KBC KBC returned my tracker, after taking it from me as a condition for restructuring back in 2009

Lightening

Frequent Poster
Messages
319
That will be the icing on the cake if that happens. Hopefully our letters are the start now and we get to see lots more positive stories in the coming weeks for everyone.
Absolutely you should get your home back and reinstated to its former position. I don't know how long it's sitting there but a house deteriorates rapidly if left empty for a long time.
 

Eilish

Registered User
Messages
16
Absolutely you should get your home back and reinstated to its former position. I don't know how long it's sitting there but a house deteriorates rapidly if left empty for a long time.
I am looking forward to seeing what this next letter brings. Hopefully there will be some mention of the house. I don't like wishing time away but if they are true to their word the end of January can't come soon enough.
 

Snowman

Registered User
Messages
4
Hi
I also received the same letter and a cheque after years of worry, would you or anybody have an idea how they based this initial payment percentage wise of the overall payment they are going to give us at the end of January.i also want to wish all still waiting on news the best of luck on there on going battle.
 

Eilish

Registered User
Messages
16
Hi Snowman,
Congratulations, I am absolutely delighted for you. Unfortunately I am unable to answer your question but I have thought about it numerous times. My letter stated that they weren't yet in a position to calculate my full redress and compensation so I can't figure how they decided what figure to put on the initial cheque.
 

Aisling1

Registered User
Messages
35
Hi apologies for joining in late but I just received my phone call from Kbc today . My tracker was taken in 2010, just wondering what sort of a figure Kbc are going to give for compensation , I have no idea , pm me if you could give me a ball park figure would really appreciate it
 

Mauritius

Frequent Poster
Messages
129
Hi @Aisling1 - I believe it will be between 10% and 15% of the overpayment. So if you overpaid €40,000 you could expect that back plus around €5,000 and around €1,000 towards professional advice. I don't think it's anywhere near enough but it seems the banks and CB have settled around this figure.
 

Gavin77

Frequent Poster
Messages
81
Hi there to those who got letters and cheques back in December. Kbc said they would be in touch with you in January. Firstly congrats on getting this far. Secondly have kbc been in touch since?
 

Brendan Burgess

Founder
Messages
38,117
My tracker was taken in 2010, just wondering what sort of a figure Kbc are going to give for compensation
Hi Aisling

First of all they will refund the overcharge which is the difference between what you paid and what you should have been charged. Without knowing the size of your mortgage, it's impossible to estimate this. Very, very, roughly, I would estimate it at about 10% of your mortgage. So if you had a mortgage of €200k, it would be around €20k.

Secondly, they will give you back your tracker, which will reduce the interest charged into the future.

Thirdly, they will give you compensation of around 10% of refund - so in the above case - a further €2k.

However, you can appeal for more compensation.

Brendan
 

peemac

Frequent Poster
Messages
648
Hi apologies for joining in late but I just received my phone call from Kbc today . My tracker was taken in 2010, just wondering what sort of a figure Kbc are going to give for compensation , I have no idea , pm me if you could give me a ball park figure would really appreciate it
My own workings took a 100k mortgage @ av 2.5% tracker V SVR at average 4.5% from 2010 to early 2013 and 1.7% V SVR 4.3% early 2013 to date (figures are purposely higher/lower to ensure a minimum figure is worked out) and this suggests that about €1400/€100,000 mortgage was overpaid from 2009-2013 and approx €1700/year per €100,000 was overpaid from early 2013 to date.

So per €100k over 30 year from say Feb 2010 had a overpayment of about €12,500 to date. So for a 250k mortgage, multiply the 12500 by 2.5. 350k multiply by 3.5 etc

Its ballpark, but it won't be far out.


What is very interesting about all this is the amount of interest that accrues on a mortgage and how a difference in interest rates adds up to a very substantial amount over the years - yet so many people (including myself) don't / didn't get professional advice on a mortgage. Possibly brokers could have a new service of annual/biennial review of a mortgage to see that their client has best rate available?
 

Gavin77

Frequent Poster
Messages
81
Any word from kbc to thoes costumers notified in december, Mauritius, eilish, snowman, aisling?
They had said they would be in touch before the end of January. Here we are the last day be nice to think kbc would stick to their word.
 

Ice Berg

Registered User
Messages
21
Hi Gavin77. What date was ur letter? Mine was dated 5th Jan but no other communication since then.
 

Gavin77

Frequent Poster
Messages
81
Mine the same 5th of Jan. So not really expecting any news on mine yet. Just interested in knowing if kbc kept their word and informed the ones whom they said they would before the end of January.
 

Eilish

Registered User
Messages
16
Any word from kbc to thoes costumers notified in december, Mauritius, eilish, snowman, aisling?
They had said they would be in touch before the end of January. Here we are the last day be nice to think kbc would stick to their word.
Hi Gavin,
I have heard nothing from them yet. I was hoping to hear something today but the post has been and nothing from them.
 

Gavin77

Frequent Poster
Messages
81
Thanks eilish.
It's a shame to think that they cannot follow through and meet their own target dates they set.
See what they have to say in February if you havnt heard before.
 

Eilish

Registered User
Messages
16
Hopefully February brings some news. I will start contacting them next week if I don't hear from them.
 

Snowman

Registered User
Messages
4
Hi
I phoned this morning to be told that there was an update on my account but that the tracker team couldn’t see what it was but that they where posting the follow up letters today to the 31st of Jan people and then they could see on screen what the update was I’m mystified.
 

DamC82

Frequent Poster
Messages
155
Hi
I phoned this morning to be told that there was an update on my account but that the tracker team couldn’t see what it was but that they where posting the follow up letters today to the 31st of Jan people and then they could see on screen what the update was I’m mystified.

Sounds familar snowman. Whats your particular cohort ?
 

Mauritius

Frequent Poster
Messages
129
Morning @Lightening @Snowman @DamC82 @Brendan Burgess @peemac @Gavin77 - I have just received my follow up letter from KBC (dated 26th Jan) with complete financial breakdown of the overpayments and a further two cheques. What I can say is that one of the cheques - the €650 for 'contribution towards' independent advice - seems very low. And the timeline value they have put for the money over the entire period - at around €700 total - also seems low. But the compensation is quite high and all in all it's great to have this concluded. Anyone who would like further details can contact me privately.
 
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