KBC KBC statement on tracker redress

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More confused I am. New here. Drew down Oct 2005 fixed for 2 years. Loan offer says revert to lenders prevailing variable rate but no special conditions. Fixed again 2007 for one year and then 2008 for five each time saying rolling to standard variable rate no offer to go to original rate whatever it was. On fixed rate instruction in 2007 that was pushed it states we'll revert to the company's standard variable rate. Then the 2008 one states revert to lenders prevailing standard variable rate. Standard rate since 2013. Where do we stand??
Seems the usual story with KBC have emailed them with queries and questions but fudged off with person upstairs dealing with it, person off sick or they were unexpectedly out of office. No letter either in post. Told in Oct no in scope now don't know if in out or anything in between! Not banking on anything but don't trust bank to do " the right thing" and inform me so just keeping tabs on them. Any opinions would be welcome.
 
@unfortunate

Apt name I reckon as you seem never to have had a tracker and went from fixed to fixed to fixed.

So difficult to see how you'd be in scope unless there was mention of tracker somewhere in a document that forms part of the mortgage document or a rate instruction.
 
The 650 cohort were never offered tracker only SVR yet they are included
 
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peemac said:
@unfortunate

Apt name I reckon as you seem never to have had a tracker and went from fixed to fixed to fixed.

So difficult to see how you'd be in scope unless there was mention of tracker somewhere in a document that forms part of the mortgage document or a rate instruction.
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What about after the initial fixed term was up in 2007 and contract had said he/she would revert to prevailing variable rate? Was that not the tracker at the time?
 
Yip peemac true. Not really expecting much but like I said don't trust bank. Terrible though that so many different wordings and changes of the goal posts. They're on wheels at this stage. The flyer is what tweeked my interest and its wording of fixed rates rolling and no mention of new existing or future clients in first line just all customers getting great news. Technically that could be construed as ALL customers regardless of status. Not jumping on wagon just ensuring not getting ripped off.
 
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Flyer was sent to brokers, so you'd assume its for new business as brokers tend not to be involved once mortgage has been drawn.

I wouldn't be too worried about trusting them. It's the central bank that is effectively running this show and they are challenging everything.

At the end of the day it will depend on what is written in any form in relation to your mortgage, so you need to find and read all communication.
 
Johnc6 said:
The 650 cohort were never offered tracker only SVR yet they are included
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Incorrect - that cohort were fixed from the start, then went to svr. They were all new mortgages from brokers after the infamous flyer was issued.
 
@peemac was the prevailing variable rate in 2005/06 up to mid-08 another term for tracker?

I'm asking, because if so, regardless of flyer, it said in my contract and in a few other people's that when the fixed rate was up, the prevailing variable would apply. Is that not the same thing that was said on the flyer (except the word tracker was used)?
 
@sanaprom


The flyer was issued Nov 7th 2006 and clearly states the word "tracker".

I can't see how it can be retrospective to mortgages before then unless you recontacted your broker and had them arrange for a current mortgage to be changed - highly unlikely.

So I'd totally ignore that unless a mortgage was taken out after Nov 6th.

It could be argued that almost all variable rates at the time were trackers and there was no glossary explaining the terminology. But whether that's a valid argument is debatable.

Looking at the very old posts here 2007-2009, people had very little knowledge of what different rates meant and it does show how easy it was for banks to take advantage.
 
I agree there peemac however on that should that flyer tracker have been offered at end of fixed rate as an option of an appropriate best option to the customer. Should it have been offered as in the best interest of the customer the bank taking due diligence care etc, according to cb guidelines from 06? Could have that wrong but quick read of it even mentions bold type and larger font for warnings which the fixed rate notice does not do. Also the time frame to absorb info is about a week til expiry of offer!
 
@unfortunate - I studied the cb code of conduct on detail and it was part of my ombudsman case.

The bank does not have to offer every rate available.

I can't remember the exact wording, but the legal advice I got was that it was not relevant - I was arguing that the capped tracker should have been an option.

I'd certainly forget the flyer as it was for new mortgages from nov 2006.
 
@peemac, thanks for your reply, but there may be some confusion. I'm not asking if I have a case because of the flyer, but if I have a case because in my Terms of Loan it clearly states that I would go on to prevailing variable rate (I've read that this is the same as tracker) at the end of the fixed term, but this didn't happen.

I feel that a large cohort of us are being bypassed when we actually had it in our contracts that we'd be going on to a tracker at the end of the term.
 
That's fair enough bow to the knowledge! Probably missed the boat. But with sanaprom. Loan offer wishy washy and not sure where I am. KBC no help or not forthcoming either with definitive answer one way or other.
 
Peemac,
We drew down our mortgage in June 08 when iib where phasing out trackers, trackers completely gone by 04 July 2008. We fixed for 5 years, with rollover to lenders prevailing variable rate and special conditions stating a home loans renewal rate, which can be varied by the lender.

On a rate change notification letter which was sent to our solicitor, prior to draw down, iib inadvertently referred to our fixed rate as a tracker. It was obviously a typo. The significance of the letter was to notify us that our fixed rate has increased prior to draw down. I'm not sure if this letter is of any significance to our case.

We are in scope.
Any view on the above?cheers.
 
Hi
I received a cheque from KBC last week a partial payment is what it was called in the letter accompanying and full payment including compensation would be sent by the 31st of January, would anybody have any idea at what percentage of the overall payment they base this partial payment on. I have phoned and asked Kbc this question but they will not give me any information at all.
 
grock1982 said:
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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Excellent,

What was your circumstance,

Fixed, or restored tracker, could you add the years. I very courous
 
Wouldn't it be great if KBC could just be up front and tell everyone where they stand, in or out of scope and why. Then people could make informed decisions. Accountability. It seems to be missing from all institutes these days!!
 
I was afraid to phone them I just watched from the sidelines I thought maybe if I queried anything it would open a can of worms, but basically I had a tracker mortgage in 2008 when I had the funds to repay but then lost my Job I ran in to significant arrears and made partial and full payments till 2014 and then got a 50/50 split mortgage but my tracker was taken off me very early I felt I was bullied in to habding
 
Nice one Snowman. Sorry didn’t see your most recent post. They have obviously frontloaded all scenarios, where homes have been lost, or customers entered arrears as a result of their mistakes. I still can’t believe the u-turn here. It’s great to see!
 
Doyler1

AIB is still very much dragging its heels. Stall tactics also being used by them. I kept all my documents and Padraic Kissane confirmed I would be impacted but AIB hasn’t confirmed this yet to me despite complaint letters as well as several calls to the tracker team.
 
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