KBC KBC statement on tracker redress

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unfortunate said:
KBC fixed rate was 5.45% in Oct 07 so would a tracker have been better value for customer as ecb then was 3.25%.?? Yes it was. Should they have offered flyer terms outside of broker circle???? Don't know! Was it policy is a good question.
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That's just an opinion. "They are under no moral or legal obigation to offer any rates" - That is a direct quote from David Hall of the Irish Mortgage Holders Assoc.

In any case, the whole reason for the main cohort was that rates were increasing every 2/3 months and almost 3,000 moved from tracker to fixed around that time because the general feelign was that fixed offered better value.

You must put things in context of the time, and not in today's context. Some were saying ECB rates would go well above 5% - and then the world banking system collasped.
 
Point being that the bank will fix rates as it sees fit and if you reverse the rolls or circumstances they will go for higher option. You're sorted as far as I can make out and well done, and you have your opinion on clutching at straws etc, but some of us have questions for KBC, none of which are being satisfied. I think that over a month waiting for a response to questions is excessive for an account that isn't " in scope ".Surely if it isn't in scope an email would be easy to send confirming it.
 
unfortunate said:
Point being that the bank will fix rates as it sees fit and if you reverse the rolls or circumstances they will go for higher option. You're sorted as far as I can make out and well done, and you have your opinion on clutching at straws etc, but some of us have questions for KBC, none of which are being satisfied. I think that over a month waiting for a response to questions is excessive for an account that isn't " in scope ".Surely if it isn't in scope an email would be easy to send confirming it.
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Rates are in normal circumstances decided by the market. If your rates are too high, you get no business.

Back in 2006/2007 all the advice by all financial people including charlie weston, was to take a fixed rate. But no-one knew the crash was coming and trackers would go crashing out at the same time.

You're best to contact Padraic Kissane of Kissane Financial Services who is an expert on this and will give you far better and quicker answers than any person from KBC. [broken link removed]
His initial consultation is free and then if he thinks he can be of benefit there's a fee.
 
We all heard advice. However my gripe as well as others is why doesn't someone come out and confirm prevailing rate. Even pk on the news referred to it as a tracker. I'm not saying it is but there is a suspicion that it may have been related. So if it wasn't why are they so slow to say so. I can't get an answer on it. Its easy yes or no.
 
peemac said:
That's just an opinion. "They are under no moral or legal obigation to offer any rates" - That is a direct quote from David Hall of the Irish Mortgage Holders Assoc.
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Seems to fly in the face of the Consumer Protection Code, particularly 2.1 !

"A regulated entity must ensure that in all its dealings with customers and within the context of its authorisation it:

2.1 acts honestly, fairly and professionally in the best interests of its customers and the integrity of the market;
2.2 acts with due skill, care and diligence in the best interests of its customers;
2.3 does not recklessly, negligently or deliberately mislead a customer as to the real or perceived advantages or disadvantages of any product or service;
2.4 has and employs effectively the resources, policies and procedures, systems and control checks, including compliance checks, and staff training that are necessary for compliance with this Code;
2.5 seeks from its customers information relevant to the product or service requested;
2.6 makes full disclosure of all relevant material information, including all charges, in a way that seeks to inform the customer;
2.7 seeks to avoid conflicts of interest;
2.8 corrects errors and handles complaints speedily, efficiently and fairly;"
 
Like many kbc mortgage holders I opened a current account to avail of a 0.2% discount on the interest rate. I wonder if /when I'm returned to tracker will this discount continue?
 
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