KBC statement on tracker redress

Discussion in 'Tracker Redress' started by LadyHB, Oct 25, 2017.

Thread Status:
Not open for further replies.
  1. grock1982

    grock1982 Frequent Poster

    Posts:
    63
    My special conditions read the exact same as this. I started on fixed June 08. I'm in scope, so hopefully should be deemed impacted.
     
  2. doyler1

    doyler1 Frequent Poster

    Posts:
    50
    Yes grock I reckon you will be impacted this is only the start of it and there will be a lot more too!
     
    grock1982 likes this.
  3. grock1982

    grock1982 Frequent Poster

    Posts:
    63
    I'm outside the Feb 08 deadline, but hoping that il be included in the next batch.
    Trackers where available in June 08, but in a limited capacity, totally gone by 04 July 08.
    Consider my rollover t+c are the same as doyler1 and rakitom, it appears that a precedent has been set.
     
  4. Rakitom

    Rakitom Frequent Poster

    Posts:
    103
    When I made my complaint to KBC NOV 2017,

    I informed them I had the original documents and all appendices from Broker.

    I had the brockers name, he was the director of the brokerage and I also had a second persons name from the brockerage I felt with that persons name should be also on there records.

    I also called KBC on expiry of my fixed rate to request I be put on a tracker back in 2011/12. THIS WOULD BE ON THERE PHONE RECORDS.

    unless this has a bearing on my case. But am more enclosed to run with lightenings theory I part of the 650 publicly released by KBC.
     
    Lightening likes this.
  5. peemac

    peemac Frequent Poster

    Posts:
    499
    @Rakitom
    You got the letter. It states you are impacted.

    Just allow some time.

    Remember, the central bank pushed this and kbc finally added all of us in mid Dec.

    Allow for Christmas holidays and the fact that before mid Dec they did not consider us as impacted, and its about 3,000 accounts they now have to work figures for.

    Working the figures is not easy - overpaid interest, plus interest on that, plus calculation of how overpayment meant higher mortgage amount that interest was calculated on. And that's the simple ones!

    It will take several weeks.

    But if you have the letter and there's nothing unusual on your account, my opinion is you'll be on tracker and have a refund soon.

    After NINE years and three months (in my case) a few more weeks is a walk in the park.
     
    bowser and Rakitom like this.
  6. Darn40

    Darn40 Frequent Poster

    Posts:
    65
    @Sanparom
    @Johen32
    Did either of you ever talk to Padraic kissane about your situation, our situation seems to be similarly it might be a good idea for us what do you think
     
  7. Sanparom

    Sanparom Frequent Poster

    Posts:
    93
    I emailed him documents, but I haven't heard back yet. Must email them to him.
     
  8. Sanparom

    Sanparom Frequent Poster

    Posts:
    93
    ETA, must post them I meant!!
     
  9. Darn40

    Darn40 Frequent Poster

    Posts:
    65
    @Sanparom
    I suppose he is busy with all this at the moment, but would be interesting to know his view on it.
    I sent him a email so just waiting on reply.
    I also sent a email to tracker review team got a automatic reply to say they had received it and they are replying to the majority within 72 hours so next week hopefully
     
    Sanparom likes this.
  10. peemac

    peemac Frequent Poster

    Posts:
    499
    I wouldn't be overly optimistic unless you applied for the mortgage in Feb 08 or before.

    I'm guessing that the Nov 06 - Feb 08 dates are dates covered by the flyer to brokers and a new communication was sent to them in Feb 08. the Central Bank seems to have accepted these dates too.

    If you started on a fixed rate after this (even if trackers were available) and you have no written communication about a tracker either in any conditions within the mortgage document or something like the infamous flyer, I'd find it very difficult to see how the Central Bank could insist these customers could be included.

    So far, in every case in every bank, there is something in writing or implied in some written form that a "tracker" or a rate at "xx% over ECB" applies at some stage to your mortgage. Without this, I just can't see where the bank can be told to give a rate that formed no part of any communication.
     
  11. grock1982

    grock1982 Frequent Poster

    Posts:
    63
    Peemac,
    Thanks for your thoughts. This is the full situation with our account.

    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.
     
  12. bowser

    bowser Registered User

    Posts:
    23
    Hi
    We are pretty similar. Drew down in 2006 on tracker with 0.95% ECB condition for term of mortgage in loan offer. We fixed 2 parts in 2007 for 2 years and left 1 part tracker. Reviewed our mortgage statement again and it looks like in 2009 we decided to fix 2 parts again for 2 years as we weren't offered a tracker, only fixed and variable options offered to us. We fixed again as this was the best option then. No way would we have fixed again if we knew tracker was still an option. We have been on standard variable since 2011.
    Does anyone have an opinion if the redress will include the period from 2009-2011 (when we fixed again without being offered our tracker as an option) or will it just be the period of 2011 onwards when we rolled to standard variable. In my opinion, we should have rolled to tracker in 2009 as this is in our loan offer and the tracker rate repayment should have been communicated to us in our roll off letter of 2009 and not the standard variable rate repayment.
    Thanks.
     
  13. Lightening

    Lightening Frequent Poster

    Posts:
    324
    Grock1982
    Get your documents to Padraic Kissane. He will know re the February 2008 deadline.Give his office a call and they will put you in the right direction.
     
  14. grock1982

    grock1982 Frequent Poster

    Posts:
    63
    Thanks lightening, I think I'll have to contact padraic at this stage.
     
    Lightening likes this.
  15. DamC82

    DamC82 Frequent Poster

    Posts:
    158
    Has anybody post Nov 2006 -Feb 2008 received a letter?
     
  16. grock1982

    grock1982 Frequent Poster

    Posts:
    63
    I'd be very interested in finding this out as well.
     
  17. IdesofMarch

    IdesofMarch Frequent Poster

    Posts:
    312
    No, there are three, Ulster bank (including first active), KBC, and EBS.
     
  18. unfortunate

    unfortunate Frequent Poster

    Posts:
    118
    Does anyone have a definitive explanation of "lenders prevailing variable rate". Is there a glossary of terms that were in use from 2005 - 2007 to be found. Did I read somewhere that padkiss said on news that it was? Or am I wrong?
     
  19. Rakitom

    Rakitom Frequent Poster

    Posts:
    103
    Hi Unfortunate

    I see you have got no reply from the forum.

    Perhaps that’s your answer.

    I think the term must be explained differently by each bank.

    AIB’s understand is the prevailing rate was the rate offered when the mortgage was drawn down,

    KBCs understanding of the prevailing rate was that it revered to the rate available on expiry of the fixed term, the CB obviously won this arguement in KBCs case.

    But KBCs was tied to the informous flyer.

    The problem the banks have is, no matter what’s dictionary you look at the wort prevailing means, before the current time. Or some point in history. Not the future.

    The disclaimer by most instructions that covers most eventualities is, previous performance does not guarentee future performance.

    In the case of Mortgage contracts, and fixed rates in particular, the banks inverted this caviat because a fixed rate is normally a discounted rate. So the banks wish to revert you to a higher rate on expiration of the fixed term. (There Bad)

    In my case my fixed term was 4.99% for 3 years fixed but the prevailing rate was 5.99% Tracker Variable in 2008.

    It’s a bit like the crash, the banks did not see a situation of zero interest rate, they did not see there cost of borrowing higher than that of what they had set in tracker contracts.

    So they decided to work on what was best for them at the time. However if the ECB rate had of moved to 7.5% the bank would have stuck every fixed rate on expiration to a tracker of 8.5% approx and higher in some cases.

    So again it’s all contract interpretation, and the banks decided to view all contracts in there favour. This will be there undoing.

    As stated before, when the tracker scam is finished it will be the Variable rate scam next. And I can tell you the banks are nervous about the current situation.

    The only challenge to this thus far was the Millers v Danske Bank. Ombudsman rules in favour of bank, Miller’s appealed high court said ombudsman remit was not to interpret contract law, and both Danske and Ombudsman appealed.

    This was never brought to the ECJ, but I’m sure it will be in the future. I was willing to start a fund me campaign for the millers at the time. I contacted there solicitor at the time but got no response.

    And the term challenge then was current market conditions this was interpreted very narrowly in the Irish context not a European context.

    So in my opinion lost more to see here. And when interest rates rise the banks will be watched very closely, if they raise SVR, this will go to the ECJ I have no doubt.

    The banks can’t only operate in one direction.

    That’s my penny’s worth as long winded as it is.

    I’m still on for the go fund me campaign, if every person who gets redress puts in for the SVR Scam the banks will have a dump on themselves.

    We all know what it’s like to be screwed so those left behind deserve some support from the Tracker winners.

    Let’s see if there is a mood for this type of action on this forum.
     
    Lightening likes this.
  20. Qwerty123

    Qwerty123 Registered User

    Posts:
    40
    After receiving the letter last week to say I'm in the group considered impacted I emailed back to clarify what my rate of interest would now be seeing as there was no mention of same in the letter. Having not received a reply in over a week I rang today asking the same question and quoting the central bank line that customers deemed impacted should have the correct rate applied immediately to 'avoid further detriment.' The girl I spoke to said my rate hadn't been changed and she would need to speak to her superior and would call me back this evening. I didn't hear back yet but will be very interested to hear the response
     
Thread Status:
Not open for further replies.