KBC KBC statement on tracker redress

Status
Not open for further replies.
emailed kbc 2 weeks ago got no reply, phoned them today and was told 'as yet you have not been confirmed as impacted but investigations are still ongoing'
"when do you expect to be completed" he replied 'by the end of march' so i dont know yet if im impacted which i believed was always going to be not clear as i was never on a tracker, even so it looks like KBC still dragging their feet, dealing with the clear cut cases, where they have no choice, and trying to work around any that they dispute fall into any of the cohorts, i wont hold my breath.
 
Would it be fair to say that most if not all of the success stories on this thread to date relate to the 650 PDH scenario .... (drew down on fixed Nov 06 - Feb 08)

Trying to get an idea of what way they have approached it to date .

I drew down on variable 06 , switched to tracker ( which said lifetime of mortage) then when rates rocketed fixed in april 07 for 5 years , (reverting to svr)

Wondering is there anyone in that cohort on the thread and have they been impacted . Padraic said it was a small cohort at the meeting .

Guessing there are a few more letters to go out , as the new cases discovered figures were pretty high .
 
Drew down 06. Fixed in May O8 for 2 years. In May 2010 tracker was removed and since then either fixed or variable only on offer. Letter of offer says 1.1 above ECB rate for life of mortgage. Got letter dates 5th Jan saying inscipe And impacted phoned Advise line but they have no further updates as they waiting on advise from Deloitte.
 
Without jumping ahead or getting too hopeful , what stages do they have to go through ?

The letter says Deloitte carries out the review, so are they also involved in calculation of overpayment / the correct rates etc ?

With so little information I think it will be a matter of waiting until the next update.
 
I was looking at this forum last night and i decided to call KBC today. I signed contracts in march 2006 and drew down on mortgage in august 2006 for a 3 year fixed and prevailing variable rate on expiry. I was put through to the tracker department dealing with this issue and I was informed that I am being considered and will be contacted by the end of March if I am effected. I didn't originally think I would have a chance but there must be something there if they didn't rule it out immediately.
 
KBC have a tracker help line manned by KBC. KBC will tell you it’s out of there hands and as the letter stated In scope and May be impacted and is being dealt with KBC cannot tell u if u are or are not. They will repeat what’s in the letter that they hope to have it resolved by March. In saying that I reckon there will be further communication from KBC by end March outlining where they are at in relation to u being impacted or not and if so how they will address things.
 
Its fair to say its being shockingly poorly handled by KBC, I called their helpline yesterday and its no exageration to say I would have got more satifaction from Santa Claus.

I asked the represntative why they can announce numbers in the press statement yet are unable to confirm if an indiviual account is within this cohort. Its makes zero sense. The advisor literally had no answer to that. She sounded as browned off as I did
 
Last edited:
No margin set mentioned. It just states 3 year fixed rate applies at the end of the "Special Conditions" page
 
Hi all, we got a letter from KBC last week also. We drew down our mortgage in 2004, initially on a fixed rate for 1 year. My recollection is that when we came off we were told Variable was the only rate available (aside from fixing again). I was pretty unhappy about it but accepted that was all that was on offer and we weren't eligible for a tracker. I can't find our original agreement but we went through a broker. Any ideas which cohort that puts me in? We have some tough financial times during the recession but always managed with the mortgage...and looked on enviously at those on trackers!!!
 
That's an interesting one. You signed before infamous flyer too. I emailed KBC mid December ....still no reply. And of course no info from phone staff.
 
Jackie, if you go to KBC website and the latest news section, the press release from December gives some info about affected accounts.
Sorry I can’t post the link here.
 
Thanks MC. I did have a look at that December statement and don't seem to fit into either of two new cohorts...but got the letter saying I am in the impacted group so I suppose that's the main thing.
 
Bryan140 said:
I was looking at this forum last night and i decided to call KBC today. I signed contracts in march 2006 and drew down on mortgage in august 2006 for a 3 year fixed and prevailing variable rate on expiry. I was put through to the tracker department dealing with this issue and I was informed that I am being considered and will be contacted by the end of March if I am effected. I didn't originally think I would have a chance but there must be something there if they didn't rule it out immediately.
Click to expand...

Were KBC still offering trackers in July 2009 ie at the end of your fixed period ?
 
Any guesses as to how KBC will weight up against other banks, in terms of the compensation offered. I don't know why Central Bank didn't mandate a default compensation for this scandal across the industry, obviously before each individual decides to appeal for further compensation beyond this. My own feeling is that KBC are the least customer centric of all the banks, and don't seem to keen on turning over a new leaf in that regard, like BOI have done, so it'll be the minimum 10% I assume
 
I was promised a call back yesterday but didn't receive it so I called again today. My query was that having received the letter to say I'm part of a group that's considered impacted how come my interest rate hasn't been rectified immediately which is the first step the bank is obliged to make according to the central bank. The guy I spoke to today said there seems to be confusion around the letter and that it only means you might be impacted. Obviously I challenged him on this and said it clearly states I'm in a group considered impacted. This was met with awkward silence. When I pushed him he just repeated that a full review hasn't taken place yet and I might not be impacted. When I asked why I got a letter so he said they were required to give an update in January. I said I'd have to refer this to the fso and again he stayed silent until I hung up.
Shambolic customer service tbh
 
There's a lot of misunderstanding here.

If you have a letter - the letter clearly states that you are considered as "impacted"

In their press release they clearly state that those deemed impacted will be returned to a tracker rate and overpayments will be refunded and this will start from end of January.

Its all in black and white. I can't see any confusion whatsoever except for thsoe who do not have the letter.

I'll say that if you received a letter that clearly states that they consider you impacted, then you will soon be back on your tracker and have a refund


Here's their own press release

Update on Additional Customers Accounts Identified as Impacted
In our October statement KBC had anticipated that an additional 200-600 accounts would be identified as impacted.

The Bank is now confirming that this number has increased and as a result of further review, a group of c. 2,557 mortgage accounts are now identified as impacted for a variety of reasons. These accounts will be moved back to a tracker rate, if the account is still open, and they will receive redress and compensation:
  • 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.
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.


Above matches the wording/style of the letter. You've been identified as being impacted. You'll be returned to your tracker and you'll be getting a nice cheque from us. - Its said through gritted teeth, but its there in writing.

As I've said earlier. I'm fighting them almost 10 years on this. I have every press release/annual report/advert. I have had 100% faith in the CB review and I still see no reason to make contact with them and based on their letter and press release I'm 100% confident of receivign a large refund and being back on tracker.

So if you have the letter, no need to call them, just wait for the next letter. Calling them will not speed anything up. And look forward to a nice refund and lower monthly payments for the rest of your mortgage
 
Status
Not open for further replies.
Back
Top