KBC KBC - redress amounts confirmed?

I just got a call from kbc. They advised I will get a cheque for compensation for the amount of 14,780k and redress of 32,422k will come off my mortgage. I asked if the reason im not getting a cheque for the redress is because of the arrears and was told it was nothing to do with arrears, they are bringing my account back to the correct total as if the mistake never happened. Surely they cant do that!? He advised that I will receive the letter and cheque in the next week or two. @peemac can you advise please?
 
@Variable
I think there's a misunderstanding. The arrears would have to be taken into account. That's what the central bank have stated.

What they probably meant is the warehoused part of your mortgage is not affected.

Almost 15k compensation is very high and I suspect its a mix of compensation and part of the overpayment after arrears have been taken into account . I'll guess the compensation is about 8k and the overpayment is about 40k, but arrears and the amount the mortgage should be at means 32k comes off the mortgage.

It will be all detailed in the pack you get, but going on the info you gave previously, I think you've done well.
 
Thanx a mill for your quick detailed reply @peemac. Kbc said 2k of the compensation is for professional services. The info he gave me was very confusing. Maybe he wasn't as prepared for the call with details as he should have been cus he also told me I had no arrears. He was adamant the reason I wasnt getting a cheque was nothing to do with arrears.
If I can prove that I could have serviced the mortgage in 2013 if they were charging the correct rate will that have an impact?
Either way im so glad the end is in sight and that they have been held accountable for their mistakes.
 
@Variable
Anytime i phone KBC im told they cannot discuss the calculations as they have to be communicated to me first before they can speak to me on the phone thats strange they phoned you maybe i need to start hounding them more!!!
 
I haven't heard of people getting calls either. Strange but true....hopefully you will hear soon too cus the wait is worse than a torment.
 
@Variable
I know the wait is driving me insane I really just want to know what my account will be after they apply the redress, the compensation cheque I’ll wait till June more curious to know the figures now! Hopefully I’ll know Something soon
 
Hi All looking for some advice I am with KBC and received my compensation letter yesterday with 2 cheques. One for 650 which will cover any legal fees and the 2nd was a small portion of what I over paid and some compensation. The majority of the amount has been paid of the capital without my consent. They say quote the balance of my account has been adjusted. As my mortgage account was on an incorrect rate my current balance is too high, therefore they have taken a number of steps that will bring my mortgage back to where it should have been had the failure not occurred. My question is can they do this. My mortgage is an interest only mortgage so the capital would have remained the same. I had intended to use the money to pay off my main residence and not the KBC loan which is a buy to let property. I thought banks where given you the choice of either paying off the capital or taking the cash but the option has been taken from me. Surely they have no right to pay this off the loan without my consent
 
@Pau@123dem Was it interest only for the life of the loan with a lump sum paid at end of the loan period? _ I'd check your agreement fully first and then if still a query, use the 650 payment to get advice.

the remit of the banks to to have the loan as close to what it should have been if no error occurred. If you have arrears, that these are obviously cleared before any refund is paid.

If its clear that you are interest only until x date and that date has not yet been reached and there were no arrears on the account, then ask them to review it or appeal the redress.
 
Hi there is no arrears and yes it was 100% interest only till about 4 years ago and then a portion of it ( very small ) was put onto annuity. I plan on appealing this with Padraic Kissane
 
KBC informed me by phone today that a lot of redress and compensation packs were sent this week. Unfortunately I am not included in this batch. For those that are lucky enough to receive their redress and compensation packs this week, I am curious to know when you were notified that your account was impacted - last year or this year ? I was also told that they are not priortising one account over another. It is just a matter of when the figures are done and good to go.
 
@berona123 I rang them when i saw your post and sure enough they were able to give me some information. This was a huge surprise as i ring regularly and get nothing !
I'm more than a little anxious now though , i was expecting a cheque of somewhere in the region of 50K-60K plus 15k-17k off my mortgage based on my own calculations and also @peemac's calculations.
They advised me that 42k redress has been taken off my mortgage !!!!! He could not give me any other information but did say that I could be lucky enough to get my pack before Friday with all the details. I can't understand why they would have taken that figure off my mortgage , I was never in arrears at any stage so this is a little worrying. Now i'm thinking the cheque I receive will be far smaller than anticipated. Again @peemac can they do this ? I know i don't have all my information yet so i'm not sure but it doesn't sound right. I'll let you know as soon as i get my pack.
 
Variable said:
I haven't heard of people getting calls either. Strange but true....hopefully you will hear soon too cus the wait is worse than a torment.
Click to expand...

I also got a call today about it. They wanted to give me figures before sending the pack out. No idea whey but there you go. Has put my mind at ease anyway.
 
Hey just wondering who in KBC gives you information over the phone anytime I call I am told they can’t discuss figures until the pack is received. Is it just the tracker redress department in general?
#nopatience
 
I phoned the tracker helpline number this evening. They confirmed amount to be taken off morgtage And New monthly instalment in total a reduction of 632 p/m. They advised that they would e mail those involved doing the compensation and see if they could get me a figure. Sure enough 30 minutes later they phoned me back and I was given the value of the 2 cheques that are in the post. I’m reluctant to post the values until I see them which should be by Friday. The amount taken off the morgtage was more or less where I expected it to be and then presumed the cheque I’d get would be significantly lower. On the contrary it was the opposite. Again I don’t want to put figures up until I get the post incase they are wrong.
 
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