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

Discussion in 'Tracker Redress' started by PadKiss, 12 May 2016.

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  1. PJDCol

    PJDCol Frequent Poster

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    I am just saying that if a bank can make more money from people based on legal contracts then the legal department will always work for the favour of the bank. I have experienced it in my own work unrelated to mortgage accounts. The bank don't care who is behind the contract. Sure the FSO had already sided with the bank on the legal documentation in most cases prior to the tracker review. In our case they have clearly messed up the wording of the contracts by not clearly defining what tracker vs variable rate is. This is the legal departments fault.
     
  2. Cushcam

    Cushcam Registered User

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    A rough summary of these 22 pages ...

    Give me my money!
    "No"
    Give me my money!
    "No"
    Give me my money!
    "No"
    Give me my money!
    "No"
    I'm going to tell Ombudsman on you!
    "Don't care"
    Did you take this customers money?
    "no"
    Bank said no, move along please

    ......

    Hello Bank, Padraic Kissane here!
    "oh fcuk"
    Did you take this blokes money?
    "Em"
    Don't let me have to go to CB on yo ass!
    "Em"
    Hello Bank, Central governor here
    "Oh fcuk lads, what shall we do"
    Give this bloke back his money
    "let's just hold tight on this!
    I'm waiting ....
    I'm waiting ....
    I'm waiting ....
    I'm waiting ....
    GIVE THIS BLOKE BACK HIS MONEY or else .....
    Hello Bank, Leo Varandkar here ...
    "Shiite, We better own up here lads"
     
    Bronte, Stitcher, PadKiss and 5 others like this.
  3. Lightening

    Lightening Frequent Poster

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    Haha that gave me a good belly laugh!!
    I think we are starting to go a bit mad in the head waiting!!!
     
  4. Leacoo

    Leacoo Registered User

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    Hi we drew down 2 kbc mortgages in December 05 one a remortgage on our family home the other for a for aone-off investment house which we built in 06.
    We were never on a tracker always locked in to a rate or moved to svr.
    Unfortunately all our paperwork went missing when a tipperary based resolution company we were using was closed down by the central bank.
    Both mortgages were got through a broker is it possible brokers got paid more for getting people to lock in for a fixed term and staying on svr and not mentioning tracker rates?
     
  5. Cushcam

    Cushcam Registered User

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    Can't say I experienced that from broker used between 05 & 08. No doubt broker was on good commissions with various banks, but on the two occasions we used her, she recommended the best value tracker rate above ECB at the time
     
  6. Johen32

    Johen32 Registered User

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    25
    Last edited: 17 Nov 2017
    Hi all....totally clueless here but became interested in the thread. Trying to understand the situation for those who fixed from the beginning of their mortgage with kbc and then rolled onto variable rate. I understand there is a discussion re kbc variable rate actually being a tracker for a specific period....could you tell me what period this is? Also is the lenders prevailing variable rate referred to in the conditions kbc,s variable rate at time of signing contract or when fixed rate expires?
    Many thanks
     
    Last edited: 17 Nov 2017
  7. Bronte

    Bronte Frequent Poster

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    While I liked it, it made me sad to think of all the borrowers in dire straights over the years on here.
     
  8. mccoypat94

    mccoypat94 Frequent Poster

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    Your paperwork is still available from Kbc and I'm sure your solicitor. I got my whole file in a week from Kbc
     
  9. Lightening

    Lightening Frequent Poster

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    @Bronte
    Yes I understand where you are coming from.

    Believe me we have been to hell and back ourselves to the lowest point and I'm not going to go into that but it's a sad and desperate situation.

    We can hear the frustration and anxiety that this situation is causing to everyone myself included.

    While suffering all this anxiety and stress while "waiting" I laughed because the banks have been caught out and I think Cushcam referring only to the banks, (and not this affected) portrayed this in a way that broke that stress and anxiety for a while at least by making me laugh for a few seconds which believe me is rare in the current situation.
     
  10. Leacoo

    Leacoo Registered User

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    OK thanks for your advice I was talking to kbc yesterday got the under review response. They sent me a letter yesterday offering ltv rates if I get the house valued by one of there accessors I'm sure all accountant holders are getting these now.
     
  11. Johen32

    Johen32 Registered User

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    Any advise anyone
     
  12. peemac

    peemac Frequent Poster

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    You need to give more info.

    Year it was taken out. (most important)

    Was it originally a "tracker" mortgage? or say xx% above ECB Refi rate?
     
  13. Johen32

    Johen32 Registered User

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    Last edited: 17 Nov 2017
    @peemac
    Apologies im asking for an older relative of mine so didnt have all info.
    They recieved loan offer on 22nd december 2005 and began to draw down and bulid from the beginning of 2006.
    They went with a fixed rate from the begining for 36 months and it states at the expiry of the fixed rate period the lenders prevailing variable rate will apply. No mention of tracker.
    I would not have thought they would be included in the review until i spoke to some people and began to read up on line re the variable rate at that time actually being the tracker rate and also about the flyer sent out to brokers on 2006??
    All highly unlikely to effect them but no harm in getting your opinion.
    Many thanks
     
    Last edited: 17 Nov 2017
  14. Lightening

    Lightening Frequent Poster

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    @Johen32

    Have you asked KBC are they in the review? If not why not!
    we know about post the communication to brokers but prior to that I think Padraic Kissane would be the expert on this. Send the contracts to him for inspection he does not charge for the initial advice and only asks a fee if he deems they have a case.
     
  15. Johen32

    Johen32 Registered User

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    @Lightening
    We have just started to look into this and are pretty clueless...as there is no mention of tracker we don't really know what the other criteria is....to question kbcs decision to not include them in review!
    Are we in the correct date range in relation to when kbc variable was tracker?
    Also...
    Many thanks
     
  16. Lightening

    Lightening Frequent Poster

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    @Johen32
    They didn't use the word "tracker" in their contracts. I can understand why you are "clueless" this is part of the problem with KBCs contracts at that time. They didn't mention Standard Variable Rate either until end 2008 or later!

    As I suggested already contact Padraic Kissane. Take it from there.
     
  17. Johen32

    Johen32 Registered User

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  18. Johen32

    Johen32 Registered User

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    @Lightening its 150 for padraic to review documents.....as they really cant afford this is there really any point when the word tracker or ecb % is not mentioned?
    Appreciate your view
    Many thanks
     
  19. Lightening

    Lightening Frequent Poster

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    They are probably inundated with similar requests. I think you should ask KBC are you in the review! See What response you get.
     
  20. Johen32

    Johen32 Registered User

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    @Lightening we are not in review unfortunately so maybe best to leave it!
     
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