The flyer expired in February 2008. So unless your application was made before the expiry, you can't use the flyer.Trackers where available up to 4 July 08. We drew down 12 June 08 on a fixed.
In relation to the Nov06 - Feb 08 time frame, who is to say that our broker didn't provide us with a copy of the flyer??
Peemac, your probably right.The flyer expired in February 2008. So unless your application was made before the expiry, you can't use the flyer.
If a broker told you it applied when it had been withdrawn by the bank, then the broker would have been at fault. Not the bank.
I think the comments from PJDCOL AND PEEMAC,I also have advice to everyone on this thread who are now looking for answers after receiving the letter like myself. Some of you didn't seem to know about your mortgage been impacted and I understand probably want answers right now. Unfortunately @peemac is correct and you have to simply WAIT. I have also been in a fight with KBC for 10 years on this topic, I also was involved with the FSO and I also was told I am basically an idiot for not understanding what I signed. I stopped letting this get to me years ago but I understand why people are now wanting answers straight away if you are only involved now.
You will need to wait until the end of March for some of you and end of June for others. There is no point in contacting the customer service team because they are not involved with your account yet.....it is Deloitte who tells the customer service team what to do for each individual account. Until that happens the customer service team can tell you nothing. Also there is no point anymore trying to understand or decide what is coming from these Oireachtas Finance Committee meetings as these are simply high level figures that really mean nothing to your personal account. The figures I know are shocking and create a headline but everyone's mortgage account is different and there is no point trying to dig into their comments.
I know its frustrating and is such a life changing scenario but unfortunately you need to wait a few more months and then decide what can be done for your personal account after this CB review is complete.
I think it would depend on how the prevailing interest rate is defined and the details in the contract.
If my case was as straight forward as you say would KBC not have stated that my case was not being considered?
If trackers were on offer at the time when someone was coming of a fixed rate and rolling to the prevailing rate I could see how there might be a case for arguing that a tracker should have been offered. It's hard to see why you are included unless KBC's interpretation of " prevailing " is different to my interpretation of it ! Maybe it's the case that if the prevailing rate at the start of the fixed term was a tracker that after the fixed term was up one could reasonably have expected to have been offered a tracker ? Seems extremely implausible but ultimately we'll have to wait and see.
Where does it say you will roll to the Standard Variable Ratejust found the KBC statement online:
. 1,907 mortgage accounts that converted from a tracker rate to another rate product post drawdown up to the period July 2008 are now identified as impacted.
Payment of redress and compensation for the customers identified more recently as impacted will commence in January 2018 and complete by the end of June 2018.
- c. 650 PDH (Private Dwelling Home) mortgage accounts are now also identified as impacted. These related to new mortgage applications in the period November 2006 to February 2008 that drew down their mortgage on a fixed rate with a roll off to a standard variable rate. While these customers were never on a tracker rate, KBC has decided to offer these PDH customers a tracker rate product if the account is still open.
apologies if I am going over old ground, KBC has decided to offer us a tracker even though we were to roll onto standard. so they are trying to say prevailing was standard but they are giving to us anyway??
No. I used that argument both with the FSO and my own legal advisors and both disagreed, but said in the absence of any definition, you "could" revert to a definition written in the mortgage document - that's where some are gettign the idea from.
Those on trackers had "REVERT to homeloan variable rate". The argument is that to evert to something you must be on that previously.
The flyer was to brokers signing new business. Brokers don't deal with anything once they sign you up, so the flyer would not be in play for you.
No - see above.
Sorry if its unpalatable, but you have to be realistic. Those being returned to tracker had an understanding due to either broker communication or because they were originally on a tracker that they would revert to a tacker rate when their fixed rate was up.
The main group were, for want of a better word, "coerced" by KBC to move from tracker to fixed though the sending of unsolicited fixed rate "special offers" that had a deadline of acceptance of about 10 days in the midst of banks (including KBC) warning of much higher rates and advising that fixed was the better option and in the height of holiday season. - Try gettig "independent advice", making a decision and ensuring a form is returned within 10 days in July. That was blatantly unfair and the CB had agreed and everyone in the group 100% deserve to be back on their trackers that they signed up to.
The second group are the infamous flyer group. KBC told brokers that from Nov. 6 all clients they bring to KBC (remember they had several options), would see those clients go to tracker at the end of the fixed rate they signed up to. That agreement was withdrawn in Feb 08. So mortgages that started on a fixed rate between Nov 2006 & Feb 2008 are in this group.
The common factor in both is both had a verifiable expectation in writing with a stated margin over ecb of a tracker after the fixed rate and without this, I would find it difficult to see how the CB can force a tracker to be offered.
Many of the second group never knew of this and have had very pleasant surprises and many of the first group had just accepted what the bank said and also have had very pleasant surprises. But many are hoping / convincing themselves they should be included, but will be, imo, disappointed.
.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?