KBC KBC basing cohorts on Application date rather than Draw-down dates

[Tipptop2]

Application began in Oct 2006, outstanding legals, valuation etc required in Nov. 2006, loan offer Nov. 2006, drawdown Dec. 2006. When was this flyer released? Do you think i was entitled to move to tracker rate after 3 yr. fixed was up? Tks

 

[Jazzer1]

Application began in Oct 2006, outstanding legals, valuation etc required in Nov. 2006, loan offer Nov. 2006, drawdown Dec. 2006. When was this flyer released? Do you think i was entitled to move to tracker rate after 3 yr. fixed was up? Tks

Did you take it out with a broker or with the Bank itself?. The flyer only impacts you If you took your mortgage out with a broker. The Flyer Itself was released in nov 06 to Feb 08.

 

[Tipptop2]

Through a broker. So the month Nov.2006 I got the offer letter was the same month this flyer was released? Is there something i am missing? Should i not expect to have moved to a tracker rate after the fixed rate ended if the flyer said it??

 

[Jazzer1]

Should i not expect to have moved to a tracker rate after the fixed rate ended if the flyer said it?

KBC are basing it on application date so if your application was signed before 1st of Nov they will deem you not impacted because they believe the flyer couldn't have influenced your decision. But you would have been in contact with your broker on a regular basis after that. A few others are like you on this thread.

 

[Tipptop2]

Tks. The application date of any loan is irrelevant. Its the loan offer date or draw down date thats important as things can change in the meantime. Is this fair comment? Appreciate all views

 

[Jazzer1]

. The application date of any loan is irrelevant. Its the loan offer date or draw down date thats important as things can change in the meantime.

The nearer you application is to the 1st of Nov the stronger your case will be as you would have been in constant contact with your broker whole the flyer was issued so anyone who took out a Mortgage at that time with a Broker has a good case. My advice to you is get in contact with P.Kissanes office.

 

[gnf_ireland]

So the month Nov.2006 I got the offer letter was the same month this flyer was released? Is there something i am missing?

KBC are basing it on application date so if your application was signed before 1st of Nov they will deem you not impacted because they believe the flyer couldn't have influenced your decision.

The application date of any loan is irrelevant.

The nearer you application is to the 1st of Nov the stronger your case will be as you would have been in constant contact with your broker whole the flyer was issued so anyone who took out a Mortgage at that time with a Broker has a good case.

@Tipptop2 With all due respect, your opinion on the application date being irrelevant is immaterial. KBC have stated their assessment for the basis on reverting to the tracker is based on application date. Their view (wrongly in my opinion) is that you had made the decision to apply to KBC at this point and therefore the existence, or not, of any flyer was immaterial to your decision. My personal view if loan offer issue date/loan offer signature is more relevant - along with any other parallel applications you may have been processing at the time.

Its now up to you to prove you have a case - not up to KBC to prove you do not. They have made their position clear.
I strongly suggest you determine your exact application date, loan offer issue date, loan offer signature date and drawdown date from the broker or KBC if you need to. The flyer was issued on a particular date (according to KBC) and you need to compare your dates to this
You also need to confirm if your application was via a broker or not - if its not through a broker, the flyer is irrelevant

There are ultimately 3 groups here with KBC from prior to November 2006
(a) application date prior to flyer, letter of offer issued after flyer
(b) application date and letter of offer issued prior to flyer, letter of offer signed after flyer
(c) application date, letter of offer issued and signed prior to flyer, drawdown after flyer
I disagree with @Jazzer1 re the date closer to the 1st November makes a difference - I believe it is based on the facts above. Whether the application was 1st Oct or 31st Oct is irrelevant, as the flyer only came out after both of those dates. Its 'binary' as we say in IT.

Each are likely to have to come together and fight their argument - and agree 100% with @Jazzer1 re P.Kissane as a very good sounding board
Strength in numbers and all of that, but its now up to you to state your case on how the flyer impacted you - if that is the route you are doing down with your case.

 

[gnf_ireland]

I should also add that the cases that people have from prior to November 2006 are totally different to those subsequent to February 2008... and probably need to be handled completely separately from a complaints point of view.
The basis of the latter (post Feb 2008) would be the communication to the brokers that removed the flyer and the associated wording in it (if any)

 

[Tipptop2]

Thanks all. I have already made contact with P. Kissane. I would encourge anybody else in a similiar situation to myself to do the same. Can anybody say what date exactly did KBC release this famous flyer? Tks

 

[mccoypat94]

Thanks all. I have already made contact with P. Kissane. I would encourge anybody else in a similiar situation to myself to do the same. Can anybody say what date exactly did KBC release this famous flyer? Tks

Im in a similar boat, deemed unimpacted as original application went in before the flyer. However I signed months later and changed to a fixed from a tracker with the flyer being relevant

Whats the date on your loan offer?

 

[Darn40]

Thanks all. I have already made contact with P. Kissane. I would encourge anybody else in a similiar situation to myself to do the same. Can anybody say what date exactly did KBC release this famous flyer? Tks

The flyer was dated 7/11/2006

 

[Noodled]

Hi
New to this just came on looking for some info please as I had my mortgage with kcb from 2002 to 2007 then moved to ebs in nov 2007 .. we topped up in 2005 with kcb .. I received a letter 5th Jan saying I might be impacted ?!? I did ring them few wks ago as I heard nothing & was told basically no update but would receive a pack in the post outlining everything by 30 March ! Sorry if I’m on the wrong forum but I can’t see how I could be impacted altough hopeful I might have been at the time we did leave kcb as the mortgage had gone way too high

 

[Tipptop2]

It all depends what interest rates you were on during the mortgage and what you were on when you left. You can ring KBC and request a data request and they have to supply all the documentation for the entire period. Good place to start

 

[Noodled]

I haven’t a clue to be honest I must ring them & find out iv received nothing in post so far

 

[Tipptop2]

Loan offer Nov. 2006. I had a mortgage offer from another financial institution and chose KBC and this may being on the strength of the broker telling me about the flyer. This is why i find it disingenuous that I was not put on a tracker as the flyer states and KBC were using as a selling tool...when was your offer letter?

Reply to Mccoypat94

 

[Noodled]

I got a letter in January 5th basically saying I was in scoop but iv heard a lot Saying they got another letter then saying not impacted

 

[gnf_ireland]

Loan offer Nov. 2006.

The flyer was dated 7/11/2006

@Tipptop2 Can you clarify what date in November 2006 you received and signed your loan offer?

I had a mortgage offer from another financial institution

I think this is important in your case and I assume you have kept this documentation to show you had it available to you at the time?

chose KBC and this may being on the strength of the broker telling me about the flyer.

That is fair enough, and I think you need to raise a formal complaint to KBC to get them investigate this. However this assumes that your offer was signed AFTER 7th November. If it was signed on or before that date, the above comment would be ignored (rightly, since the flyer did not exist).
This is why dates are very important around the fringes here

KBC have no way of knowing what discussions you had with your broker. They also have no way of knowing you had another offer on the table. However, I do believe this is important information - you need to show it to them via a formal complaint and let them assess the case on its individual merits - assuming you have, or can get access to, the information showing the other loan offer

his is why i find it disingenuous that I was not put on a tracker as the flyer states and KBC were using as a selling tool.

With all due respect to everyone here, and in particular those who have been fighting KBC on this for year via the FSO and other groups, can I ask what steps you took to address this prior to this?
When your fixed period expired, did you request to be put onto a tracker? Did you mention the flyer ?
Did you raise a formal complaint to KBC at the time? Did you raise anything to the FSO?
I think you need to take a step back, get your information sorted, including the exact dates and the proof of the other offer - raise a complaint to KBC and let them investigate it based on your personal circumstance. Once this is done, then either go to the FSO or PKissane. At the moment, you are in a large category of 'potentially impacted' customers being dealt with by KBC as a group. You need to show KBC why you were personally impacted by the flyer and how...

 

[Noodled]

Received letter this morning saying no detriment or impact has been identified on your a/c for the following reasons
You were moved to a tracker immediately after the expiry of a fixed rate & you redeemed during the fixed rate period

 

[noredress]

Got the same letter mortgage on tracker in 2006 then moved to fixed and redeemed. Not happy with KBC plan on appeal anyone else in similar situation? When I redeemed had to pay break out fee. Also KBC unhelpful.

 

[Noodled]

Haven’t a clue what to do next wether it’s even worth pursuing if they say it’s not effected