KBC KBC statement on tracker redress

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Were you on to Colin? I rang the line just now but he's on a lunch break. I was going to ask him the same questions as you but additionally "Am I on your list of 490 identified customers" to which he will most likely reply "I can't tell you that at present" ... same old..
 
I just phoned kbc. The person I was talking to was Neil. The long chat about how important they are taking this situation and then there will be no update until the end of the year. I asked the newly 490 cases identified am I one of them. He said he has no information with regards to the 490. I said if you have identified 490 are they going to be notified early November he knew nothing about early November all he said was they are still in talks with central bank and it will be year ending. So when I asked was the statement a lie. He gave me an email address trackermortgageexamination@kbc.ie
He said Colin dealing with further questions.
 
The statement said:

"Under the current Tracker Examination, the bank has so far identified an additional 490 impacted customers that did not move to a tracker rate after a fixed rate period or were moved off their tracker rate following a change to the terms of their loan or are on the incorrect tracker rate. As part of the ongoing review and within the Tracker Examination, KBC continues to examine tracker mortgage customer files and as a result anticipates that up to an additional 200 to 600 customers may be impacted. KBC expects to have concluded the identification of the vast majority of customers impacted by the Tracker Examination by year end"

Its unreal though that they've identified an exact number and won't tell them 2 months!. Like we will probably get them Xmas week.
 
Same old generic nonsense answers. I will continue to email them even if its just to p. them off.

As alluded to above if you are one of the 490 established accounts or the 200-600 there is no reason you couldnt be told that by phone or email today. They have released a statement two days ago to say they are rubberstamped.

I refuse to phone them as its very difficult speaking to an agent who knows less about whats going on than you do. I do find myself getting frustrated because the agent im speaking to is not to blame, and I wont take it out on them.

But when you are reasonably well informed about this review and the KBC agent reads generic bs off a sheet, its infuriating.
 
It also says in the statement redress and compensation will start in early November. Surely they know who they are even if they are they the 2010 costumers and not the 490 that have recently come to light. Either way he knew nothing about that also. He was only short of saying hang on til I turn the page and read more of this nonsense were told to read out to you.
 
Hello all. Im late to the party on this. Ive received a letter today from KBC to say im impacted. what should I do?
 
Congratulations mccoypat94, your the first I've seen on this forum as impacted. Did you fix in the past after coming off tracker or are you aware of your circumstances - Im curious as im sure most in this thread are as to what cohort you belong to ?
 
Congratulations u must be the first to hear from kbc u need to do nothing for now just see what is been offered. Would like to know too what cohort Ur in
 
I emailed KBC last Thursday to see if I am impacted, I was fixed for first 3 years. just missed a phone call from KBC with a voice mail asking to call back. I'm nervous of actually speaking to them as have the property rented out now and haven't told the bank. Are the calling people to advise they aren't included in the investigation, I've called back but no one is available to take my call.
 
Good to hear you got a letter mccoypat94. But when you say impacted, did KBC advise you are currently part of the examination or did they confirm you will be returned to a tracker rate? I hope its the latter!!!
 
I'm not 100% sure I have a tracker but have done an FOI on KBC this week. I rang them and they couldn't tell me but kept apologising for the scandal. I got my mortgage with IIB in 2006 and in 2008/9 when things got bad I had to rent my house out. They know this and I also went interest only for a number of years - does this change things? I am hoping to move back into the house. The current interest rate is 4.25%.
 
Hi Thesearcher - there will be many factors. It all depends on your original loan offer signed, if you signed an fixed rate agreement and terms of your interest only period. You can ring KBC and ask them if you are part of the CB Examination. That is the only information KBC are giving out - YES or NO.

If its a NO then then next step is an appeal process.
 
Hi PJDCol, thanks for the reply. I phoned and they said I wasn't part of the CB examination. I'll go the appeals process route when I get the FOI info from them and take it from there.
Much appreciated!
 
Thesearcher said:
Hi PJDCol, thanks for the reply. I phoned and they said I wasn't part of the CB examination. I'll go the appeals process route when I get the FOI info from them and take it from there.
Much appreciated!
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Look like they moved you from owner occupier to a buy to let customer. Also, you don't state if you were originally on a tracker. If you have your mortgage documents it will state everything there. KBC may take 4 weeks to send youa copy - your solicitor may be the quicker option.
 
I've been a quiet observer for some time here, reading the good, the bad, the ugly. I have confirmation from KBC that my account is being considered, and will be dealt with as priority. As recently as today, when I push them for a timeline of resolution, but I'm still getting end of year jibberish. I'd really like to know @mccoypay94 - what your specific case scenario was, as you're the only impacted case that I've seen in relation to KBC

We went through our Broker back in 2005, so had no direct correspondence with bank initially, until we opted to fix in July 2007 for 1 year. After we realised the consequences of fixing for that year, we took a case with the Ombudsman, which we subsequently lost.

What is concerning us having looked into this again, is that our broken confirmed over email back then (which i still have) that we were on "a 1.1% + ECB tracker". Unfortunately, as it's 6 years over, our broken no longer has a copy of our file. I would like to know where our broker specifically got this info from, because looking at our original contract, it specifies variable rate only. That particular aspect, I'm not too concerned as the tracker was just the marketing term at the time, but the capped tracker rate specified for the term of the mortgage, was to be no more than 3.1% above the prevailing ECB main financing (REFI) rate. Assuming the ECB rate at the time was around the 2.0%, then it would seem to be in line up with what our broker confirmed over email, but again, I have no reference of ECB + 1.1% in the initial contract.

The fixed term agreement, obviously was not very transparent in terms of the higher SVR rate, that we're currently on, which is around 1.5% higher that what the 35 year term of our morgage was meant to be capped at, which I had previously expected to be greater according to that email from our broker in the past.
 
In July 2008 when the fixed rate expired this is the period when banks were taking people off their tracker loans.

The tracker or capped tracker loan offer was described as "a variable" and only as tracker in the marketing material as you say.

You had a capped tracker so as far as I can see you should have gone back to the capped tracker on expiry of the fixed unless your fixed rate specifically refers to SVR (Standard Variable Rate) which I doubt very much.

You need to request a data access request for all your loan documentation and contact Padraic Kissane who is well up on all these KBC loan offers.

Regarding @mccoypay94, they seem to have vanished without offering any further info. I have not heard of anyone recently confirmed as impacted by KBC.
 
peemac said:
Look like they moved you from owner occupier to a buy to let customer. Also, you don't state if you were originally on a tracker. If you have your mortgage documents it will state everything there. KBC may take 4 weeks to send youa copy - your solicitor may be the quicker option.
Click to expand...

Thanks Peemac, I sent in the FOI request earlier in the week so I'll hold out the four weeks and see what happens. My broker in PNI at the time said I was following the ECB rate and I have letters from KBC stating the ECB rate changes (But doesn't specifically state I'm on a tracker) they sent this any time the rate changed in 2006 & 2007 but then they stopped. It has always been my home which I had to rent out for financial reasons but they changed it to buy to let. I never bought it to let.
 
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