KBC KBC - redress amounts confirmed?

Cushcam

Registered User
Messages
42
Not so sure KBC are issuing redress & compensation, in chronological order of date. Our account came off the fixed agreement in August 2008, & I've seen customers receive closure, with a fixed agreement expiry date, beyond this date, but I'm sure there is a method to the madness that KBC are following.

It does sound like KBC posted out a fresh batch of update letters just before Easter, so customers can expect to receive these 'update' letters across today & tomorrow, which will have nothing much in them, except to thank you for your patience, & to reiterate the June date for all impacted customers.

One aspect of the compensation, that would be impossible to fight, but an important consideration all the same, is the continued increase in house prices. So many opportunities within our location, to make a sensible upgrade for our family, but as the wait goes on, so to does increase in prices. There was value to be found many months ago, but a nice frustration shall we say, not knowing the full extent of the financial situation. That said, I appreciate it's a time consuming process, especially considering the detail of the redress statements to be produced and printed per customer, and appreciate there may still be many worse off, reading this, who are still appealing their circumstances.

I hope we all reach closure over the coming weeks.
 

Muddle2018

Frequent Poster
Messages
53
Could be June before I hear anything. I spoke to someone some weeks ago who said it would be all sorted by end March but nothing came out to me so just called again and was told that my case has not yet been dealt with but everything will be done by June.
 

demoivre

Frequent Poster
Messages
2,640
Could be June before I hear anything. I spoke to someone some weeks ago who said it would be all sorted by end March but nothing came out to me so just called again and was told that my case has not yet been dealt with but everything will be done by June.
Just to clarify have they confirmed to you that you are impacted or just that you are part of the tracker review ?
 

Muddle2018

Frequent Poster
Messages
53
That I am impacted. I have gotten my tracker back too since 1st March and it is a substantial drop in my monthly repayments thankfully but the rest would be nice too!
 

waitingforthe

Registered User
Messages
9
Got impacted letter Jan, 1st week in march got put back on tracker, got told will be done by end of march, no update or review letter, not sure why some have got and others haven't are they doing it by county's, any ideas or help appreciated
 

WILLOW

Registered User
Messages
17
@peemac. Looking for your advice.
As per original documentation.
Main mortgage Oct. 05 fixed for 2yrs.
Top up Oct. 06 variable.
In Oct. 07 fixed for 3 yrs on both.
Received redress,compensation back dated from Oct. 08 on top up and its now back on tracker of 1.1%.
The reason they gave me is that "we should have applied a tracker rate to your account after your fixed rate period expired"

My top up was not on a fixed rate at the time it was my main mortgage.????
 

peemac

Frequent Poster
Messages
694
@WILLOW - I'm good at arithmethic and working out figures, but your query is best for a financial advisor who can go through the paperwork and correspondance.

I can say that whilst an addtional amount is generally called a "top-up" in layman's language, it is a separate loan, just with the same security.
 

demoivre

Frequent Poster
Messages
2,640
That I am impacted. I have gotten my tracker back too since 1st March and it is a substantial drop in my monthly repayments thankfully but the rest would be nice too!
Thanks . The reason I ask is that I know a few people who were told, after they asked KBC, that they were part of the review, but they have heard absolutely nothing since!
 

demoivre

Frequent Poster
Messages
2,640
@peemac. Looking for your advice.
As per original documentation.
Main mortgage Oct. 05 fixed for 2yrs.
Top up Oct. 06 variable.
In Oct. 07 fixed for 3 yrs on both.
Received redress,compensation back dated from Oct. 08 on top up and its now back on tracker of 1.1%.
The reason they gave me is that "we should have applied a tracker rate to your account after your fixed rate period expired"

My top up was not on a fixed rate at the time it was my main mortgage.????
Why is that the case when trackers weren't being offered in October 2010, when you came off the fixed rate ?
 

SurvivedIIB

Registered User
Messages
13
Can anyone confirm if I’ve been put on a tracker, does that guarantee they will pay back overpayments? Getting bit concerned seeing some of the comments here. Similarly, I got a letter stating I am part of the review and was put on tracker of 1.25% from March 1st.
 

Ice Berg

Registered User
Messages
25
KBC updated letter just received . Dated 29th March. KBC have advised that since implementing Tracker Rate for March they are continuing to review accounts and will revert by end of June. The wait continues.
 

Westie32

Registered User
Messages
27
@peemac - Could you give me an idea what we might be due back please? In 2008 we borrowed 319000 for 35 years, fixed rate ended in 2010 and we are now on a 1.25% tracker. Thanks a million.
 

peemac

Frequent Poster
Messages
694
@peemac - Could you give me an idea what we might be due back please? In 2008 we borrowed 319000 for 35 years, fixed rate ended in 2010 and we are now on a 1.25% tracker. Thanks a million.
Circa 65k over charge, circa 10k compensation & tvm, Probably 15k off your mortgage and 60k cheque
 

peemac

Frequent Poster
Messages
694
Can anyone confirm if I’ve been put on a tracker, does that guarantee they will pay back overpayments? Getting bit concerned seeing some of the comments here. Similarly, I got a letter stating I am part of the review and was put on tracker of 1.25% from March 1st.
I can't see any reason why not.

Only cases that got letter and then not deemed impacted seem to be the very few that redeemed the mortagge at the end or before the end of the fixed rate period - and tehrefore they are not at any loss unless they can prove the redemption was caused by the tracker issue and they brough this up.

So, in your case there should be no issue.
 

waitingforthe

Registered User
Messages
9
@peemac can you can you give me an indication of what we might get back, 237000 mortgage over 30 years coming of fixed rate Nov 2008 and put back on tracker rate of 1.25%, and thanks the posters here great help to people still waiting.
 

Folkpark

Registered User
Messages
1
@peemac First time poster here. Just a query about a tracker taken out in mid 2003 for 233k. Top up of 40k about 2007 and think fixed after that for 3 yrs. returned to variable in June 2011. We have since left KBC as we have moved house. Would we still be eligible for redress considering we have moved away Dec 2015. Hear nothing since Jan when they said we were under review.
 
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peemac

Frequent Poster
Messages
694
@waitingforthe
That's easy cos its exactly half mine and same timeframe . Overpayment circa 35-40k, compensation and tvm about 6k, resulting in about 10k off your mortgage and cheque for 30-35k

@Folkpark - probably due refund for the period of overpayment until you sold the house and redeemed the mortgage. At a guess, circa 15k overpayment.
 
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