KBC KBC: Tracker vs Variable Rate

peemac

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648
Today's article in indo by Charlie Weston that UB are under investigation by CB, would suggest that KBC will be investigated similarly to UB on code of conduct issues for all fixed rate instructions issued since August 2006 when the 2006 code of conduct came into effect.

The hopeful side of me would say that all fixed rate instructions issued after August 4th that did not comply with code of conduct will be reversed first.

Those who fixed before this, may have to sit it out longer.

If it all works out, Phillip Lane will be top of my Christmas card list :)

I have been told by a barrister that it is very promising.
 
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peemac

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648
I still have not heard or seen anything about KBC. I spoke again to their customer relations management but they also have heard nothing. They asked if I wanted to lodge another complaint about them not replying but that is probably irrelevant at this stage.
There is no possibility of anyone in kbc giving any information whatever and customer relationship people will just give a pr answer

Something like this is serious and as kbc have shareholders I would guess any such news would have to be made public rather than as a conversation to a customer.

I would not be bothered contacting them. Allow the investigation run its course - that's where 100% if the hope is and its the only place you'll get a final answer
 

raglan

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75
We ended up fixing from a tracker with KBC before august 2006, think it was July. We were very naive and green at that time regarding this issue and didn't realise we were loosing our tracker by doing so. Do you think because we fixed in July 2006 before the code of conduct came in that it will go against us or will even be looked at if they are going by when the code of conduct came in , in August 2006. Also, should we stay with KBC until this issue resolved fully as we are tempted to move with all the different offers that are around now for switching?
 

peemac

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648
We ended up fixing from a tracker with KBC before august 2006, think it was July. We were very naive and green at that time regarding this issue and didn't realise we were loosing our tracker by doing so. Do you think because we fixed in July 2006 before the code of conduct came in that it will go against us or will even be looked at if they are going by when the code of conduct came in , in August 2006. Also, should we stay with KBC until this issue resolved fully as we are tempted to move with all the different offers that are around now for switching?
For the sake of a few months I'd stay - I just reckon the August+ ones will be dealt with first, but both the paperwork and the tiny timeframe given to avail of "special rates"- in some cases just 7 working days from time of receipt of fixed rate instruction to deadline is just unreasonable and probably in in breach of the previous code of conduct.
 

Gerry Canning

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Hi P...maybe the recently announced Central Bank review of practices across all banks regarding tracker products might bring some hope of justice to the thousands of mortgage holders who have been shafted by the banks.
If you follow Central Bank over the years can I suggest ;

1.Stop thinking Central Bank has consumers interest @ heart .
2. Even a cursory look @ central banks antics over the years ,show they are against you .
3. like most wafflers they appear to be on your side .
4. If they were any good Padraic Kissane (consumer champion ) would be redundant !
 

peemac

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648
If you follow Central Bank over the years can I suggest ;

1.Stop thinking Central Bank has consumers interest @ heart .
2. Even a cursory look @ central banks antics over the years ,show they are against you .
3. like most wafflers they appear to be on your side .
4. If they were any good Padraic Kissane (consumer champion ) would be redundant !
If you followed how the new head of the central bank has operated since he took over just a few months ago and the very distinct change in attitude to how the consumer must be treated and how the consumer SHOULD have been treated in the past, you'd have a lot of hope.
 

Sligolive

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58
Yes...I think the emphasis may be moving from protecting the banks at whatever cost to now protecting consumers. While this is welcomed,it has taken a lot of time and pain to get to this stage.
 

PJDCol

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134
I will still be very surprised if anything happens, and if any hope emerges of something that might happen then it will be a further extremely long and painful process. With my last contact with KBC they briefly mentioned to me that there is a difference between the recent cases won (PTSB, etc) and KBC so they have obviously been informed in some way and are going to fight it. Also KBC had their first quarter earning release this morning and no mention of it, unlike with say AIB who have provisioned for it.
 

peemac

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648
I will still be very surprised if anything happens, and if any hope emerges of something that might happen then it will be a further extremely long and painful process. With my last contact with KBC they briefly mentioned to me that there is a difference between the recent cases won (PTSB, etc) and KBC so they have obviously been informed in some way and are going to fight it. Also KBC had their first quarter earning release this morning and no mention of it, unlike with say AIB who have provisioned for it.
KBC are a belgian bank and therefore would not mention anything in what is effectively a PR release. In the overall scheme of things, if say the amount was €25m for KBC it would not aterially affect the overall financial outlook of its parent company, so it would not need o eb provisioned for as a specific item.

Yes, there is a big difference between PTSB and KBC, but the central bank review is nothing to do with the PTSB case either.
 

sheahanm

Registered User
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5
Hi all
Rte News tonight at 9 o clock Breaking news on KBC and the Tracker mortgage issue. Sorry for the late notice Padraic
Hi Padraic,

My wife has a loan with KBC since 2006.
She was fixed for the period of June 2006 to June 2007 and fixed agin until 2010.

The loan was a standard variable loan, but as she was fixed in 2006, was she intended to be offered tracker in light of the letter in 2006 to brokers?

Regards,
M
 
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Leighlinboy

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116
I mailed them just to even see if I could get confirmation that I was to be included in the central bank review, received letter stating that my mortgage is being considered as part of this , review won't be concluded before sept 30th and they will issue and communications in due course that are required as part of the review .
 

sheahanm

Registered User
Messages
5
I mailed them just to even see if I could get confirmation that I was to be included in the central bank review, received letter stating that my mortgage is being considered as part of this , review won't be concluded before sept 30th and they will issue and communications in due course that are required as part of the review .

Hi what type of loan were on?

Do we contact them and ask is she part of the central bank review?

Regards,
M
 

peemac

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Messages
648
Hi Padraic,

My wife has a loan with KBC since 2006.
She was fixed for the period of June 2006 to June 2007 and fixed agin until 2010.

The loan was a standard variable loan, but as she was fixed in 2006, was she intended to be offered tracker in light of the letter in 2006 to brokers?

Regards,
M
It would be very unusual for a standard variable rate loan to be offered in 2006. Possibly it was a Variable rate loan in line with ECB refi rate?

I'd be checking all documents and if it was done through a broker and they are still about, talk to them.
 

Leighlinboy

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116
I was on tracker fixed in 2007 came off in 2012 onto SVR.
It was a pretty standard response I got, but up until a few weeks ago there was barely an admittance that they were even part of the process. I emailed CustomerServices@kbc.ie and had a written response in 2 days
 

sheahanm

Registered User
Messages
5
Thanks a million for that.

I will check my documentation and contact the broker.

Here's hoping.
 
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