KBC KBC statement on tracker redress

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DamC82 said:
great news! glad to hear,your eyes are out for it! Whats your cohort, was it announced Oct or December?
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tracker to fix (lender's prevailing variable rate)

I find the letter is a scandal and outrageous with the wording (if any). The first paragraph states " Your mortgage account is both within the scope of the review and included within a group of accounts considered 'as being impacted' (highlighted in inverted commas) as part of the Tracker Examination.

I think this letter needs to get to the Press

It is my understanding once the bank has declared a customer as impacted that they must put that account back on tracker immediately.

KBC want to have it everyday! (They declare you impacted but are working on how little compensation they will get away with and keep the account on hold)

Has anyone who received this letter approached KBC on this? I will be absolutely demanding my original rate immediately. I quote the CB "Stop the harm".

I would love to heard Brendan's views on this??
 
This is absolutely disgraceful carry-on. They should not be sending out letters telling people they 'may' be impacted. Honestly, it's laughable. After everything they've done, they're now trying this.
 
Hi. I think our case may be a little similar. I drew down in 2006 on a tracker, fixed in 2007 for 2 years. Rolled onto variable in 2009 and been on it since then. My original loan offer states my rate should be 0.95 above ECB, is your original loan offer similar? I also received a letter yesterday to say we are deemed to be impacted but they are working on the extent of the impact (if any).
 
bowser said:
Hi. I think our case may be a little similar. I drew down in 2006 on a tracker, fixed in 2007 for 2 years. Rolled onto variable in 2009 and been on it since then. My original loan offer states my rate should be 0.95 above ECB, is your original loan offer similar? I also received a letter yesterday to say we are deemed to be impacted but they are working on the extent of the impact (if any).
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Yep the same
 
Sorry, Lightening, what do you mean you went from tracker to fix (lender's prevailing variable rate) - do you mean that it stated after the fixed rate that the lender's prevailing variable rate would apply and it didn't?
 
Sorry, Lightening, I get it. In 2009 the prevailing variable rate was the SVR, but when I came off fixed in May 2008, the prevailing variable rate was still the tracker? I'm so bloody confused by this whole fiasco.
 
Sanparom said:
This is absolutely disgraceful carry-on. They should not be sending out letters telling people they 'may' be impacted. Honestly, it's laughable. After everything they've done, they're now trying this.
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just one thing!

The letters don't say 'maybe'

quote
"Your mortgage account is both within the scope of the review and included within a group of accounts considered 'as being impacted' as part of the Tracker Examination"


 
As I was told it is likely but not 100% certain until the full review is done on the account
 
Sanparom said:
Sorry, Lightening, I get it. In 2009 the prevailing variable rate was the SVR, but when I came off fixed in May 2008, the prevailing variable rate was still the tracker? I'm so bloody confused by this whole fiasco.
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bowser said:
Hi. I think our case may be a little similar. I drew down in 2006 on a tracker, fixed in 2007 for 2 years. Rolled onto variable in 2009 and been on it since then. My original loan offer states my rate should be 0.95 above ECB, is your original loan offer similar? I also received a letter yesterday to say we are deemed to be impacted but they are working on the extent of the impact (if any).
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When you fixed did it say 'lenders prevailing variable rate"
 
bowser said:
Hi. I think our case may be a little similar. I drew down in 2006 on a tracker, fixed in 2007 for 2 years. Rolled onto variable in 2009 and been on it since then. My original loan offer states my rate should be 0.95 above ECB, is your original loan offer similar? I also received a letter yesterday to say we are deemed to be impacted but they are working on the extent of the impact (if any).
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or rolling to Standard Variable Rate as a previous poster who fixed in 2007?
 
Lightening said:
or rolling to Standard Variable Rate as a previous poster who fixed in 2007?
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I don't have a copy of our fixed rate form when we fixed back in 2007 - is this where it will say what way my account will roll, either standard variable rate or lenders prevailing rate?? My original loan offer says the rate of 0.95% is for the full term of the loan. I only discovered I was in the scope of the review and considered as being impacted when I got my letter yesterday so I'm a little wet behind the ears :):)
 
Lightening said:
or rolling to Standard Variable Rate as a previous poster who fixed in 2007?
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My loan offer also says in the event, or at any time the REFL rate is certified by the Lender to be unavailable for any reason, the rate applicable to the loan shall be the prevailing Home Loan Variable Rate. So confused :(:(
 
Hi All

For all those confused about what’s going on.

KBC operates in the Irish State and is an Irish bank, and as so it was instructed to do the Tracker Examination By the CB, the letters everyone received are as a result of that instruction ambiguous as they are.

So CB ask KBC have they done what they where asked? Answer = YES.

The second part is the determin who gets paid and who does not, who gets Tracker and who does not.

The (if any) bit is with there respective legal teams. So the faith of who gets paid and who does not is being teased out legally.

This is a bank that has the appetite to fight.

Don’t book your holidays or that new car yet.
 
Sorry, me again. Does any one know if the original terms of my mortgage are amended (i.e 0.95% above ECB for term of loan) when I signed the fixed rate form?

Also I was not advised of the implications of losing my tracker when we fixed.
 
I wasn't planning to comment here again as it's almost become like a mob-rule thread.

But for those who want a more calm comment, here's my take.

The letter many received including myself states clearly you've been "impacted"

Kbc have publically stated those deemed impacted will be returned to their tracker rate and be refunded / compensated.


As with ANY communication by a bank or many others it will ALWAYS include a disclaimer - in this instance its the two words "if any". Usually the wording is "contract denied" or similar.

So unless you have some out of the ordinary situation, and you have received this letter, then in my opinion you will have a nice refund and a nice tracker mortgage rate in the next few weeks.

There's no point running to the media, there's no "criminal act" committed by the bank, they are no longer "dragging it out" they are not "fighting legalities".

And before anyone makes a ridiculous childish comment like before, I do not work kbc, nor am I in banking. If anything, I fought harder than anyone, met with Padraic YEARS ago, took kbc to ombudsman, looked at every possible legal angle and have a huge file of every communication, annual report, advert and pr release by kbc from 2006-2009 and once I saw the CB getting involved, I was confident that this day would come.

It has and I'm looking forward to a refund of almost €100,000.

So lets stop the hysterics and allow those with genuine queries make them and get sensible replies.
 
peemac said:
I wasn't planning to comment here again as it's almost become like a mob-rule thread.

But for those who want a more calm comment, here's my take.

The letter many received including myself states clearly you've been "impacted"

Kbc have publically stated those deemed impacted will be returned to their tracker rate and be refunded / compensated.


As with ANY communication by a bank or many others it will ALWAYS include a disclaimer - in this instance its the two words "if any". Usually the wording is "contract denied" or similar.

So unless you have some out of the ordinary situation, and you have received this letter, then in my opinion you will have a nice refund and a nice tracker mortgage rate in the next few weeks.

There's no point running to the media, there's no "criminal act" committed by the bank, they are no longer "dragging it out" they are not "fighting legalities".

And before anyone makes a ridiculous childish comment like before, I do not work kbc, nor am I in banking. If anything, I fought harder than anyone, met with Padraic YEARS ago, took kbc to ombudsman, looked at every possible legal angle and have a huge file of every communication, annual report, advert and pr release by kbc from 2006-2009 and once I saw the CB getting involved, I was confident that this day would come.

It has and I'm looking forward to a refund of almost €100,000.

So lets stop the hysterics and allow those with genuine queries make them and get sensible replies.
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Nice post
 
At this stage I think that the vast majority of accounts that are "in scope" will will get redress. To be deemed "in scope" at this stage of the investigation is a good sign. By default, there most be some underlying claim to a tracker, in accordance with with the central banks scope for the examination.
 
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