KBC KBC statement on tracker redress

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Hi

One more question.

If I’m offered a tracker rate, does that put me in the refund and compensation group, in your opinion.

There was something that I noticed in my fixed agreement. “In line with general market conditions” this is the phrase the Millers challenged Danske Bank on, the court over ruled the OMBUDSMAN View of this phrase because the Ombudsman’s office was trying to interpret contract law.

However the Ombudsman and Danske appealed the court ruling and the millers lost.

Michael Mcgrath is trying to pass a bill to give the CB more powers to force lenders to limit variable rates. The CB said it didn’t want the powers.

But if the banks don’t play ball I think Mrs Roland will probably use these powers when they become legal.

The banks have option 1 sort the trackers, or option 2 put a limit on interest charged at a variable rate.

Just a little exter waffle, my facts might be totally correct, so feel free to correct.
 
Lightening said:
As far as I can see you will be offered a tracker. However at what rate! That's the question.
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It sure is... time will only tell .. I fear they will pull a stroke here and do what AIB have done with a high tracker rate
 
Lightening,In light of what you have said here. Do you reckon that we have any chance of a tracker. We signed contract for fixed rate in may 08. T+C stated roll over to prevailing rate, special conditions stated lenders homeloans renewal rate. Bearing in mind iib didn't withdraw the tracker product until July 08.
Presently we are still in scope
 
grock1982 said:
Lightening,In light of what you have said here. Do you reckon that we have any chance of a tracker. We signed contract for fixed rate in may 08. T+C stated roll over to prevailing rate, special conditions stated lenders homeloans renewal rate. Bearing in mind iib didn't withdraw the tracker product until July 08.
Presently we are still in scope
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Grock1982

I am not sure why KBC have put the limit at February 2008 and suggest you contact Padraic Kissane
 
Rakitom said:
The funny thing,

In the last two weeks, Un the last month KBC Naas was ringing me to help reduce my variable rate which was a 4.25%

I have to use a KBC listed valuer, LTV below 90%,

I’ve just agreed a new fixed rate for 3 years @ 3.3% and availed of the .2% discount for opening a KBC current account.

The new rate is 3.1% APRC I THINK IS AT 3.55

I wonder will this have and bearing on weather I will be offered a tracker rate? If I’m to be offered a tracker rate at all.

Just a comment Derville Rowland is the main reason these boys are now starting to move.

Your comment on the 650 PHDs what is thecreadon they are offering the tracker, or do you know.

I am expecting to hear from KBC by 5th Jan.

This is a direct quote from ther lettervto me.

“We write to provide you with an update on the progress of your interest rate complaint with KBC BANK IRELAND, and can advise that our review of this matter is ongoing.

We will be in contact as soon as possible but in any event by 5th Jan 2018

The rest is just contact details of the person dealing with my case.

It is signed

Tracker Morthuage Examination
Dedicated Team

There is a persons name probably not a good idea to post here.
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If the adjustment on the account has not kicked in yet get it in writing that it will not affect the tracker review outcome.

If you are entitled to the tracker you will receive redress etc.

Re the 650 PDH this is the broker communication + wording in contract = tracker.

I also suggest you get in touch with Padraic Kissane next week
 
Thanks lightening, I will wait till the review of our account is completed and hopefully the result will be good. If not I will contact padraic kissane at that point.
 
Thanks Lightening.

I have written to the Tracker Mortgage Examination Contact in my letter with your suggestion.

I have contacted Padric previously but haven’t managed to get my paperwork to him as of yet.

I will follow up next week.

Thanks again. This a great forum
 
Ladies and gentlemen,

In relation to trackers with the wording "prevailing tracker rate" people should examine the definition of what "prevailing rate" actually means. If tracker rates are discontinued by a financial institution, then the tracker rate can no longer be considered "prevailing." In my humble opinion, the only margin above the ECB rate that a Financial Institution can possibly charge its customers, when they revert from a fixed rate to a tracker rate, is it's last publicly quoted tracker margins before that trackers rate discontinuance ( ie the date at which the entity ceased to offer tracker rates to new customers or variable rate customers), to attempt to do anything else falls foul of transparency requirements within contractual terms for consumers. Just my opinion.
 
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I believe our account has to be in the 690 PDH
I don't like the mention of a 'tracker product '.. are we going to be offered a AIB style 3.75 'tracker rate' ?
 
Only indicator is that they doubled the redress figure they had set aside . The redress isnt going to be very much if they are going to offer 3.67% tracker rate ? Or am i being naive .


If only one of the people that received their tracker back from kbc could share their story on one of the threads.

This time next month we will know of they are playing ball and giving a correct “tracker product “
 
Hi Lightning and others, I think you got your PHD info from the URL below.

For others to view,

I think you might be correct, I should qualify as I drew down my loan on FEB 29th, knowing my luck they won’t take into account the leap year date of the 29th, just checked the date again to be sure.

Yes it would be good if a beneficiary of the redress did post here.

The 3.75 would not be acceptable to anyone, the current ECB rate is zero.

I think the best they might hope to get away with is about 1.5 above the ECB rate. To make this go away. And then to leave mit the civil actions that will follow.

My best guess is that all redress receipents will be bound by a non disclosure agreement, and a waver on a civil action against the bank. so the redress payouts will cover two things and all will be quite substantial.

Banks don’t like neguitive press, and the longer this drags on the more hurt there business get.

I would be supervised if KBC rebrands after this sorry mess. Is always a part of a companies reinvention of its image.

Here’s hoping

c. 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.
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.
 
I'm still confused as to whether I have a case at all.

Drew down in May 2005. Fixed. Meant to 'revert to prevailing variable rate' at end of fixed rate term. This didn't happen. But are they only applying this rule to people who took out mortgages after '06? That doesn't make sense to me and I'd like to know why.

I've been in touch with KBC. Got email about 6 weeks ago to say I wasn't impacted and then another one a week or so later to say that they were looking at Phase 2 and if I hadn't heard from them by the New Year to contact them. Does this mean anything??
 
If you dont make it on this tracker you may get it in the next big issue facing the banks. In
My opinion the next one could be even bigger

Crunch time is coming for the Central Bank. Legislation the regulators do not want, designed to tackle the great mortgage rip-off, is on the way.

The new law, which will give the Central Bank the power to cap mortgage interest rates, could be enacted by the summer.

The legislative cap is desperately needed because there is a market failure at the moment. Variable mortgage rates here are almost twice those charged in the rest of the eurozone.

This means a typical borrower in this country is paying €200 a month more than someone in Germany or France for a €300,000 mortgage. Borrowers are also being fleeced on fixed rates.

Regulators and banks should now start to worry as the Central Bank (Variable Rate Mortgages) Bill, promoted by Fianna Fáil's Michael McGrath, has cleared one of its big hurdles.
 
Rakitom said:
The new law, which will give the Central Bank the power to cap mortgage interest rates, could be enacted by the summer.

The legislative cap is desperately needed because there is a market failure at the moment. Variable mortgage rates here are almost twice those charged in the rest of the eurozone.

This means a typical borrower in this country is paying €200 a month more than someone in Germany or France for a €300,000 mortgage. Borrowers are also being fleeced on fixed rates.

Regulators and banks should now start to worry as the Central Bank (Variable Rate Mortgages) Bill, promoted by Fianna Fáil's Michael McGrath, has cleared one of its big hurdles.
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That will not ever come.

Despite the fact that Irish rates are quite a bit higher than Germany / France, there have been no German or French banks looking to open here. Why?

In Germany and France if you stop paying your mortgage the banks will reposess very quickly, usually start the process within 3 months and have youi out on your ear well within 6 months.

There are no pussy footing politicvians involved or teams of part-time wannabe lawyers giving false information like here.

Whether its good or bad for the consumer is debateable, but the Irish system is diabolical in that people can refuse to pay their mortgage and play a game of cat and mouse for 3,4,5,6 years.

And GUESS who pays for the defaulters????

NOT the banks - YOU and ME in higher interest rates.

Get fast track repossessions on people who do not pay their mortgages and do not come to an arrangement with their bank and you'll have more international banks offering mortgages and lower rates - but until then we will pay more because it costs more for the banks.

As for FF - I USED to support them, but they change policy as often as the weather and are interested only in what publicity / news headlines a poliucy can get. the fact that the policy is off the wall and has zero chance of success makes no difference.
 
Peemac

It’s difficult to argue with what you say.

But the hypotheses you put so well has one flaw. The higher SVR is a direct result of the Banks reckless lending.

Again the BANKS worked together (CARTEL LIKE) and decided that as a result of Tracker loans being not commercially viable they kept the SVR high to offset losses.

We are looking at people who lost there homes because of Tracker fraud by the banks.

How many people have lost there homes because of higher SVR, the banks owen contract says “in line with general market conditions” the bank has interpreted and exploited this line as, if we are loosing in the left hand (tracker loans) then the right hand (SVR) can pay.

Again this is a blatant breach of trust as any customer taking an (SVR) rightfully expects the rate to fall and rise in line with general market conditions) not to be paying for the banks wreckless business dealings.

The fact that banks have not been able to repossess people’s homes in a shorter period is more down to the banks. The banks decided with the goveronment that it was better to push the issue down the road rather than having a bank volt full of worthless deeds.

As the market has improved this strategy has frustrated there efforts to reposs those who could pay but didn’t. And those that couldn’t.

Who’s to say if the (SVR) had of operated properly less people would have found themselves in trouble.

I my self have 2 loans Tracker 1.1% and SVR 4.5% neither of which are in trouble but I’ve had no life for the last decade because of the 4.5% fix on my loan even though the ECB rate is now @ 0%

I guarantee you this will happen. And it’s only a matter of time.

And the banks will be squirming again.

My personal opinion is, the Irish Banks and the European banks that made this cheep money available to borrowers are to blame for the mess and the Irish tax payer should not have bailed out a commercial enterprise.

But the strong arming of Johclaud Trichie sent us up the creek without a paddle, with no blame on the European banks.

And law is an ass, it’s illegal to wrecklesley borrow, but not an offence to wrecklesley lend.
The banks had a friend in Mick Noonan, but that period of sweetheart deals is over.

The banks have it coming and deserve all of what’s happening and coming.

And FF are a shallow political party.
 
Is there redress for loans sold to vulture funds.

Someone asked me that question Irish nationwide loans.
 
@Rakitom

Why has not one new mortgage lender opened in the Irish market in the last 5 years when an obvious strong recovery was taking place.

Many looked at it, but not one could see how a profit could be made due to the way many people can take out a mortgage and then play a game of non payment for years.
 
peemac said:
@Rakitom

Why has not one new mortgage lender opened in the Irish market in the last 5 years when an obvious strong recovery was taking place.

Many looked at it, but not one could see how a profit could be made due to the way many people can take out a mortgage and then play a game of non payment for years.
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I actually think they did want to come but the club here is too cosy!!
 
@Rakitom

So I give a different opinion and you Assume I'm in the banking industry.

This isn't "boards" where people throw insults

Happy Christmas
 
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