KBC KBC statement on tracker redress

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peemac said:
@Lightening - Did you not say previously that you received the letter saying that you are considered iimpacted?

The KBC statement is not excluding buy to lets - it says "PDH - Private Dwelling Houses". I read that as houses, and not commercial property and it wouldn't matter whether it was a residential investment mortgage or main resdience mortgage.

Both types of mortgages are on the infamous flyer and it states clearly "ALL NEW CUSTOMERS" in bold

So if you have the letter, you will have your tracker and a refund.
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Yes peemac I have my letter. I'm looking at this from all angles!

I'm simply trying to help all the confusion here.
 
Peemac everyone who got fixed rate letter got little time to reply and was pressured. And also AIB view prevailing rate as the rate at the time of offer of product and not on expiry. This was stated by Brendan Byrne to finance committee.
 
unfortunate said:
Peemac everyone who got fixed rate letter got little time to reply and was pressured. And also AIB view prevailing rate as the rate at the time of offer of product and not on expiry. This was stated by Brendan Byrne to finance committee.
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You are misquoting Brendan Byrne.

He was talking about those who were on a tracker rate and fixed and were told they would revert to the prevailing variable rate.

The prevailing rate on their mortgages were trackers.
 
Hi All,
I'm new to this forum, but i'd be very interested to see if my story is similar to others who have received a letter from KBC saying that they are impacted. My story is.....

Drew down mortgage in mar 2006 with a discounted variable for a year, introductory rate. Then switched to a tracker rate in mar 2007; circumstances in my life then made me decide to Fix for 3 years in may 2007, signing the one pager which contained the wording revert to "standard variable rate". This was sent with an instruction to sign within x amount of days to avail of the current rates.. Never, at any stage, was it made clear that I would not be returning to my tracker...

Then towards the end of my Fixed term I heard stuff in the media so i contacted KBC to see if I was going to return to my tracker. Got a firm no, saying I signed the form saying SVR so that's what I'll be returning to.. At that time, i wasn't able to afford it so before the fix period ended I applied for an interest only period with a view to it kicking in as soon as the fixed period came to an end. I was on that for a few months, then moved to a SVR and have been on it every since...

I've had a lot of sleepless nights since then after signing that feckin' one pager....

Love to hear peoples opinion's on whether they think I'll be considered impacted or if they have a received a letter saying they were impacted and had a similar story .... can't wait for this tracker debacle to be over, hopefully with a positive outcome for me and lots of others who are in a similar position after signing that Fixed rate instruction one pager....
 
Johen32
I came off a one year fixed rate in July 2006 on to lenders prevailing variable, With a rate In August 2006 of 4.34 and September, The ECB rate was 3,00 for this time.
In October my rate changed to 4.59 when the ECB rate changed to 3.25.
This rate change was in response to the ECB increase on the 3rd of August as said by a letter I received on the 11 of September 2006.
 
I see your points peemac but the point is no one has defined prevailing. Was it prevailing at time of original offer or prevailing at time of expiration of fixed period. How would banks have defined it if rates had been at today's rates?? The past prevailing at offer I would wager!?
 
@TorturedSoul

You seem to be part of a small cohort that probably should return to tracker and have not had a letter yet.

It could have gone below the radar as you started on discount variable, then moved to tracker, then fixed.

I'd be checking any correspondence you had from kbc when you took the tracker option.

I'd also contact them and ask them. - Doesn't matter if you've contacted them before, the goalposts have moved
 
Did wonder have any special conditions specified or just plain revert to prevailing variable interest rate.?
 
@Wonder
That is very interesting you were before the famous (flyer) sent to brokers in November 2006, and had the lenders prevailing variable rate in your contract and it looks like you were on a tracker
Are you in the review and have you received a letter
 
Hi all,
New to this have been reading for awhile we drew down in late Dec 04 on a new business fixed rate for one year went through a broker. Always thought he had told us we could still go back on a tracker after this period never followed it up life I suppose got in the way foolishly. I got the letter last week to say we are impacted. Same letter as everyone else on this thread received. However I am in the process of restructuring due to financial issues. I don’t want to commit to anything now until I hear from them again have no idea what cohort we are in so confused by it all
 
@Darn40
No nothing about rates. I did a data access with kbc. The documents from 2006 were not in the returned request.

kbc bank says they were not scanned to my account.

I thankfully had kept the originals.
 
peemac said:
You are misquoting Brendan Byrne.

He was talking about those who were on a tracker rate and fixed and were told they would revert to the prevailing variable rate.

The prevailing rate on their mortgages were trackers.
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I don't believe it's a misquote. BByrne explained the prevailing variable rate when he was asked to.

The lenders prevailing rate in Kbcs fixed rate contracts nov 2006 - Feb 2008 was the tracker.

Therefore they commenced on tracker. Fixed rate has to commence on something!
 
@Wonder
There’s a few on here including myself, with wording like yours
And also nothing about the rate in the special conditions, some told in the review some told not in the review, interesting to hear they didn’t send the documents form 2006 to you in the data request
I think it’s not the first time they left out important documents in a data request
 
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