Did you have a previous offer of a tracker? Then drew down on a fixed?
KBC KBC statement on tracker redress
- Thread starter LadyHB
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Did you have a previous offer of a tracker? Then drew down on a fixed?
The first correspondence I have on file says the following on June 11 2008:
We refer to the above and in particular to the Variable rates condition of our Letter of Offer dated 28/05/2008 to negotiating the Loan Cheque, we would be obliged if you could advise the Borrower, that their variable rate has changed to 5.65%.
From what I can see I was never offered a tracker loan. I started on a variable. I’m sending my documents to Padraig Kissane when I get my DTR.
We refer to the above and in particular to the Variable rates condition of our Letter of Offer dated 28/05/2008 to negotiating the Loan Cheque, we would be obliged if you could advise the Borrower, that their variable rate has changed to 5.65%.
From what I can see I was never offered a tracker loan. I started on a variable. I’m sending my documents to Padraig Kissane when I get my DTR.
Lightening
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@grock1982 and Tolkaboy
I don't believe at all that these letters were sent in error. In actual fact this wording (varied depending on product) was used by IIB/KBC when the rate increased from time of the original letter of offer and the drawdown date.
Perhaps in Tolkaboys case they were pulling the plug on the tracker but Padraic Kissane having the experience of seen many contracts by KBC and correspondence from the bank will know by the rates quoted etc so suggest to contact his office.
Definitely not an error as I have seen similar and the info quoted is relative to those individual accounts.
I don't believe at all that these letters were sent in error. In actual fact this wording (varied depending on product) was used by IIB/KBC when the rate increased from time of the original letter of offer and the drawdown date.
Perhaps in Tolkaboys case they were pulling the plug on the tracker but Padraic Kissane having the experience of seen many contracts by KBC and correspondence from the bank will know by the rates quoted etc so suggest to contact his office.
Definitely not an error as I have seen similar and the info quoted is relative to those individual accounts.
Lightening
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@grock1982
There are only a few KBC account holders on AAM. Several have referred to them. That's a good percentage. Multiply that by number of accounts holders 2006,2007, 2008 and I believe there would be many more.
Suggest you forward it to Padraic Kissane.
There are only a few KBC account holders on AAM. Several have referred to them. That's a good percentage. Multiply that by number of accounts holders 2006,2007, 2008 and I believe there would be many more.
Suggest you forward it to Padraic Kissane.
Hi Darn40
I think you are in the same boat as the rest of us.
The wording of your contract and how it is being interpreted by KBC! and the CBs instructions to KBC to review their fixed rate and former tracker customers!
As lightening says, hopfully the flood gates will open shortly, as people get offers and what category they are.
We all have skin in the game, the key is At what point will Dervela Roland be happy with KBCs efforts.
The advantage for the potentially affected customers of KBC is this bank has been the most deceptive, the board of the CB has slammed its excuitive officers for damaging the reputation of the CB.
AN EXAMPLE WILL HAVE TO BE MADE OF ONE OF THE BANKS HOPFULLY IT WILL BE KBC AND THE UNDERHANDED WAY IT HAS BEEN DEALING WITH ITS CUSTOMERS.
I think you are in the same boat as the rest of us.
The wording of your contract and how it is being interpreted by KBC! and the CBs instructions to KBC to review their fixed rate and former tracker customers!
As lightening says, hopfully the flood gates will open shortly, as people get offers and what category they are.
We all have skin in the game, the key is At what point will Dervela Roland be happy with KBCs efforts.
The advantage for the potentially affected customers of KBC is this bank has been the most deceptive, the board of the CB has slammed its excuitive officers for damaging the reputation of the CB.
AN EXAMPLE WILL HAVE TO BE MADE OF ONE OF THE BANKS HOPFULLY IT WILL BE KBC AND THE UNDERHANDED WAY IT HAS BEEN DEALING WITH ITS CUSTOMERS.
Darn40
I don’t know, I’m feb 2008 and I don’t know either.
All indications suggest I’m part of the 650 cohort.
But only time will tell.
The November flyer suggests that all fixed rates that expire will revert to a tracker. Is all about interpretation.
You started your fixed rate before nov 2006 but it expired after this flyer so in theory you are in.
It does not say all fixed rates from the date of the flyer that expire.
It does say the new product is available from November 8th.
It’s about semantics and interpretation,
So who knows yet there is still more plays in this saga,
I don’t know, I’m feb 2008 and I don’t know either.
All indications suggest I’m part of the 650 cohort.
But only time will tell.
The November flyer suggests that all fixed rates that expire will revert to a tracker. Is all about interpretation.
You started your fixed rate before nov 2006 but it expired after this flyer so in theory you are in.
It does not say all fixed rates from the date of the flyer that expire.
It does say the new product is available from November 8th.
It’s about semantics and interpretation,
So who knows yet there is still more plays in this saga,
Attachments
Darn40
The more I read the flyer.
It’s in two parts.
Part 1) fantastic news. All fixed rate customers will roll onto an Tracker.
150k>= 1.24 %
150k< = 1.40%
Part 2) new tracker product 0.9% from November 8th 2006
I’m guessing you are part 1. Depending on how much you borrowed.
And loans after 8th Nov 2006 could be between 1 & 2,
If you borrowed 500k or not you are in part 2, if LTV is less than 80% then you are in part 2.
Otherwise you can argue you are part of part 1.
That’s what my limited brain is reading. There are two separate offerings here.
Not sure if others agree.
The more I read the flyer.
It’s in two parts.
Part 1) fantastic news. All fixed rate customers will roll onto an Tracker.
150k>= 1.24 %
150k< = 1.40%
Part 2) new tracker product 0.9% from November 8th 2006
I’m guessing you are part 1. Depending on how much you borrowed.
And loans after 8th Nov 2006 could be between 1 & 2,
If you borrowed 500k or not you are in part 2, if LTV is less than 80% then you are in part 2.
Otherwise you can argue you are part of part 1.
That’s what my limited brain is reading. There are two separate offerings here.
Not sure if others agree.
Lightening
Registered User
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Hi DamC82
Forgive me but the guy on the bus came to mind! The ad was bang on!
And believe me I have come a long way in the last few years !
It's the margin above the ECB. Eg; Roll off rate is .90pc above ECB (today ECB is at zero percent) only for loans greather than 500k ltv less than 80pc.
This is the second fixed rate offer on the communication to brokers.
The first fixed rate offer is for all fixed from drawdown (post Nov 07 2006) above 150k roll off is 1.25
Below 150k roll off is 1.40 above ECB.
Hi lightening,
Not sure if I’m getting it right.
But the first part of the flyer just indicates fixed to rollover to tracker, Should this not be supported bubtge fact they discontinued the discounted variable rate.
I think this is the question a lot of posters are interested in.
Seems to me the new product started on 8th nov 2008,
And all fixed should role to a tracker because the Discounted variable was discontinued 8th nov 2008.
Therefore people on fixed at the time of the flyer had no other option but to role onto a tracker as there was no discounted variable available from 8th nov 2008,
I’m sure I’ve made this sound confusing, it’s my opinion that’s all. It does not count for much.
Not sure if I’m getting it right.
But the first part of the flyer just indicates fixed to rollover to tracker, Should this not be supported bubtge fact they discontinued the discounted variable rate.
I think this is the question a lot of posters are interested in.
Seems to me the new product started on 8th nov 2008,
And all fixed should role to a tracker because the Discounted variable was discontinued 8th nov 2008.
Therefore people on fixed at the time of the flyer had no other option but to role onto a tracker as there was no discounted variable available from 8th nov 2008,
I’m sure I’ve made this sound confusing, it’s my opinion that’s all. It does not count for much.
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