mccoypat94
Registered User
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- 137
Anybody hear anything from kbc lately?
KBC KBC - redress amounts confirmed?
- Thread starter guerngirl
- Start date
Nice to see a few more getting redress.
I'll say roughly 40k back as redress and compensation (probably a bit higher) and about 10-12k off your capital.
Not sure if I’m in the right thread but here goes...
Have had 2 commercial loans transferred from KBC to Pepper before Christmas -
Both fully performing and half way through term;
One loan was for a buy to let & the other a commercial loan involving purchasing a business - it has since transpired that both loans were seemingly charged incorrectly in calculating margin over Euribor over the last 11 years - would these loans be covered under the mortgage redress scheme in anyone’s. Opinion??
Have had 2 commercial loans transferred from KBC to Pepper before Christmas -
Both fully performing and half way through term;
One loan was for a buy to let & the other a commercial loan involving purchasing a business - it has since transpired that both loans were seemingly charged incorrectly in calculating margin over Euribor over the last 11 years - would these loans be covered under the mortgage redress scheme in anyone’s. Opinion??
Almost 12 months since my refund and I can say that for me it was life changing - allowed business expansion and two extra employees
Nope, nothing to do with tracker redress. Ulster bank also had euribor issues, but nowhere near the differences seen in the tracker issue.Not sure if I’m in the right thread but here goes...
Have had 2 commercial loans transferred from KBC to Pepper before Christmas -
Both fully performing and half way through term;
One loan was for a buy to let & the other a commercial loan involving purchasing a business - it has since transpired that both loans were seemingly charged incorrectly in calculating margin over Euribor over the last 11 years - would these loans be covered under the mortgage redress scheme in anyone’s. Opinion??
I know one person who had a euribor issue and difference was about 20k on a 500k loan
Probably a stupid question but I received the letter and so did my ex (we both got a cheque for $650 towards legal advice), it's a joint mortgage but we've since split up.
Will the amount on the letter be divided between us or is that what we'll get each?!
Cheers
Will the amount on the letter be divided between us or is that what we'll get each?!
Cheers
Muddle2018
Registered User
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- 101
Between you.
Hi all,
Very late to all of this but wondering can i get some advice. So intruiging to read peoples stories and advise giving and sharing is so helpful. So many individuals have dedicated so much of their time in helping others.
We drew down our mortgage with Iib October 2006. On requesting a tracker rate of interest at that time we were told that 3 year fixed was the only option. We proceeded and have had a mixture of variable and fixed rates over the years. Drawdown amount was 400k and we have always kept up with payments.
I have been in touch with the broker recently and he no longer has any of our documentation related to the mortgage. He does however recall that if applicants failed the stress tests for a tracker or variable and 1/2 year fixed they had to go on 3 or 5 year fixed. Surely this method was totally flawed. I thought that you would either pass the stress tests or not. The irony is that if this is the case we have ended up paying an interest rate 3 and 4 times the amount the tracker would have been had we been offered it!!
I am wondering is there anybody in a similar situation to us. A lot of the posts relate to Nov 06 onwards. I phoned Kbc tacker helpline once about 2 years and we werent part of the cohort affected. I am waiting for all my documentation from Kbc, requested a few weeks ago. There is nothing mentioned in any of the paperwork that i have about ever reverting to a tracker rate.
Do we have a case on a) tracker product was available at time of drawdown but never offered to us or b) methods used ( stress test) to decide who were offered tracker was flawed
All advice greatly appreciated
Very late to all of this but wondering can i get some advice. So intruiging to read peoples stories and advise giving and sharing is so helpful. So many individuals have dedicated so much of their time in helping others.
We drew down our mortgage with Iib October 2006. On requesting a tracker rate of interest at that time we were told that 3 year fixed was the only option. We proceeded and have had a mixture of variable and fixed rates over the years. Drawdown amount was 400k and we have always kept up with payments.
I have been in touch with the broker recently and he no longer has any of our documentation related to the mortgage. He does however recall that if applicants failed the stress tests for a tracker or variable and 1/2 year fixed they had to go on 3 or 5 year fixed. Surely this method was totally flawed. I thought that you would either pass the stress tests or not. The irony is that if this is the case we have ended up paying an interest rate 3 and 4 times the amount the tracker would have been had we been offered it!!
I am wondering is there anybody in a similar situation to us. A lot of the posts relate to Nov 06 onwards. I phoned Kbc tacker helpline once about 2 years and we werent part of the cohort affected. I am waiting for all my documentation from Kbc, requested a few weeks ago. There is nothing mentioned in any of the paperwork that i have about ever reverting to a tracker rate.
Do we have a case on a) tracker product was available at time of drawdown but never offered to us or b) methods used ( stress test) to decide who were offered tracker was flawed
All advice greatly appreciated
Brendan Burgess
Founder
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The reason they said that you could only have a 3 year fixed was that this permitted them to give you a higher multiple of your salary as a loan as the stress tests did not apply the same way as for a variable rate.
The problem is, you were not forced to accept and you could have gone elsewhere, so difficult to see an argument on the initial granting of the loan
The problem is, you were not forced to accept and you could have gone elsewhere, so difficult to see an argument on the initial granting of the loan
Thanks peemac for your reply. In regard to the different stress tests, are you aware if this was common practice? I take on board what you are saying about going else where for mortgage but i do remember that it was very late in the house purchase transaction, close to drawdown when the interest rate discussion ever took place. Surely it should have been stipulated at the time of the initial mortgage offer.
Hi All, I've just gotten a letter & cheque from KBC- out of the blue. They sent a dramatically worded letter back in 2008 to "advise" me to come off my tracker and fix for 5 years, as (they said) interest rates were set to rise exponentially, and this would be the lowest rate for the forseeable. I was a single mother on single income at the time so that letter scared the life out of me. I did as they advised and was badly stung at the time. I'm relieved it's been acknowledged (at times I thought I might have imagined that letter), but I'm livid it took so long. I had phoned them to report my experience but they said there was no issue. Anyway, I'm wondering if anyone has appealed their compensation amount? I got an amount which in no way compensates for the hardship of those years- there are some months where I paid double what I should have, and eventually I had to move to interest only for two years because I just couldn't make the repayments. This added about €30,000 to my mortgage, and the amount repayed doesn't scratch the surface of that. Theyve included a cheque for legal advice, can anyone please advise- who should I be speaking to about this? TIA!
Assuming you had similar scenario to most of us, you may find that the mortgage balance has dropped too.
The refund should be for the overpaid interest from 2013 when the fixed rate finished and the compensation is on top of that.
In hindsight, the 5 year fixed rate was not the best rate for probably three of the 5 years but that would not have been known in early 2008. If anything, all the signs were that rates were going to increase.
Then all hell broke loose in the world economy.
So whilst unfortunate,, I can't see any issue with the fixed rate itself as it probably was pertinent advice at the time.
But the good news is that you have your tracker back and back dated to 2013.
If the overcharge from 2013-2019 has caused undue stress and costs, then you can apply on that basis.
no money Mo
Registered User
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Hi guys,
I hope I'm on the right thread. My mortgage was affected by the tracker debacle. It was my family home, I moved out so I could rent it to cover the mortgage as rates rose. Eventually I had to sell it under the threat of receivership. KBC paid me some compensation but claim that their overcharging didn't cause me to lose my home.
Has anyone recieved further compensation on appeal?
Thanks
I hope I'm on the right thread. My mortgage was affected by the tracker debacle. It was my family home, I moved out so I could rent it to cover the mortgage as rates rose. Eventually I had to sell it under the threat of receivership. KBC paid me some compensation but claim that their overcharging didn't cause me to lose my home.
Has anyone recieved further compensation on appeal?
Thanks
You'd need to show that you could have paid whatever the correct mortgage amount would have been during the period affected. The amount hat should have been charged each month is detailed in the documents.
If for example the correct mortgage cost was €1500 for 2010-2014 and the overcharge meant you were being charged €2200 and you can prove that you would have been able to meet the €1500 cost (or be close to it) without too much difficulty, then you have a case.