KBC KBC - redress amounts confirmed?

Qwerty123

Registered User
Messages
42
I got mine in post today. Mine was split part tracker part fixed in 2006 but I'm only being returned to tracker and redressed for the 1/3 portion. I'll appeal the other portion and am in contact with PKissane. Compensation was roughly 20% of overcharge and TVM was approx 2000. Interestingly they didn't make any change to my capital amount. I wonder if it was because we made a large capital payment off the loan in 2015 (gift from relative) plus weve been on interest only since then?
 

Ice Berg

Registered User
Messages
25
No sight of any redress or compensation but did get an arrears letter even though confirmed Tracker Rate in place and paid uptodate. When I phoned And and asked for explanation was told they had not been able to amend their system in advance of new instalment. This is 2nd letter in a month and letter states account to be escalated . Any one else getting arrears letters.
 

SurvivedIIB

Registered User
Messages
13
Nothing this morning in the post, asked the Tracker Team if an electronic copy can be shared, having said earlier in the week letters would be issued this week, today they said, the letter hasn't issued, if you don't receive it in the coming weeks, let us know. Have sought clarification...understood they were sorting it this week/month.
 
Last edited:

Westie32

Registered User
Messages
27
I got a letter today stating that the full mortgage account has been put back on a 1.25% tracker. We had part fixed part variable over the years so only one portion was put back on the tracker last month. In total a saving of 385 euro a month cant believe it. Said they will be in touch before the end of June with redress and compensation.
 

SurvivedIIB

Registered User
Messages
13
Great news @Westie32 that's fantastic. I've been put on the track also as of March 1st, it's the redress and comp. piece I'm waiting on too that I understood they were going to try confirm by this month but, might be June too. Enjoy that milestone!
 

Qwerty123

Registered User
Messages
42
I got a letter today stating that the full mortgage account has been put back on a 1.25% tracker. We had part fixed part variable over the years so only one portion was put back on the tracker last month. In total a saving of 385 euro a month cant believe it. Said they will be in touch before the end of June with redress and compensation.
Congrats. Mine was part fixed part tracker in 2006 and then in 2008 the whole lot was fixed. After that we were never given tracker. We've been returned to tracker for part only and received redress and compensation. Wonder what the difference was with your case?
 

Viva 08

Registered User
Messages
2
Hi im with KBC...im on a tracker rate from 2005 for €290,000mortgage and a top up of €70,000 on 2006...started my fixed rate from 6/2006 until 6/2009...then VR afterwards for 4.50% until feb 2017.
I got confirmed letter that they all went back to tracker rate on both loans for 1.10% starting on the 1st of March....
Any idea what redress/compensation due for us? THANKS!!
 

Westie32

Registered User
Messages
27
Thanks! I was never on a tracker, I was part fixed part variable, but if in 2008 you went all fixed I dont know why they would only return you to tracker on part. Might be worth looking into it further.
 

peemac

Frequent Poster
Messages
694
Hi im with KBC...im on a tracker rate from 2005 for €290,000mortgage and a top up of €70,000 on 2006...started my fixed rate from 6/2006 until 6/2009...then VR afterwards for 4.50% until feb 2017.
I got confirmed letter that they all went back to tracker rate on both loans for 1.10% starting on the 1st of March....
Any idea what redress/compensation due for us? THANKS!!
Depends on term - if 25 years, Circa €60,000 overcharge, €2,000 time value , about €10,000 compensation. A little higher if its a 30 or 35 year term

Resulting in approx €15,000 coming off your mortgage and a cheque of circa €57,000
 

Noodled

Registered User
Messages
7
Hi
New to this just came on looking for some info please as I had my mortgage with kcb from everyone December 2002 to 2007 then moved to ebs in nov 2007 .. we topped up in 2005 with kcb .. I received a letter 5th Jan saying I might be impacted ?!? I did ring them few wks ago as I heard nothing & was told basically no update but would receive a pack in the post outlining everything by 30 March ! Sorry if I’m on the wrong forum but don’t know were to post I can’t see how I could be impacted altough hopeful I might have been at the time we did leave kcb as the mortgage had gone way too high..
 

Viva 08

Registered User
Messages
2
Hi peemac...thanks for the info...our term is 30 years....fingers crossed....hopefully we could hear anything from them next week....thank u again!
 

Herman

Registered User
Messages
3
Hi, I have to say I have no idea about mortgages and how interests rates work.l took out mortgage of 100000 in February 2008. The first year I paid interest only and then had a 3 year fixed rate, then from after that I have been on a variable rate Got a letter in February of this year saying my mortgage has been affected and will be contacted by the end of march with update. Haven't heard anything back from them since but mortgage went down by 85 euros last month. Can anyone let me know if they think I am owed anything or am I just getting my hopes up.
 

peemac

Frequent Poster
Messages
694
@Herman Yes, this means a refund is due to you. Coming off fixed Feb 2012 onto a 1.4% tracker (1.4% rate for loans under €125k) and based on 30 year mortgage would mean your overpaid by about €13,000. Added to that will be about €1500 compensation

This will result in approx €4,000 coming off your mortgage balance and a cheque of about €10,000. The monthly repayments will drop slightly again after the circa 4k is deducted from the principal.

It seems they are doing this in date order, so it could be another few weeks before you get your cheque as the date you were deemed affected is Feb 2012. But nice to know its coming :)
 

Doyle25

Registered User
Messages
4
Hi peemac could you maybe try and give me a rough figure on what I might be due back? The tracker team have advised I will prob receive a cheque in the next few weeks but I’ve no idea how much this will be for and the waiting is killing me.Mortgage is 375000.00 taken out over 35 years. Fixed for two years in 2006 came off fixed rate in December 08 onto rate of 4.59. We stayed on this rate till July 2015. I’ve overpaid for approx 67 months. Tks so much
 

peemac

Frequent Poster
Messages
694
@Doyle25
That's easy as timeline is identical to mine.

Edit - to July 15, overcharge is approx 45k. should result in about 8k compensation & tvm, with about 10k off mortgage and about 40k cheque
 
Last edited:

Herman

Registered User
Messages
3
@peemac thanks for your response I see you have been very helpful to a lot of people on here. My mortgage is over 20 years and you say I would have been put onto 1.4% tracker. Just looking through my history of statements my interest rates have varied from 3.5-4.5%
 

peemac

Frequent Poster
Messages
694
@peemac thanks for your response I see you have been very helpful to a lot of people on here. My mortgage is over 20 years and you say I would have been put onto 1.4% tracker. Just looking through my history of statements my interest rates have varied from 3.5-4.5%
:) Thanks - its a pleasant "hobby"

On a 20 year mortgage (or 19 years repayment mortgage taking into account interest only year)
I estimate you should have paid about €7,500 in interest from Feb 2012 to Feb 2018
I estimate the actual interest you paid was about €18,000 - €19,000

So overpayment of about 11k + compensation and tvm of about 1500, resulting in a cheque close to 10k and about 3k coming off your mortgage balance
 
Top