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

Status
Not open for further replies.

Stitcher

Frequent Poster
Messages
156
There definitely seems to have been a shift, according to the business post article today and the radio debates.

There must be lots going on behind the scenes these days. It will be good to hear what the banks say this Thursday at the Oireachtas Finance Committee meeting.

Could some resolution finally be on the cards?
 

Stitcher

Frequent Poster
Messages
156
Leighlinboy,
I'll send photos of the Sbp to you privately as not sure I can post them here.

I thing that big changes are happening. Read deck 77 post in the issues about tracker posts - the one about PTSB discounted' trackers. He got a letter from PTSB on Friday saying "sorry for the error, here is your proper rate back and we will refund overpaid amount etc".

Thats the first time I have seen that.
My case is also one of not getting the right rate' after the discount period, but I switched bank. Am hopeful now that things are moving quickly. I want to hear now that I am considered impacted.
 

PJDCol

Frequent Poster
Messages
134
I see Wim Verbraeken confirmed KBC will make a statement later this week. I bet the statement will just confirm the a review of the people in scope is still ongoing blah blah blah....
 

Lightening

Frequent Poster
Messages
319
Well done Paraic on the 6 o'clock news this evening. Once again you led the charge on behalf of the people! however deeply concerned for the 13,000 already confirmed impacted who it appears now have a battle ahead! " The banks will try every means to remove those accounts from the option of getting their tracker back ! It will be debatable!!"

"The Atmosphere at the time, marketing material, promotionional material the STANDARD VARIABLE RATE this period" was the "TRACKER RATE"

KBC like the other banks are still resisting! NO CHANGE IN THE BANKS ATTITUDES. The resistance is all still there! "This evening":(

Padraic has made a lot of progress with AIB which is the only bank that seems to be cooperating.

"They have destroyed Their reputations

Their words are futile "the bank of you".. (mentions others)

"If there is any confusion there are laws in place since 1993 if there is any confusion the law favours the lessor party"

At least 26,000 accounts impacted and the scope widening!

"Ireland is now being looked on by the financial services industry. Their reputation in Ireland is being destroyed right at a time when Brexit is occurring. There is a lot of banks looking at coming into the country they are seeing what is going on here"

It's astonishing that the banks are threatening legal action against the Central Bank
 

Leighlinboy

Frequent Poster
Messages
122
Its been my worry since day one we might get left behind , hope this isnt the case , its 30,000 cases so majority havent been contacted let alone redressed . What is this clown making a statement later in week for ? The time for talking was today or at oireachtas committee over last few weeks ?!
 

Lightening

Frequent Poster
Messages
319
A quote from Fiona Reddan a short time ago;

Tracker scandal: How do I know if I’ve been impacted?


According to the Central Bank, some 60 per cent, or 7,800, of the 13,000 impacted mortgages have arisen because the borrowers were not offered a tracker rate when they should have been.

Customers of KBC Bank for example, were understood to have been promised that they could move onto trackers at the end of their fixed rate period.
 

grock1982

Frequent Poster
Messages
63
When we fixed our mortgage in mid 2008 the bank sent a change of rate notification letter to our solicitor, which inadvertently referred to our fixed rate as a tracker rate.
Under the consumer protection code, particularly sections 4.1 4.4 and 4.5, all information must be clear, accurate and concise. The method of presentation must not disguise, diminish or obscure important information.
Sections 6.6 and 6.7 deal specifically with any change in interest rate notification to a customer. Considering that kbc referred to our fixed rate as a tracker, I believe that we are entitled to it. Particularly when section 6.7 deals with tracker interest rates, kbc met all of the criteria outlined in the code which complies with a tracker product change of rate notification letter. If kbc dispute the tracker then they are in breach of the consumer protection code.

We have been included as part of the review.
 

demoivre

Frequent Poster
Messages
2,661
IMG_20171024_155756.jpg

Picked this from a Twitter post. Not sure why KBC aren't included but what the table clearly demonstrates is that the new CEO of BOI appears to have the same utter contempt for her customers as Boucher did !
 

DamC82

Frequent Poster
Messages
155
KBC only 490 customers affected ? Possibly another 200-600 As opposed to the other banks its very small numbers:(

Any idea what cohort they deem affected?
 

Leighlinboy

Frequent Poster
Messages
122
Yes they have a smaller number of trackers, but I thought there was 2000 involved, so possibly only 50% ?

The main question I have is have any of the 490 been contacted yet ? We would know what cohorts then .......

To go from 2/3 to possibly 1000+ is a start I suppose ?
 

Wonder

Registered User
Messages
45
What I want to know and others like me are we deemed impacted or not if they would just tell us. we could then use the financial ombudsman to pursue our case on our behalf.
 

Glitter

Registered User
Messages
5
We drew down our mortgage in Nov 2008, we fixed for 3 years. My letter of offer has the wording after the fixed rate term we roll onto "the lenders prevailing interest rate." No mention of ecb.
I rang KBC this morning and they told me I was NOT included in the review.
Where do I stand?
 

jonjesk

Registered User
Messages
19
Hi Glitter, read back through the thread there is some information regarding when trackers were withdrawn from the market, however my understanding is that the ambiguity is questionable, there are several cohorts in which you could fit into or not as the case may be and they could actually be telling you the truth but standard answer is you are not included. things to consider are if you were offered a tracker or not at any stage, what types of mortgage were available after the three years, sorry i am not of more help but im still getting to grips.
 

peemac

Frequent Poster
Messages
791
We drew down our mortgage in Nov 2008, we fixed for 3 years. My letter of offer has the wording after the fixed rate term we roll onto "the lenders prevailing interest rate." No mention of ecb.
I rang KBC this morning and they told me I was NOT included in the review.
Where do I stand?
No bank was giving trackers in Nov 2008. So there'd be no potential for your mortgage to go onto a rate that no longer existed when your mortgage started.
 

Glitter

Registered User
Messages
5
Thanks jonjesk -as it turns out when we came off our fixed rate in 2011 we were offered other fixed rates and this time is said after the term was up we would go onto the 'Lenders standard variable rate' very different to ' Lenders prevailing variable rate' in our letter of offer. I have been in touch kissane to review my documents so we will see what happens
 

Glitter

Registered User
Messages
5
Yes perhaps you are correct (most likely so) the term "Prevailing interest rate" just confuses me however -did this mean a standard variable rate? And if so why did they not say that in them exact words as in our following letter after our fix rate was over. It's just a bit confusing
 
Status
Not open for further replies.
Top