# KBC took my tracker as part of an interest-only agreement?



## Aisling1 (23 Oct 2017)

Hintgere first time poster so forgive me if people have asked already but  I am wondering am I one of those affected by the tracker fiasco. I took out my mortgage in2006 in 2010 I went on 6 months interest only as was on maternity leave . When I returned to full payment they had taken my tracker , I wrote to kbc and appealed but when they replied they said that in the interest only agreement I had agreed to coming off my tracker . I thought this was very unfair and now in light of recent events am wondering, any advise welcome !


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## SaySomething (23 Oct 2017)

You probably are impacted. Write to the bank and ask them to confirm.


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## Aisling1 (23 Oct 2017)

Thanks very much , will do !


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## justo (23 Oct 2017)

Aisling1 said:


> Hintgere first time poster so forgive me if people have asked already but  I am wondering am I one of those affected by the tracker fiasco. I took out my mortgage in2006 in 2010 I went on 6 months interest only as was on maternity leave . When I returned to full payment they had taken my tracker , I wrote to kbc and appealed but when they replied they said that in the interest only agreement I had agreed to coming off my tracker . I thought this was very unfair and now in light of recent events am wondering, any advise welcome !



You could start the ball rolling by locating all the original documentation (i.e. the loan agreement) and/ or request same from KBC (under Freedom of Information if necessary) and giving it a close reading. Good luck.


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## Aisling1 (23 Oct 2017)

Ok thanks , I emailed their tracker investigation team asking them to look into it , but I just do t trust them. Could I ask for the information and bring to a financial advisor do you think ?


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## justo (23 Oct 2017)

Aisling1 said:


> Ok thanks , I emailed their tracker investigation team asking them to look into it , but I just do t trust them. Could I ask for the information and bring to a financial advisor do you think ?



Deffo. You are entitled to your file from the bank under FOI (details on how to do this elsewhere on this site). Financial advisor Padraic Kissane is probably the most prominent on this topic, but there are others.


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## Mauritius (23 Oct 2017)

Aisling, you need to up the pressure on KBC. They have huge issues focusing! Tell them you are expecting your tracker back. Write to them every month requesting an update. Certainly, get your file and look closely at what happened around that period and what is in writing. Was is 2008/ 2009?  KBC took my tracker in January 2009 when I asked for a 12 month extension to my period of interest only even though I was very up front with them and told them couldn't afford the full interest and capital payments. I asked for a year.... They didn't return the tracker after the 12 month period even though the document I signed (regretfully but very coerced into signing) didn't state it was a permanent move to SVR. Imagine using some one's financial hardship to make their financial situation infinitely more difficult. They are one of the worst.  They have blanked my most recent letters. Not even telling anyone if they are impacted or not at this stage is a form of mental torture. They are in a suspended state of "admit nothing" but they will very soon have to come clean. Tell them you are expecting and demanding your tracker is returned. Use firm language and don't be afraid of them. They are bullies.


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## Aisling1 (23 Oct 2017)

Ok thanks a million ! I'm going to contact him as I'm really unsure of this process


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## Brendan Burgess (23 Oct 2017)

Hi Aisling

Other than writing to KBC, you don't need to do anything further at this stage. 

Making a restructuring conditional on giving up one's tracker was banned by the Mortgage Arrears Code. Unfortunately, this was in 2010, so KBC were theoretically within their rights to do it back then. 

However, they will be under severe pressure from the Central Bank to put cases like yours back on tracker.  

So write to them. And also set out your case to the Central Bank. This will encourage them to put even more pressure on KBC. 

Would you be prepared to speak publicly about this? This would also put pressure on KBC.

Brendan


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## Aisling1 (23 Oct 2017)

Can I ask have you tried to pursue your case down other avenues or is it just via kbc ?


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## Mauritius (23 Oct 2017)

Brendan, this is very interesting. I didn't know this specific date. Thanks. - 
"Making a restructuring conditional on giving up one's tracker was banned by the Mortgage Arrears Code. Unfortunately, this was in 2010, so KBC were theoretically within their rights to do it back then. 

However, they will be under severe pressure from the Central Bank to put cases like yours back on tracker."


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## Aisling1 (23 Oct 2017)

Hi Brendan
Thanks for your reply , do you know when in 2010 this was bought in ? I know I went interest only in March 2010.
I'm unsure about speaking publicly at the moment , however I will definitely write to the bank and the central bank to look at my case , and my revisit once I have my facts .


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## Delidisco (23 Oct 2017)

Hi there,
Where might I stand in all of this?
Ptsb customer, mortgage start date May 2008.
As per special condition no.6 on my mortgage contract... " on expiry of the fixed period and without affecting the entitlement of the applicant to apply at any time to fix the rate for a further period (If available), the interest rate applicable to the loan will be the then current ptsb tracker mortgage rate...."
   In May 2009 I received a letter outlining options available, it also stated that failure to reply would result in the tracker variable rate being applied.
  The only information accompanying this letter was a list of rates as follows:
Tracker variable rate 3.5%
LTV variable rate 3.3%
2 year fixed rate 5.25%
5 year fixed rate 5.75%
7 year fixed rate 6.1%
10 year fixed rate 6.1%
As I received this letter with only several days to go until expiry of fixed rate(time only for 1 very unhelpful meeting in my ptsb branch) and by it's wording alone I took the LTV option. 
 My query is thus...
Why was I sent an options letter at all?
 It deliberately mislead me and made me fearful of a tracker mortgage.


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## Brendan Burgess (23 Oct 2017)

Aisling1 said:


> I know I went interest only in March 2010.



It was after that. It was as a result of a suggestion I made to the Financial Regulator through the Expert Group on Mortgage Arrears which met in the summer of 2010. 

Brendan


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## Brendan Burgess (23 Oct 2017)

https://www.centralbank.ie/docs/def...duct/31-gns-4-2-7-1-january-2011.pdf?sfvrsn=4

1 Jan 2011 unfortunately.


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## Aisling1 (23 Oct 2017)

Thanks Brendan


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