Just wondering if anyone has had a similar experience to myself and the justification.. My tracker is with KBC.....
ECB increased based rate on 7th April 2011 and KCB increased my tracker rate effective on the 14th April.
ECB increased base rate on 7th July 2011, KCB increased my tracker rate effective 14th July 2011
ECB decreased base rate on the 3rd November, KCB decreased my tracker rate effective 1 December 2011
ECB decreased base rate on the 8th December 2011, KCB decreased my tracker effecive 12 January 2012
All the above information is from the letters KCB sent me, I,m not doing any calculations on when the rates became effective...
so when rates go up my interest rate goes up with 7 days but when rates go down, the rate takes between 28 to 35 days to be passed on...
This seems completely unfair.... does anyone know what the legal position is regarding the speed they pass on increases/decreases??
ECB increased based rate on 7th April 2011 and KCB increased my tracker rate effective on the 14th April.
ECB increased base rate on 7th July 2011, KCB increased my tracker rate effective 14th July 2011
ECB decreased base rate on the 3rd November, KCB decreased my tracker rate effective 1 December 2011
ECB decreased base rate on the 8th December 2011, KCB decreased my tracker effecive 12 January 2012
All the above information is from the letters KCB sent me, I,m not doing any calculations on when the rates became effective...
so when rates go up my interest rate goes up with 7 days but when rates go down, the rate takes between 28 to 35 days to be passed on...
This seems completely unfair.... does anyone know what the legal position is regarding the speed they pass on increases/decreases??