KBC KBC statement on tracker redress

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Johen32 said:
Opinions please
1. Drew down in dec 2005 and fixed for 3 years, contract states i will roll onto lender's prevailing variable rate, no other special conditions etc. Is there a chance im in scope?
2. Even though i have all my original mortgage documentation i requested it all again from Kbc. In what i recieved the loan offer seems to be missing any mention of prevailing variable rate which is mentioned in my originals! Strange! Thoughts?
Many thanks
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Just letting you know that after I was told that I wasn't in scope a few days ago, I got an email today to say 'We do not have an update specifically for your account at this moment in time.', and that they appreciate it's frustrating. Yeah, it sure is!
 
@Sanparom
i think My case is similar to yours were you fixed from the start ?
I was told by phone that I’m not in scope should I email them
 
Darn40 said:
@Sanparom
i think My case is similar to yours were you fixed from the start ?
I was told by phone that I’m not in scope should I email them
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Yes, I was fixed for first 3 years. Email them. They are taking about a week to reply though (when I emailed them back at the end of November it took them two days to reply, but they are currently taking longer, so don't expect an immediate response).

Does it say anything in your contract about the fact that you would 'revert to the prevailing variable rate' at the end of your fixed rate period?
 
Hi Guys, I was on a tracker mortgage and fixed for 5 yrs in Sept 2006 (reverts to lenders prevailing rate), I received a letter this morning, saying "they are still working on determining the extent of the impact (if any) on the individual account and will revert to you once the we have completed a full review to inform if any compensation due, if we have not concluded the review before the end of March, they will provide a further update and that they intend to have all accounts paid by end of June"
 
Hi, I got the very same letter today. I drew down in 2005. In 2008 I went 2 thirds fixed for 2 years and 1 third tracker. After that in 2010 I wasn't offered a tracker so I just fixed again as this was the best available to me. Wonder will I receive redress and compensation for just the 1/3 which was on a tracker or for the whole loan amount? Frustrating now that we'll have a long wait probably until June to find out.
Any advice appreciated.
 
That’s similar to what I got.

I’ve mailed back regarding the ambiguity of the communication.
 
I received my a letter from KBC in post this morning, fairly standard I thought to buy some time, saying our account is within both the scope of the review, and included within a group of accounts considered as being impacted as part of the tracker examination. We are still working to determine the extend of the impact (if any) on your individual mortgage account. It didn't really offer anything new, that we don't already know, but I've lit a cigar anyway.
 
In our own case, we drew down in 2005 on a tracker, but fixed in July or August 2007, for 1 year. The wording on the fixed letter of agreement, stated that we would return to the company's standard variable rate. I would assume their not really tailoring these letters, one one standard template going out, so wouldn't read too much into it, but could be very wrong!
 
When I rang before xmas, I was told that our account was in the first batch to go in new year. I don't know if this applies, our account was one of the original 490 (now 417), but anyway, the first time they have used the word 'impacted', which is reassuring to see & progress.
 
I've also emailed back regarding the ambiguity and have asked them to confirm what rate of interest I will now be paying since my account has been deemed impacted. Nowhere does it state on the letter that a tracker rate has now been applied to the account. I heard P Kissane on the radio recently stating clearly that the very first thing the bank must do when identifying that your account has been impacted is to apply the correct rate immediately. Probably get more waffle back.
 
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Qwerty123 said:
I've also emailed back regarding the ambiguity and have asked them to confirm what rate of interest I will now be paying since my account has been deemed impacted. Nowhere does it state on the letter that a tracker rate has now been applied to the account. I heard P Kissane on the radio recently stating clearly that the very first thing the bank must do when identifying that your account has been impacted is to apply the correct rate immediately. Probably get more waffle back.
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Qwerty what did you draw down on?
 
Hi
I drew down on fixed for one year. Then fixed again from March 2006- March 2008. Then part tracker part fixed from 2008-2010, and fixed in full since 2010
 
The only worthwhile thing to do, from what I can gather, for those now receiving letters confirming impact, is to email Central bank, saying no change has taken place of yet to reinstate interest rate
 
Great stuff guys very encouraging .

Anyone in the most recent December batch get letters today ?

Then again does anyone know what batch they are in, hardly a transparent process
 
Re the letters received this morning; These are Pre Nov 2006 both Fixed and Tracker from Start;

Im a bit concerned about this wording;

"they are still working on determining the extent of the impact (if any) on the individual account and will revert to you once the we have completed a full review to inform if any compensation due, if we have not concluded the review before the end of March, they will provide a further update and that they intend to have all accounts paid by end of June"

As usual KBC leaving things open depending on how things pan out with this review.
 
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