Hi, looking for some advice please - Delighted to received my redress and compensation from KBC today. We drew down in 2006 on a tracker 0.95%, fixed 2007 for 2 years and rolled to variable in 2009. In 2013, we ran into arrears (ca 32k). These were capitalised in 2015 and we were put on a 50/50 warehouse split.
KBC have advised the total excess interest charged was 58k. All of this has been taken off our mortgage - half off active loan and half off warehouse. We also received 2 cheques, one for compensation at 20% and 650 for professional advice.
Naturally we are delighted with this outcome but I can't figure out why all the excess interest has been put off the balance. I understand we had arrears of 32k and these were capped in 2015. I rang KBC today to query and was told they put the mortgage balance back to the way it should have been had the error not occurred. Can anyone please give some more insight into this as I can't get my head around it all, thanks.
KBC have advised the total excess interest charged was 58k. All of this has been taken off our mortgage - half off active loan and half off warehouse. We also received 2 cheques, one for compensation at 20% and 650 for professional advice.
Naturally we are delighted with this outcome but I can't figure out why all the excess interest has been put off the balance. I understand we had arrears of 32k and these were capped in 2015. I rang KBC today to query and was told they put the mortgage balance back to the way it should have been had the error not occurred. Can anyone please give some more insight into this as I can't get my head around it all, thanks.