KBC KBC - redress amounts confirmed?

peemac

Frequent Poster
Messages
630
@Geturtrackerbk
I presume the interest only was a variation and it wasn't originally an interest only mortgage.

That would suggest you were unofficially in "arrears" as you were behind on the contracted payments, though it was agreed officially.

They should return you to the position you would have been if no error occurred and thus most of your redress will go towards reducing the balance.

The compensation amount will be paid as a cheque.

Difficult to work out, but I'd guess at 6 years interest only that most / all of the overpayment will go to reduce the balance to the correct balance.

If you didn't go interest only, the loan balance would be circa 130k (based on 25years from 2008).
The overcharge is circa 35-40k, so if your balance at 1st Jan was 165k or higher, I would assume the overcharge would just go against the capital - but at least the compensation will be a cheque.
 

Geturtrackerbk

Registered User
Messages
6
Hi @peemac many thanks for replying. The interest only payments were initially contractual and then a variation as you say. Would it not be the case that the overcharge on the interest only repayments would be refunded as they should have been a lot less. Thanks for the indication of redress its a big help especially since I was told I wasn't impacted initially and had to fight to get the tracker put in place.
 

steely1

Registered User
Messages
29
@Geturtrabkerbk can you please give us some more details of your appeal . You are the first I have heard of that have appealed and it has been overturned so it gives everybody on the fringes some hope .
 

peemac

Frequent Poster
Messages
630
@Geturtrackerbk

On the contractural interest only payments, this would be paid back as long as it would be excess of the difference between the current balance and what it should be if no error was made.

Considering that interest only would have exceeded correct interest and capital payments from at least 2013 when ecb rates were 1% and dropping, I would suspect with the new information you will get a decent refund in addition to the compensation.
 

Cushcam

Registered User
Messages
34
FINALLY ended my dispute with the post man this morning. We hugged for what felt like 3 minutes, although it did feel like he was trying to push me away at times. Never before has there been such excitement opening an A4 envelope.. Not even the marriage certificate could have this sort of an effect. Anyway, the redress and compensation cheques have finally arrived my end, which seem to add up to expectations, but will report back at a later stage, once i go through in detail after work. Finally, this can get put the bed. Sweet dreams!!
 

Variable

Registered User
Messages
16
@Cushcam thank you so much for the belly laugh lol......brilliant! Thrilled that you have finally got sorted :)

Ive still no post.
I rang the tracker team in kbc yesterday to get a date when id receive my pack. They had no details on my redress and compensation and I was pretty much accused of being a liar when I advised of the call I got from kbc last week. After a stand off with the call center rep I found the name of the manager who phoned me last week. The agent on the tracker team transferred my call to the manager I spoke with last team who is in the arrears department. The manager advised that he was dealing with my case in the arrears departments, not the tracker team. (Not sure why). The manager then spoke with the team that is processing my redress and advised that I will get my pack within the next two weeks. He advised that my account is in a different bracket to others that have already received their packs.
I give up, it will be here when its here :(
 

SurvivedIIB

Registered User
Messages
13
Hey All, received my letter and cheque today, couple of queries but overall very happy with the resolution and so delighted it’s over with as a process. Note I called yesterday and they said you’re in the queue, sometime before end of June so getting it today was a big surprise. They did say the pace of processing was picking up, so bear that in mind if still waiting. Thank you so much to everyone here for the advice, information and solidarity, it really meant a lot! Fingers crossed for everyone to be sorted very soon!
 

Geturtrackerbk

Registered User
Messages
6
Hi sorry for delay in getting back to you. I appealed on the basis of having a part fixed part tracker mortgage. I approached KBC for a better rate on all my BTL mortgages in October 2007 and signed the tracker conversion form for each account. I argued that when the fixed rate a expired the following July 08 I had a pre - agreement already signed on the rate as the form only had one account no on it even though it covered both parts one tracker one fixed when signed in October 07. The form makes reference to "The Loan" shall have a rate of 0.75% over ECB for the remainder of the term. It didn't differentiate between the part already on a higher tracker rate and the fixed rate. So they agreed but initially said I wasnt impacted. Luckily I kept copies of everything so had a good case.
 

Audrey-666

Registered User
Messages
14
@Variable
Is your account or did your account go into arrears ?
Just wondering because I’m getting nothing other than the usual ... end of June worst case scenario every time I phone up. my account is not in arrears now but was until I capitalised them a year ago.
Maybe I’ll try the arrears department see if they can give me an update!!!
 

Variable

Registered User
Messages
16
Hi @Audrey-666 Yes, my account was in arrears a few years ago and we capitalised in 2015. I assume thats why the arrears department are looking after my account.
 

Doyle25

Registered User
Messages
4
Hi all I received I pack today very happy with the amounts. I had only called the redress team yesterday and they said anytime before June so don’t get disheartened if you get this response. Good luck to anyone still waiting and thank you peemac for all your help.
 

ask2017

Registered User
Messages
19
Received redress pack today. Kbc have suited themselves in how they have allocated amounts against capital as I had an interest only period for a time but that’s KBC !
 

Geturtrackerbk

Registered User
Messages
6
Hi @peemac you seem to be very well informed on KBC in particular as I am new to this forum I was just wondering if there was a specific thread dealing with KBC and the fact that they reverted Accounts that expired from an initial fixed rate in the offer letter to a standard variable rate and deemed this rate to be the "Prevailing" variable rate instead of a tracker variable rate?? Tks
 

Audrey-666

Registered User
Messages
14
@Variable
Thanks tried Kbc again today arrears dept just transferred me onto tracker call centre and was told figures still being reviewed and the usual ... end of June worst case scenario the wait continues!!!
 
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