Discussion in 'Issues with tracker mortgages' started by PadKiss, May 12, 2016.
Interesting read, any cause for optimism on the trackr review on the back of this?
I was hoping the fine was for dragging their heels in relation to not addressing tracker review and missing all the deadlines :-( my understanding is they have sent their findings back to the bank , and its now up to CB to see what they think?! so in theory they cant be contacting people until this piece has been done. Really need CB to give an update on this .
My hope is that it doesn't mean they will drag out the tracker review even further because they will have provision and pay for this fine.
They broke the code of lending to related parties which is governed by the CB 18 times!!! This more tells us how they act.
I think we are in the same position?
Our loan was underwritten as tracker then we fixed before drawdown. We asked that a "fixed period be applied to the loan". KBC issued amended fixed rate loan offer.
As a previous post, before we received the cheque KBC wrote to the solicitor referring/quoting the original loan offer (tracker) and stating the fixed rate had now changed, please inform your
No where in the loan offers original or fixed does it mention the word 'Standard', only lenders prevailing rate. Nor does it mention the word 'tracker'. On the front page of the loan offer it states 'variable" on the 'tracker' and "fixed for .... mths" on the fixed.
It is interesting to note that on the special conditions of the original loan offer (tracker) there is an advisory;
As of the date of this letter of offer monthly payments of interest only for the first 5 years will be... and will vary in line with movements in the lender's Variable Rate prevailing from time to time.
A further advisory states, the interest rate applicable to the loan identified on page 1 of the letter of offer is a variable interest rate and may vary upwards or downwards.
The interest rate shall be no more than 0.95% above the prevailing European Central Bank Main Refinancing Operations Minimum Bid Rate.
I note with the recent fine announced yesterday that the CB found;
" It found a lack of awareness by staff across three separate divisions, a gap in training processes and procedural weaknesses.
Based on KBC CEO "substantive engagement" comments this morning, it would be fair to surmise that KBC have reported to the Central Bank that it is "clean" re its trackers and it now expects some challenge from the Central Bank..... the saga continues .......
"Meanwhile, Mr Verbraeken said the bank has “fully collaborated” with the Central Bank’s review of mortgage lenders where borrowers have been wrongly moved off European Central Bank tracker rates. KBC made its most recent submission at the end of September.
“We are now waiting for substantive engagement with the Central Bank on this,” he said."
Yes I got a letter from KBC confirming that they had submitted their review to the Central Bank at the end of September.
Judging by the letter I got from KBC a few years ago on this topic they very much believe they have done nothing wrong so this was fully expected for me. I guess it is in the Central Bank's court now. As you say the saga continues.
On another note, I was refused a tracker from KBC as I was one day late signing the forms as I was unable to walk due to medical condition. Had large Commercial property loans but never missed or delayed. Now the entire is been looked at as they are worried that the Ombudsman might find in my favour.
Difference is around €80 k in overcharging.
Has anyone contacted the Central Bank directly asking them when they expect to reply to KBC's redress programme?
I see AIB have already released their compensation package details while the likes of KBC and Ulster Bank have done nothing.
Central Bank will not engage directly with consumers. An update is expected this week though.
Its frustrating, but these things just take time due to the complexities and legalities surrounding them.
update in the independent today, unfortunately it is not allowing me to put the link up here
Thanks TheBarall, can see it on the other tracker threads now . The piece sounds very positive but very little meat and bones as regards the KBC case ,it also saysthere were 1000 kbc cases , were there not far more than this ?! It amazes how i can follow this so closely and at times not have a clue whats happening. Would this indicate kbc said here you go we are clean , and the CB said you are clearly not !? Had false dawns before with independent articles so not getting any hopes up yet ....
Yes KBC are letting no information out.
The way I am looking at it now is the person who sits beside me in work was returned to tracker in AIB (also due the compensation) and I have talked about her documentation. She was returned for the simple reason that she wasn't ffered the tracker as advertised by AIB at the end of fixed period. This is exactly what KBC did and we even have copies of their fliers advertising this. I hope that AIB have set the president for this and it should all be done in due course. So frustrating having to wait though.
Well if the others are sending out letters with compensation details in next few weeks, surely KBC can't continue to be so far behind . That report said 1000 kbc customers , it was estimated 2500 at the time of the flyer going public . I think that article had nothing new and was just a very positive spin/summary of what's happened in the last 3 months , no mention of the offers of trackers as high as the existing variable rates etc . Hope it all leads to positive outcome and not more stalling tactics by kbc ! Here's hoping
KBC dont seem to be in any hurry thats for sure , no Oireachtas committee meeting to give them a kick in relation to a litany of issues, dragging their heels on tracker review being one , they seem to be getting flak on practically every thread here. Surely their body of work is small in comparison to the others .
The Irish Times reports today that kbc will advise its plans for staying in / leaving the Irish market on Feb .9 when it publishes its 2016 results. It will be interesting to see if a provision will be referred to regarding tracker issues.
The answer that they gave last time for not making any provision was that they didn want to preempt the outcome of the invesigation. With the wriggle room the latest CB update has given i wonder will they do the same again ?!
Most recent update i got is that the examination is in phase II and with the Central Bank. When will they admit culpability .
Just rang for an update , they will be in contact in the immediate term ie before January 31st , and if nothing heard by then customers are to contact bank .
Looks to be a change in the scripted answer anyway , wonder if Padraic has any update or insight ?
That's great thanks for the update.
I have friends who have been dealing with the team especially set up for the Tracker Review and they continuously are of no help. They never got a letter from KBC confirming that are part of the review and so sent in a complaint providing them will all the evidence that they should back in November. They have since contacted them by phone and they again confirmed they are not in the review list and yet KBC would not send a letter out or even an email to confirm this. The whole process is embarrassing for the bank at this stage. How can banks who seem to have thousands more people impacted have their reviews already done.
The impending KBC update sounds promising. It is clear that the Central Bank are very keen to be seen to resolve matters and that KBC fell short of CPC disclosure standards and other requirements.
Anyone had anything back from Kbc ? Some letters sent out last friday ?!
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