KBC KBC statement on tracker redress

Status
Not open for further replies.
@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.
@Sanparom Only some posters have said that "in their opinion" a prevailing rate was a tracker rate. Unfortunately the opinion of a few posters (and my opinion on things) makes no odds with a bank or any other company or institution.

Where it came from was from those who took out a mortgage when trackers were the only variable rate offered and then they fixed. So in a way, those people (including myself) could contrue that the "reverting to" variable rate was the variable rate written in their contract. In a way, with no glossary of terms, from a legal point of view, the only variable rate I and others at that particular time could have knowledge of is that written in the contract.

With the CB examination on all banks there has to be something in writing that could in some way make a borrower believe they had a right to a tracker. In KBC's case its either those who were advised by brokers to fix because they had a written communication from the banks staing all new business who fixed from Nov 7th 2006 would roll onto specified tracker rates, or those who originally had a tracker and then fixed for a period from 2005-2008. Those who fixed later were given very clear information that the tracker would be gone (as per CB guidelines).


If you have a copy of your mortgage agreement, spend a couple of hours reading it and see if there's anything in it about the rates. Usually its in the last couple of pages.

I see that you drew down in 2005, so its when tacker was all the rage, so you woudl really need to read the contract word for word to see if there's anything you could rely on. Even check the exact wording of the fixed rate details. - If no information of what the "prevailing rate" was, then there's an angle to take.
 
Hi
Is this the part in the special conditions of the loan offer - "The interest rate applicable to the loan identified on page 1 of the letter of offer is a variable interest rate and may vary upwards or downwards. The interest rate shall be no more than 0.95% above the prevailing ECB REFI rate for the term of the loan."
We drew down on a tracker mid 2006 and fixed mid 2007 for 2 years. Rolled onto standard variable rate and have been on that since.
Thanks for your help.
 
Do we think there are many more cohorts to be contacted in the coming weeks ?
Didnt get a positive vibe on the helpline , but they are only working off the bare minimum of information .
 
Its impossible to say, the Helpline is in no way helpful, its actually a waste of energy calling it. You get zero satisfaction.

Id hate to work in that enviroment, where you are basically fobing people off for 8 hours a day. Must be draining
 
Hi
Is this the part in the special conditions of the loan offer - "The interest rate applicable to the loan identified on page 1 of the letter of offer is a variable interest rate and may vary upwards or downwards. The interest rate shall be no more than 0.95% above the prevailing ECB REFI rate for the term of the loan."
We drew down on a tracker mid 2006 and fixed mid 2007 for 2 years. Rolled onto standard variable rate and have been on that since.
Thanks for your help.
That's the cohort that are now getting letters and will be returned to their trackers. I see you have received this letter, so it's just a waiting game of a few weeks till you are back on tracker and a cheque comes to you.

the "if any" words are just their disclaimer in case of anything different with any of the cases. I'd just ignore that and look forward to a nice refund and a new lower mortgage payment
 
That's the cohort that are now getting letters and will be returned to their trackers. I see you have received this letter, so it's just a waiting game of a few weeks till you are back on tracker and a cheque comes to you.

the "if any" words are just their disclaimer in case of anything different with any of the cases. I'd just ignore that and look forward to a nice refund and a new lower mortgage payment

Thank you so much for your reply peemac. The waiting game begins. I am wondering how the arrears on our account will be addressed and the 50/50 warehouse restructuring split that we entered into with KBC and also our credit rating. We almost lost our home.
 
That's great will you get a refund by cheque or will it go off your mortgage balance..what percentage of the overpayment will Be refunded ?
 
Hi Peemac

Apologies for association as a banker

I’m in the 2008 Group February drew down in feb. I got the letter , in scope and affected.

Could you go over the cohort reasoning again. Because this bit is confusing.
 
Hi again,

Is it possible that KBC are struggling to gather together the mortgage books from there previous dealings with brokers.

I was dealing with a crowed in Swords.

I have all my paperwork and the contact details of who I felt with at the time.

The bank seems to be a bit frustrated that I have all this information when I contact them.

I got the impression they may not have all the details, from there broker division.

I think those who have the original paperwork are in a very strong position as the bank may not have some of the apendicies, add on’s From the brokers.
 
Thank you so much for your reply peemac. The waiting game begins. I am wondering how the arrears on our account will be addressed and the 50/50 warehouse restructuring split that we entered into with KBC and also our credit rating. We almost lost our home.

I'm guessing (and its just a guess) is that you'll get a partial payment first and then the full calculation will be done, but as you restructured, they may leave your final calculation to the end.

Once that's done, you ask them to remove negative credit rating - that should be the easy part
 
That's great will you get a refund by cheque or will it go off your mortgage balance..what percentage of the overpayment will Be refunded ?
There's a thread on calculation - https://www.askaboutmoney.com/threads/calculating-the-refund-when-a-tracker-is-restored.189328/

Most of the overpaid amount is paid back to you as a cheque. Some comes off your mortgage as if you were on a different rate, your et balance would also be different, so you will see both a smaller balance due and a refund.

I think someone worked it out as an average 75% / 25% split. So if overpaid 50k, you'd get cheque of about €38k and mortgage reduces by 12k - figures would change depending on term of mortgage and other aspects
 
I'm guessing (and its just a guess) is that you'll get a partial payment first and then the full calculation will be done, but as you restructured, they may leave your final calculation to the end.

Once that's done, you ask them to remove negative credit rating - that should be the easy part

Thanks again for your reply and help peemac. We will just hold tight for the next few weeks and see how it pans out.
 
I rang last week and was told I am definitely impacted and a letter would be issued by end of January, just received a copy of my loan agreement today - I drew down in February 2008 on a fixed rate for 3 years then off to their variable rate thereafter
 
I rang last week and was told I am definitely impacted and a letter would be issued by end of January, just received a copy of my loan agreement today - I drew down in February 2008 on a fixed rate for 3 years then off to their variable rate thereafter
Hi Doyler1

My loan started feb 2008 also,

Could I ask you what the special condition says in your loan offer?

Just courious,
 
Sorry didn't realize AIB were dragging their heals too! I hope you get sorted soon as this is really turning into a nightmare for people as if they haven't been through enough already! Banks really are a showing their true colours but are we surprised
 
I rang last week and was told I am definitely impacted and a letter would be issued by end of January, just received a copy of my loan agreement today - I drew down in February 2008 on a fixed rate for 3 years then off to their variable rate thereafter

Does it read like this?

At expiry of the fixed rate period your loan will revert to IIB Home loan Renewal Rate, the IIB homeloan renewal rate is a variable rate and may be varied by the lender from time to time in line with general market conditions, any variation in the IIB home loan renewal rate shall be notified to the borrower by notice in writing served on the borrower.
 
Hi Rakitom, at expiry of the fixed rate your loan will revert to iib home loans variable rate which may vary from time to time

That's more or less it we came off into a variable of 4.85 I think, have you confirmed being impacted- at no point was a tracker offered to us so maybe this is why we are impacted?
 
Does it read like this?

At expiry of the fixed rate period your loan will revert to IIB Home loan Renewal Rate, the IIB homeloan renewal rate is a variable rate and may be varied by the lender from time to time in line with general market conditions, any variation in the IIB home loan renewal rate shall be notified to the borrower by notice in writing served on the borrower.
Yes exactly the same
 
Yes exactly the same
Hi doyler1

Letter attached.

Does yours read exactly the same,

We must be in the 650 mentioned in there public statement.
 

Attachments

  • 764B7394-B10F-40EF-9F6F-EAC7DB14F356.jpeg
    764B7394-B10F-40EF-9F6F-EAC7DB14F356.jpeg
    1.3 MB · Views: 303
Hi Rakitom,
I haven't received a letter yet I never got a chance to ring them today, hopefully might get something on Monday from them butv as assured my them last week I am impacted
 
Status
Not open for further replies.
Back
Top