.

So my story is, we drewdown our mortgage in March 06, went interest only for the first year & then fixed for the second year. I was just wondering is there anyone here pursuing the ‘all’ fixed loans rolling to tracker. I’ve contacted them a couple of times & have all my documents going back to drawdown... anyway long & short of it, they’re saying this flyer only related to new business Not sure now whether or not to leave it, or seek further advice???? Probably banging my head against a wall but just thought I’d check here before putting it out of my mind!!!!
This is the flyer
See the way it says all fixed rate customers will roll to tracker, nothing about new customers.

About the new tracker product it says available to all new customers in big bold writing opinions ??
 

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unfortunate

Frequent Poster
Messages
140
They told me no dice. Existing customers were not included as flyer only issued to brokers. But I agree with your wording....... ALL customers.!! There is a new product for new customers.
 

Darn40

Frequent Poster
Messages
77
Kbc (iib) done most of its business through brokers, so we are customers of the broker don’t see how the central bank are letting them away with that.
 

Cooper101

Registered User
Messages
4
Hi know it’s a old thread but I’d you get any further with this query ?
No sorry, I didn't follow up properly on it tbh. I emailed PK, didn't get a reply so just left it at that. Figured it was a bit of wishful thinking on my part.
 

Jazzer1

Frequent Poster
Messages
156
I wonder will the decision issued by the FSPO this morning have any impacted on the prevailing rate customers that KBC failed to put back on a tracker when the fixed term expired
 

Leighlinboy

Frequent Poster
Messages
122
This was a huge decision by the FSPO today , lets certainly hope so . The numbers in the waiting room must be quite small now after 6000 included today !
 

unfortunate

Frequent Poster
Messages
140
Well, one would hope that he might look at the flyer again and look at the "prevailing rate" definition and properly. It's all about words and how they are/were interpreted and what the bank meant. They never exactly explained everything that they meant and it seemed now to have been written with double meaning to hedge bets. Yes some will say that the customer should have questioned but let's be honest 99% of people don't and didn't, (because of hard sell, you need to buy the house), until this blew up and we could see what happened. A fair crack of the whip is what people would like and not to be saddled just cos they can and get away with it.
 

demoivre

Frequent Poster
Messages
2,668
Well, one would hope that he might look at the flyer again and look at the "prevailing rate" definition and properly. It's all about words and how they are/were interpreted and what the bank meant. They never exactly explained everything that they meant and it seemed now to have been written with double meaning to hedge bets. Yes some will say that the customer should have questioned but let's be honest 99% of people don't and didn't, (because of hard sell, you need to buy the house), until this blew up and we could see what happened. A fair crack of the whip is what people would like and not to be saddled just cos they can and get away with it.
It's irrelevant whether a borrower questioned the wording at the time. From europa.eu

"Did you know that unfair clauses in a contract violate #yourEUright and are not valid? Even if you agree to terms and conditions, for instance by clicking on a box, you may still contest them if they are unclear or unreasonable. Even if you haven’t contested them you have the EU-guaranteed right that companies may not apply unfair clauses against you. "
 

unfortunate

Frequent Poster
Messages
140
Didn't know that. But it'll be interesting to see what happens with the flyer and prevailing rate issue, if anything.
 

NicOir

Registered User
Messages
14
Hi Brendan,

Wonderful news yesterday .Well done to all.

Are you aware of anything happening in relation to the flyer cohort pre November 2006. We drew down in Oct 2006. Do you know have this group being identified?
 

Sanparom

Frequent Poster
Messages
117
I questioned the prevailing rate issue with KBC numerous times and finally when pushed, they put it in writing to me that the prevailing rate was the SVR (in 2006). But they didn't actually mention the rate or give me proof. I feel that I was being fobbed off just to shut me up. I will find that documentation tomorrow and post photos here. Could it be that this is another lie from KBC??
 

unfortunate

Frequent Poster
Messages
140
I got them saying "yes they can confirm prevailing rate is variable", also, but no definition or explanation or anything more concrete than them saying yes it was.
 
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