KBC KBC told brokers" all fixed rate loans will roll onto trackers on expiry"

Status
Not open for further replies.
Anyone take any crumbs of comfort from
Todays CB update in the KBC context ?
Looks as though there is a tonne of work still to be done , why all the breathing room they have been given.
One of the 4 scenarios , where tracker was great given for lifetime of mortgage looked familiar .....
 
Can you expand more Leighlin? I had quite a long conversation on the phone with KBC today and for the first time I thought they were a lot more forthcoming
 
Niall Morris said:
Can you expand more Leighlin? I had quite a long conversation on the phone with KBC today and for the first time I thought they were a lot more forthcoming
Click to expand...
In what way were they more forthcoming? Did it suggest that they will have an imminent announcement?

One thing that would concern me is that the report mentions that the CB code of conduct 2006 was used in the investigation and this only came into effect on Aug 1st 2006 and majority of kbc rate fixes were March to July 2006.
 
Sure NiallMorris page 18 outlines 4 scenarios which are in the scope of investgation (3.tranparency of documentation e.g prevailing rate svr , 4. Other documentation e.g that famous flier ).... nothing new but they could cover a lot of the kbc cases people on this thread have raised . But theres nothing concrete in any of them....

Interested to hear what they said to you must call them monday !
 
Hi Leighlinboy....I understand that KBC have complete phase two which includes identification of impacted customers. The CBI communication notes that 9900 customers across all banks have been identified to date with 90 percent of these customers having the interest rates on their accounts rectified on a forward basis. On this basis, can we assume if kbc has not rectified your interest rate to date it is very likely that you have not been identified by kbc as an impacted customer. As I fall into this category, is my only hope at this stage that the CBI will challenge kbc as to how it identified impacted customers.?
 
Thanks Lightening.....perhaps the term "completed" may be misleading.

KBC wrote to me towards the end of last year advising that it had communicated the outcome of its review to the Central bank. Consistent with my earlier post, I think it can be assumed that if your interest rate has not yet been rectified, you are unlikely to have been identified by kbc to date as an impacted customer. Notwithstanding this, I acknowledge that there is likely substantive ongoing engagement with the Central bank and kbc regarding the adequacy of the kbc review.
 
If thats the case Sligolive then KBC will have gotten out of this with just a handful of people being restored ?!
The papers make out that theres thousands of letters to be yet sent out, always thought that was somewhat misleading ....

If they are deliberately kicking can down the road then redress should be doubled!

Really wish there was an lender by lender update, presumed kbc were last at every stage of this so far
 
Kbc bank have verbally stated to me very recently they are still in phase two. They are way behind the other banks in this process and am fully confident they have not even began to write to impacted customers yet. They have admitted to a handful of cases but I believe this was nothing more than a well timed publicity stunt ahead of Mr Verbraekens statement re the banks position in Ireland in February. On the tracker isske Mr Verbraeken said "the bank has reached out to a "certain number" of its customers who may have been affected by overcharging issues where banks wrongly prevented people from reverting to their tracker rates after they had fixed their home loans". I understand this "certain number" was a handful of cases. In my own case there are similarities with the PTSB cases. KBC are no different to PTSB, UB,AIB, BOI and the rest. As soon as they commence contacting impacted people things will become clearer.
 
I was speaking to KBC a few days ago. They were more forthcoming than before. All telephone staff are instructed to say very little! He said a batch of letters to impacted customers went out at the end of January. Another batch went out at the end of February. He didn't know when the next would be going out but they are obliged to have contacted all impacted customers before September 2017. There are a large or significant number of KBC cases. They will have to follow the same procedures as the other banks and he was very clear to me that, if I am an impacted customer, I will be in a very good position as my account will be set back to when the tracker was taken, which means all arrears are wiped. I wouldn't assume that, because you haven't heard anything, it's not happening for you. They are still in Phase 2 and still only beginning to contact "impacted customers". They might be starting with the more straightforward cases and moving finally through the more complex ones to those who lost their homes.
 
Just a quick question that I'd love answered....the letter that was released that was to the brokers from iib homeloans now kbc that states their tracker mortgage that they offered that was for the lifetime of the loan. Is that not enough to warrant getting tracker back??
 
I honestly dont believe that letter will make a jot of difference to anybodies case.
I fixed in Jan 2007, and TBH I couldnt swear that the flyer in question ever came into the conversation. It was an internal circular, I dont believe it ever was advertised in the press?
 
@gavin77,DamC82 I presume the flyer is the one regarding "all fixed to roll to tracker"....discussed previously.
The flyer was not an internal document but circulated to brokers who in turn discussed with clients. Therefore if the decision to fix was influenced by the flyer than it certainly does come into play.
 
Very difficult to argue/ prove if it had influence or not, especially decade later , surely its the small print on the contract that will decide.

I hope im wrong as it would benefit me hugely, but Im just not seeing it..
 
Phoned kbc today they said they are still communicating with the central bank regarding phase 1 and phase 2 and have until September to do so. Looks like it's a long wait.
 
@DamC82. Regarding the flyer. I disagree! it is what it is. IIB did not deal with the public directly and the flyer is important. Perhaps not in your particular case but others based their decision on fixing because of it. Each case is different.
 
I agree and weather or not you based your decision to fix on it the fact of the matter is it was that product that they sold to the brokers and that product that we bought off the brokers.
 
Have KBC commented on that flyer? Does anyboy know if it will be taken into consideration in the review?
 
Kbc and comment don't go in the same sentence they haven't commented on anything. I emailed padraig kissanne yesterday asking that question.
 
Status
Not open for further replies.
Back
Top