KBC KBC statement on tracker redress

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Johen32 said:
Just got my reply.. refer to your mortgage contract for timeframes etc!
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What on earth is that sort of answer. And we're really supposed to have faith in central bank. Yes they've done a seemingly good job but as paraic kissane said it looks like the final chapter is closing. Has the CB had its pound of flesh, looked heroic and we'll move on.?
 
Hi all, drew down Dec 05 on 2 year fixed rolling to Lenders Prevailing variable on expiry however I got notification Nov 07 saying as a valued customer expiry of fixed ending and was being moved to SVR , any opinions , I think I have 2 questions now for KBC 1 why no tracker due to flyer and 2 was Prevailing Variable 2005 suppose to be the SVR
 
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Johnc6 said:
Hi all, drew down Dec 05 on 2 year fixed rolling to Lenders Prevailing variable on expiry however I got notification Nov 07 saying as a valued customer expiry of fixed ending and was being moved to SVR , any opinions , I think I have 2 questions now for KBC 1 why no tracker due to flyer and 2 was Prevailing Variable 2005 suppose to be the SVR
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I asked KBC these in DEC and still waiting for answer. Rang today just to give them little nudge as a reminder
 
Johnc6 said:
Hi all, drew down Dec 05 on 2 year fixed rolling to Lenders Prevailing variable on expiry however I got notification Nov 07 saying as a valued customer expiry of fixed ending and was being moved to SVR , any opinions , I think I have 2 questions now for KBC 1 why no tracker due to flyer and 2 was Prevailing Variable 2005 suppose to be the SVR
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Johnc6, looks like Kbc are contradicting themselves on what rates are what, it’s no wonder we don’t know what to make of it, i hope the cb are still looking into Kbc in this regard
 
Thanks Unfortunate, I too rang today and was told I was currently not in scope, I asked has anyone actually reviewed my account, answer well no we have algorithms with set defined parameters that identify in scope accounts, we have thousands of accounts, if not in scope on the next update I'll be appealing
 
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I emailed back a frustrated reply basically saying did they think i would have sought clarification from them if the answer was clear in my contract which i have read and reread numerous times!
They were as helpfull as kbc themselves
 
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Heres the exact reply....
I refer to your email of 18 January.

The Competition and Consumer Protection Commission (CCPC) provide information on variable rate mortgages on their website, here.

Additionally, I would refer you to the terms and conditions of your mortgage contract which should provide you with further information on the timeframes specific to your mortgage.

I trust the above is of assistance to you.
 
Johnc6 said:
Hi all, drew down Dec 05 on 2 year fixed rolling to Lenders Prevailing variable on expiry however I got notification Nov 07 saying as a valued customer expiry of fixed ending and was being moved to SVR , any opinions , I think I have 2 questions now for KBC 1 why no tracker due to flyer and 2 was Prevailing Variable 2005 suppose to be the SVR
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Forget the flyer - that was a direct communication to brokers about new business.

There's no possibility of having it apply to mortgages written prior to the date on it. (nov 7th 2006)
 
I would agree normally but these are extraordinary times. The flyer is so vague surely some brokers who had just completed new fixed rate mortgages for clients prior to Nov would have looked for clarification from IIB, IIB's reply would show what the bank intended at that time. They would have records if this happened. Secondly what was the banks compliance for the flyer? I think we can agree the 650 identified in Dec update were flyer impacted customers who were not offered Tracker on expiry. I would like to know how many customers did get tracker option due to the flyer, if this number is in the thousands OK, we know what the bank intended and complied with their intent of the flyer, if not then the argument that pre Nov 06 customers have a claim is valid. The bank can't have it both ways either as to what was their intension for the flyer, the argument they only intended it for new mortgages, why then did they not do this for the 650 accounts that we know of to date, what percentage did they comply with.
 
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Johnc6 very good post, there has to be brokers out there with that information, I wouldn’t say many if any that fixed in that time frame
November 06 to February 08 were put on tracker when fixed rate was up, the flyer might not help pre November 06 contracts on its own but the fact the contract itself is not very clear, the flyer can only help, the big thing here is to prove what the prevailing variable rate is was
 
WILLOW said:
Hello all im brand new to this.

I received the letter last week "im in the scope and impacted......" Never taught I would be!!!
Here's my story. Drew down mortgage with IIB in 05 and fixed for 2 years. Then received letters advising me to fix again, so I did. Never offered or had a tracker.

Although I have found the wording in my contract "at the expiry of the fixed rate period the lenders prevailing variable rate will apply"

I dunno what cohort im in?????
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Hi all opinions on this is there anyone else pre November 06 that got this letter if not why ???
 
@Darn40 Signed contract dec 05...started drawdown jan 06....fixed for 3 years to move to prevailing variable rate. Also topped up in 07. No letter and at the moment not in scope.
Would be interested to know why @WILLOW is included?
 
Darn40 said:
Hi all opinions on this is there anyone else pre November 06 that got this letter if not why ???
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I suspect that it must be the fact that after the first fixed period which ended in 2007, which is in the time period of 06 - 08 and it was followed by another fixed rate. The common factor seems to be the fixed rate between nov 06 and 08. That would suggest that the notice to the brokers does not apply to this case and if the second fixed rate period ended after the tracker rates were removed then the "lenders prevailing variable rate" is the rate on offer at the fixed rate start date which was a tracker.
 
Just to give you an idea of the level of incompetence we are dealing with here....I requested my documents from kbc and they posted them out. When trawling through the hundreds of pages what did I find slap bang in the middle only a copy of somebody's estate /will with all their details, name address amount of the estate etc. Incredible breach of data protection.
 
Here's an interesting short thread on boards from 2006
https://www.boards.ie/vbulletin/showthread.php?t=2054971594

One saying trackers are worse than standard variable because rate increases immediately, another saying fixing under 5 years is stupid. Another one saying they always go fixed.

Basically, the value trackers were going to be simply was not known.

another saying ecb state "normalisation" of interest rates is about 4.5%
https://www.boards.ie/vbulletin/showthread.php?t=2054924674

one that actually mentions trackers
https://www.boards.ie/vbulletin/showthread.php?t=2054873380

another - - no mention of tracker
https://www.boards.ie/vbulletin/showthread.php?t=2054852045

What this suggests is that every type of rate was known about and standard variable rates were generally available with some people saying they are better than trackers, others saying fixed is only way to go and only a couple saying trackers are best.

There's probably loads in the archives of AAM, but I can't seem to find old threads on the search.



But something for those wanting to use the argument that trackers were the only rate about in the time to mull over - remember the banks, esp KBC will fight everything, so you really need to find something a lot stronger than what you think now of what something may have meant 12 years ago.
 
Qwerty123 said:
Just to give you an idea of the level of incompetence we are dealing with here....I requested my documents from kbc and they posted them out. When trawling through the hundreds of pages what did I find slap bang in the middle only a copy of somebody's estate /will with all their details, name address amount of the estate etc. Incredible breach of data protection.
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or just a clerical error.

Can't really see that person taking any issue :) (they're dead)

I've had sheets of other people's bank statements come with mine - I just shred them and not think one second more about it.
 
Qwerty123 said:
Just to give you an idea of the level of incompetence we are dealing with here....I requested my documents from kbc and they posted them out. When trawling through the hundreds of pages what did I find slap bang in the middle only a copy of somebody's estate /will with all their details, name address amount of the estate etc. Incredible breach of data protection.
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Hi QWERTY

You have an obligation to report this to data protection.

As you say it a serious breach of confidentiality, Dead or Alive.

Strange response from Others.
 
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