In my complaint I ask for the correspondent they send to the brokers ,they replied with they issued it to the brokers at that time and they are not issuing it on a case to case bases. They also said i was outside the flyer date by 6 days and my Broker hadn't stated clearly that I was to roll on to a tracker as it wasn't ticked on the application form. Then they went on to say that I was only entitled to a standard rate after my fixed rate expired.when in fact the words STANDARD Variable rate is never mention once on my loan offer letter. Leaving my emotion out of it, Its a very poor response on their behalf.
Firstly, I have no doubt it was a poor response on their behalf - I have seen enough of responses from them over the years to form that opinion. However, you need to look through the detail of it and determine where your case rests ....
1. They are not issuing the "broker correspondence to individual customers" - ok, I have no idea why they would not do this given they were explicit about dates. I think this needs to be addressed via a clear question coming from an Oireachtas finance committee member requesting that this communication be issued for the 'end date' to be accepted by the Finance Committee. I suggest you write to each member of the committee, and ask this simple question off them. It also might be useful to get onto
@Brendan Burgess as he does personally know a number of them and may be able to get this raised. This should be done in advance of the next time KBC are in front of the committee, so there is no reason why they cannot answer it on the day
NOTE - if this is the primary basis of your complaint/case, and the communication is released showing their dates to be correct, your case is immediately dead in the water. I think you are better off trying to get access to this in advance of your FSO case so you can adjust your case according to the response
2. Have you a copy of your application form? Does it show any mention of a tracker there by your broker? What correspondence has your broker been able to provide you to state they asked for a tracker on expiry of the fixed term? I am guessing your broker is saying it was discussed verbally, but nothing in writing [I cannot remember if you have stated this in previous posts as there have been a fair few at this stage]. You need to think of this as "why KBC should be putting you on a tracker", rather than the discussions you had with the broker that they may not be aware of. If everything is verbal, it will be difficult to prove
3. I have said a number of times on a number of different threads that people need to let go the discussion on standard variable rate. It is irrelevant whether it appears on the mortgage contract or not. There are two types of rates open for discussion here - variable rate and tracker rate. If you cannot prove you were to return to a tracker rate, then the default is back to variable rate. Whether KBC call this SVR, LVR, MVR or Mickey Mouse Variable Rate - if its not a tracker rate, its their variable rate. While I personally don't agree with non-tracker variable rates at all, and believe they should be baselined on something - that's not the way that mortgages work in Ireland.
You need to show you were entitled to a tracker rate - otherwise they are right, you should have rolled onto a variable one.
If memory serves me right, all of these contracts state "prevailing variable rate" - so no mention of trackers and no offset from ECB.
>>They also said i was outside the flyer date by 6 days
Was this based on application date, loan offer date or some other date? Or did they say?
If it was application date, it is easily conceivable that your meeting with the broker was pre-flyer withdrawal and the application was made on that basis. However, KBC may decide to place the blame squarely on the broker in this case.