Hi Johen32
Could I ask was a document missing from the copy? Or was some of the wording in the replacement documents omitted, Or edited.
This would be a serious ethics breach if the replacement was altered. Not to mention an illegal act by alteration to a contract document.
I would contact the bank and ask for a written confirmation that the copy document you have recently is an exact copy of the original.
In a case of Tort law, KBC. coukd declare it was a clerical error. But not if you ask them to clarify verbally or in writing. If it’s a verbal confirmation get the name of the person on the other end of the phone. And then ask if there supervisor could concur.
As for your first part don’t know the answer, but think you should be covered on part 1 of the flyer. Because the Discounted Variable Rate was discontinued from 8th November 2006, so what else was there to roll onto on expiry of your fixed rate on dec 2008.
But saying this there where no trackers available in Dec 2008. Yours is an unusual timing.
Good advice re the documents! Await to hear clarification from Johen32 if KBC have altered his original contract and will be interesting to hear what the replacement roll off wording is!!
Re last comment and kbcs statement
"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"
This cohort had a commitment to roll to tracker from the outset because of the communication to brokers. The fact that KBC pulled the plug on trackers mid 2008 Didn't change that which is why they are applying the cut off dates. (It's from when you applied and drew down on a fixed counts)
If I broke early from my fixed rate KBC should still have offered the tracker. At the end of the fixed rate KBC should have offered the tracker.
Likewise the 571 customers that were returned to tracker 2010. No tracker product at that time either but they had their commitment in their original documents and material/environment surrounding the product available at time of drawdown.
This cohort has not been fully revealed by KBC but I believe they were fixed from outset and rolled to the lender's prevailing variable rate.
The first statement KBC made last week October re numbers affected (which rose dramatically December) made no mention of cohorts. The cohorts affected are not as concrete as other banks. This seems to be a degree of chopping and changing of cohorts here.
This gives a picture that the numbers affected by KBC are going to rise further.
