Hi, just wondering if anyone who is due redress payment from KBC has had their redress amount confirmed yet? Aware that all redress payments are due by end June. Would be interested to see if letters of confirmation of final lump sum redress amounts have started to go out to any in-scope account holders.
KBC KBC - redress amounts confirmed?
- Thread starter guerngirl
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They did state that anyone deemed impacted will either be settled up with before end of March or if not they will get an update and be sorted before end of June. Knowing how poor they are at responding to queries via email (over a month and counting in my case) we can expect a vague 'update' letter next week.
All amounts are different.
I got a detailed statement of every single payment since start of when the mortgage shoudl have gone to tracker and details of what the correct payment should have been and the over charge per month (some months were €1100 overcharge)
What i liked was that there was no infomation left out and it was easy to understand.
What I really liked was the cheque that accompanied it
SurvivedIIB
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Also playing the waiting game with KBC and really hoping it's resolved by end of this month. June would be a long wait otherwise. I can't believe this is coming to a close... thanks to
everyone here for updating here, it's been a huge help.
everyone here for updating here, it's been a huge help.
Pm me original mortgage amt, when it came off fixed + your tracker rate and I'll give you an educated guess.That is good to hear......I've stopped trying to guess what the amount will be and I honestly can't wait
I was within 3% on my own figure
Muddle2018
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I feel I am turning into my postman's personal stalker since I received my letter but nothing yet. I was advised to wait till the end of the month but I do not have this thing most classify as 'patience'! It is nice knowing things will be sorted out and I am more excited at the reduction in the overall amount of my mortgage rather than any cheque but that could be because any cheque coming to me may potentially cause me problems. The waiting is driving me mad though!
SurvivedIIB
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Probably not - some people are afraid to believe the amount is as substantial as it is. This is because the interest amount is much higher in the early years of a mortgage, hence the overcharge was quite substantial
Depending on term and tracker rate, the combined redress , compensation and reduction in mortgage balance seems to be between 15k and 20k per €100,000 of mortgage.
Btw, my redress has allowed me do some expansion in my business and has resulted in an additional staff member to be recruited.
Depending on term and tracker rate, the combined redress , compensation and reduction in mortgage balance seems to be between 15k and 20k per €100,000 of mortgage.
Btw, my redress has allowed me do some expansion in my business and has resulted in an additional staff member to be recruited.
Belated congratulations to peemac who has been immensely helpful to many KBC customers posting here. Delighted to read your last line above in particular. It's really something to be able to achieve such a multiplier effect and I hope your business thrives and your new employee can play a big part in that.
Having also received my redress and compensation, I can confirm the ballpark figure outlined by peemac above. In terms of redress, you can expect approximately 75% to be refunded directly to you with the other 25% reducing your mortgage balance. However, this assumes your account is operating normally and is not in arrears. KBC's compensation appears to be generous in comparison to other institutions. Mine amounts to approximately 29% of my redress. I had been overpaying for 7 years and 11 months. When redress, compensation and time value of money are combined, the total redress and compensation is almost the same as the total overcharge including the amount used to reduce my mortgage balance.
If you have a mortgage of €300,000 in the above circumstances, you will probably receive cheques (they issue two: one for redress and compensation, the other for the €650 financial/legal advice) to the value of approximately €60,000.
Having also received my redress and compensation, I can confirm the ballpark figure outlined by peemac above. In terms of redress, you can expect approximately 75% to be refunded directly to you with the other 25% reducing your mortgage balance. However, this assumes your account is operating normally and is not in arrears. KBC's compensation appears to be generous in comparison to other institutions. Mine amounts to approximately 29% of my redress. I had been overpaying for 7 years and 11 months. When redress, compensation and time value of money are combined, the total redress and compensation is almost the same as the total overcharge including the amount used to reduce my mortgage balance.
If you have a mortgage of €300,000 in the above circumstances, you will probably receive cheques (they issue two: one for redress and compensation, the other for the €650 financial/legal advice) to the value of approximately €60,000.
SurvivedIIB
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Thanks Peemac and congratulations on the business growing. That point as to the potential taken out of the economy to the tune of €1.4bn when the country was in dire straits was made really well by Padraic Kissane. Onwards wish you the best with it. Thanks @Estaurine that’s really helpful, appreciate it.
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Circa €63,000 overcharge, €2,000 time value , about €10,000 compensation.
Resulting in approx €15,000 coming off your mortgage and a cheque of circa €60,000
SurvivedIIB
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Has anyone received redress letters from KBC this week yet? I got an email back from the tracker redress team yesterday saying letters would be received by end of March...
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