KBC - redress amounts confirmed?

Discussion in 'Tracker Redress' started by guerngirl, Mar 21, 2018.

  1. Muddle2018

    Muddle2018 Registered User

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    Rang this morning, still no movement on my account. Got the usual 'it is being handled on a case by case basis'. Quite annoying as I was told mid March i would be sorted by end of March.
     
  2. steely1

    steely1 Registered User

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    @Tiptop2 , They should be back to you in 40 working days this is the time frame set out , If you do not hear from them contact the FSO
     
  3. Variable

    Variable Registered User

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    13
    Hi, Im confused, can you help please? I got a mortgage via a broker in 2006 for 220k for 30yrs with a 3.85 variable interest rate. Im not sure of the history of our rate over the years, we may have fixed at times. In the letters I have received from kbc sin ce the new year they confirmed ouourkr account was impacted by the tracker issue and they ammended our rate from variable 4.25% to the tracker rate of 1.1%.
    It doesn't say tracker anywhere on our contract but I have included details of a special condition. Was the kbc's variable rate the tracker rate at the time? Is that how we are impacted?
    Can you give me an idea of how much we may receive if possible please?
    In 2013 my husband and I had no job and ended up with 25k in arrears and facing repossession. In 2015 we capitalised the arrears (including kbc's legal fees) and got a 60/40 split on the mortgage. All of our payments are currently up to date.
     

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  4. waitingforthe

    waitingforthe New Member

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    Has anyone had any redress and compensation since the end of march?
     
  5. Ice Berg

    Ice Berg Registered User

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    Nope. I did phone yesterday for an update but there was no update other than it would be resolved by end June.
     
  6. demoivre

    demoivre Frequent Poster

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    2,473
    The special condition confirms you have a tracker ie the rate you will be charged will be no more than 1.1% above the ECB rate which is currently 0% so your rate is 1.1%.
     
  7. JENNI44

    JENNI44 Registered User

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    @Variable , my situation is exactly the same as yours , @peemac has already advised me that the Variable was another term for the tracker at that time. I had the same special conditions on my contract also. I am still awaiting my redress and compensation.
    @waitingforthe I haven't heard of anyone receiving redress since the deadline at the end of March. I'm still waiting also after already been told that i would receive it by the end of March. I ring most days and get the same answer, its extremely frustrating.
     
  8. steely1

    steely1 Registered User

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    Doe any body know or have heard of anybody that had a "not impacted " decision appealed , reviewed by the financial panel and withdrawn and deemed impacted ?
     
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  9. Variable

    Variable Registered User

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    Thank you all so much for your replies. Can @peemac or anyone else advise approximately how much we will get back? Will the money be issued to us as a cheque or will it be paid off our mortgage/arrears? (even though the arrears maybe kbc's fault)
     
  10. peemac

    peemac Frequent Poster

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    Hi @Variable

    KBC don't use the word "tracker" in their contracts, but that special condition basically says you will follow/track the ecb rate + 1.1% - currently the ecb rate is 0%, so your current correct rate is 1.1%.

    If ecb raised their rate by 1%, your rate would immediately move to 2.1% (1.1% above the ecb rate)

    You obviously fixed for a period and when you came of the fixed rate you should have gone back onto the tracker rate as per your special condition and instead kbc incorrectly put you on a standard variable rate.

    If you came off fixed in 2011, and everything was normal the overcharge would be circa 35k + about 5k compensation and your current repayment would be about €750/month

    Due to arrears / split mortgage, your situation will need more attention than a standard mortgage and some/all of the charges and legal fees may be refunded if it can be shown that you would have been able to pay the mortgage if the rate was correct.

    No matter what - the news will be good. Just how good it is, is what you'll have to wait for. :)
     
  11. Variable

    Variable Registered User

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    Thank you so much @peemac. The wait is horrendous especially when I haven't a bean in my back pocket I have no idea when my rate changed and for how long. Ive loads of paperwork but nothing about the rate change. Im gonna request my file from kbc so I have all information if we want to take it further.
     
  12. steely1

    steely1 Registered User

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    Email them as soon as you can as data retrieval can take upto 40days
     
  13. peemac

    peemac Frequent Poster

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    Last edited: Apr 13, 2018
    I don't think you need to get any information at the moment as they provide a very comprehensive breakdown when they send the corrections

    They were pushing fixed rates up to 2008/9 without pointing out clearly what would happen afterwards.

    So I'd suspect you came off fixed about 2010/2011. If you fixed further after that, that will be also be seen as overcharge, so its really a rewind back to end of first fixed rate period and application of tracker from then onwards.

    They have committed to having it all completed by end June, so not too long left to wait. I waited 9 years !
     
    Last edited: Apr 13, 2018
  14. waitingforthe

    waitingforthe New Member

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    Has anyone received any sort of an update other than any day any week highly unlikely it will go to June.
     
  15. JENNI44

    JENNI44 Registered User

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    @waitingforthe, no i'm getting the same response any time I ring, "it could be any day but we have until the end of June to sort it" as per the Central Bank guidelines. I had been told earlier on in Feb that KBC has given themselves an internal timeline of the end of March to have all accounts sorted. Based on this I'm assuming that they cannot have gone months over that timeline, and it will be sooner rather than later ! I can't imagine what my postman is thinking at this stage !!!!
     
  16. waitingforthe

    waitingforthe New Member

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    @JENNI44 thanks for that, does it come by regular post or is it registered or does anyone know if it is a large package.
     
  17. peemac

    peemac Frequent Poster

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    Standard post, A4 envelope. Will contain booklet about the examination, example sheet explaining the figures and what each column is. Sheet with full details of every month of payment including what you paid, and what you should have paid and the breakdown of both those figures along with the net amount overpaid - every single month has all this detail.

    Then a final sheet giving overall calculation and how the figures are added and amount that will be put against the mortgage and amount due as a refund to you.

    And finally , two small pieces of paper (cheques - which you can miss initially) one with a figure of €650 for professional advice and another for €xx,xxx to €xxx,xxx, and when you see it, the feeling is quite strange .
     
  18. waitingforthe

    waitingforthe New Member

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    @peemac do you think it will push out till the end of June, thanks for the help and advice
     
  19. peemac

    peemac Frequent Poster

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    Haven't a clue. There were quite few settlements in early to mid March and then it seemed to have gone quiet here, or maybe people didn't post that they got their settlement. But some who posted regularly have suddenly gone very quiet :) - possibly gone on well deserved holiday! :D
     
  20. Clara16

    Clara16 Frequent Poster

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    LOL peemac I didn't find the cheques until about 20 mins after I read and reread the letter!!
     
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