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

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ask2017

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This time last year they provided a figure of €4.4 million which has only been released today so an indication as to how much they dug there heels in is they have now been pushed into having provide more than 12 times this amount.
 

PJDCol

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I really hope finally this a positive. But again I'm concerned about their comments from the results today:

"Payment of redress and compensation to tracker mortgage customers impacted and identified so far has commenced in November, and is ongoing"

Has anyone heard anything??? never mind been at the payment and redress stage.
 

Cushcam

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KBC would lose a lot of future business, if they were to continue dragging their heals with any Cohorts that Central bank deemed impacted, considering how BOI & AIB have recently used the tracker redress scandal as opportunities & defining moments in their customer centric journey!
 

PJDCol

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Spoke to them this morning - if you haven't heard anything yet then don't bother giving them a call because they still know nothing at the Tracker team. They again read from the sheet that it will be concluded by year end.

So I asked will you actually be sending people out the letters Christmas week if they are successful or not and the answer was maybe yes - unbelievable!
 

Sanparom

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I had 'after fixed term, prevailing variable rate will apply' (at that time the prevailing variable rate was the tracker!) in my contract. Asked about this. Told I wasn't part of review, but then I received another mail out of the blue to tell me that my account has not been determined to be in scope at this time but that they have not yet concluded phase 2 of the review, and they suggested that I contact them again in the New Year if I haven't heard from them!! Can anyone make any sense of this? Does it look like I'll be part of Phase 2 review?
 

demoivre

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I had 'after fixed term, prevailing variable rate will apply' (at that time the prevailing variable rate was the tracker!) in my contract. Asked about this. Told I wasn't part of review, but then I received another mail out of the blue to tell me that my account has not been determined to be in scope at this time but that they have not yet concluded phase 2 of the review, and they suggested that I contact them again in the New Year if I haven't heard from them!! Can anyone make any sense of this? Does it look like I'll be part of Phase 2 review?
Even if you are included in PHASE 2 will you accept the banks decision if they say you were not entitled to a tracker? I wouldn't.
 

ask2017

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Phase 2 is no longer the ideal body of work or project milestone that the CBI or others would have hoped, it has evolved and the cohorts that have not yet been dealt with may still be in phase 2 while others move to Phase 3 which has been the case industry wide in all banks.
 

PJDCol

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@Sanparom, Did you drawdown your mortgage and loan offer as fixed? I have friends in the same situation and they were also told they would not be in scope at this time of the review. I am looking at this for them and also submitted a complaint to the FSO for them. They have no further update but this may have changed in the last few weeks.
 

PJDCol

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@Sanparom, Did you drawdown your mortgage and loan offer as fixed? I have friends in the same situation and they were also told they would not be in scope at this time of the review. I am looking at this for them and also submitted a complaint to the FSO for them. They have no further update but this may have changed in the last few weeks.
 

Leighlinboy

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I dont want to be the merchant of doom here , it is good that they have stumped up that figure finally and publically ...and great for the 490 + 600 whoever they may be ... however

1. No new cases found , that means they are going with the figure they released in october , we guessed that the 2-600 would be restored else they wouldnt have reported it.
2. They have in their backside begun contacting anyone and its now the 16th , they are continuing to sit on this .
3. They are continuing to identify customers, but unlike boi havent found anymore in the interim

I think the figures are still 1000 light ?
 

Sanparom

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@Sanparom, Did you drawdown your mortgage and loan offer as fixed? I have friends in the same situation and they were also told they would not be in scope at this time of the review. I am looking at this for them and also submitted a complaint to the FSO for them. They have no further update but this may have changed in the last few weeks.
Thanks everyone. PJDCol, yes, I drew down in 2005 as fixed, but it stated in my contract when this term was up that I would go on to the prevailing variable rate (tracker). This did not happen. I have contacted Padraig Kissane who is going to look in to this for me. I just need to send him the paperwork.
 

PJDCol

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I still think its amazing that they continue to release all this data and figures but when you call their "expert" team they haven't got a clue. Someone in the bank must have this list hidden under their desk. I work in the industry and find this unbelievable.
 

PJDCol

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@Sanparom , if it is the same as my friends and if I remember it was condition 7 in the loan offer that specified this? Have you made a complaint to KBC or the FSO yet?

I have for both for my friends. First KBC rejected the claim of the variable rate. My friends even have a signed proposal letter from their broker stating that if they fix at drawdown that a tracker will be at available at the expiry. KBC said to them that this is the brokers problem for offering it them and it not signed by KBC. This was only a few months ago but again their stance may have changed since.

So we went to the FSO but they said they won't look into until after this CB examination is over.
 

Lightening

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Spoke to them this morning - if you haven't heard anything yet then don't bother giving them a call because they still know nothing at the Tracker team. They again read from the sheet that it will be concluded by year end.

So I asked will you actually be sending people out the letters Christmas week if they are successful or not and the answer was maybe yes - unbelievable!
So looks like no one will hear anything until December!! Possibly Xmas week! Absolute torture for most people in the KBC review they have they no idea what they are doing to people. And those that do not hear from them that are in the review what a miserable thing to be hanging over them at Xmas.Horrible!
 

DamC82

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100% agree, its beyond farcial.. if they worked like this on the front line they wouldnt be long in business.
That said, Ive always found KBC shabby to deal with right back to when we applied for our mortgage originally.

But the tracker review ' specialists' are ill informed stooges reading nonsense off a page, akin to an answering machine apologising ...absolutely infuriating .
If I wasnt concerned about my credit rating I would love to stop payments until I got some answers.
 

PJDCol

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I am not going to name anyone at KBC but for years I have dealt with someone on the legal team for both my case and for my friends. The pure ignorance of both their tone on the phone and their letters are that the customer is stupid and in the wrong. I suppose I can understand the stance from the legal team because it would be the legal department that would do up the contracts like letter of offers, etc. and don't want to admit they may have messed up but to take advantage the way they have is just horrible.
 

Lightening

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What do you mean by messed up? I can understand certain minor errors occur but where is the mess?

I also deal with someone on the tracker team who also has let's say a "certain superiorty tone" who speaks over you. I think they must be trained to act in this manner or else they are in these jobs because it suits their personalities.

Mind you I came across a book recently by Jon Ronson that confirms this "the psychopath test". Guess where most have their career path! Yes you guessed it The Bank.
 
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