KBC redress and compensation question

[millie09]

Hi all

New to forum and only recently made aware that I was affected by the KBC issue. I have been offered redress and compensation but was wondering if the money would be paid to me or taken off mortgage.

At the time this happened I was struggling to make ends meet and naturally protected mortgage as best as I could. I was borrowing quite a lot on credit cards and loans and ultimately had my car repossessed before finally having my home repossessed also.

These were very stressful times and we ended up moving into rented accommodation for a number of years. Even had to move numerous times as landlords kept selling properties and my credit rating was so badly affected I couldn’t get another mortgage. We still haven’t fully paid off all of the debts many years later.

My question is how will they pay the compensation? Will it be paid to me or will they claim it was shortfall on the house sale / mortgage?

 

[peemac]

Large thread on this (threads on kbc tracker issues have been on this site for 9 years!!)

https://www.askaboutmoney.com/threads/kbc-redress-amounts-confirmed.207696/

The compensation amount will be a cheque. The overpayment will be set against the balance.

However you may be best to get professional advice. As if you were forced to sell due to the overcharge, you may be entitled to larger compensation

More info

If you can show that the overcharge was what caused all your financial issues, then kbc must compensate you for all those issues. Hence it is extremely important to get proper professional advice on the redress and compensation to ensure that you are properly compensated for the difficulties it caused.

Once you can show that the overcharge was a primary issue in any difficulty and that without such overcharge, the outcome would be substantially different, then you have a strong case for restoration to the house you were forced to sell.