KBC KBC statement on tracker redress

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Mauritius said:
I've been hearing about the two cohorts also. In your case @Cushcam did the wording state that you would move to SVR at the end of the fixed period? If so, and you saw what you were signing, were you not reluctant to agree to such?
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What many are missing is that these fixed rate offers were sent unsolicited and marked out as "special fixed rate offer" - it then had an expiry date in large font, underlined and in bold, and that expiry date was within 10 days of receiving the letter.

Then combine that with interviews in the media by KBC spokesman saying interest rates were going to continue to rise and people should look at fixing.

Three interest rates later, media speculation of another 1%-2% rise - "special offer fixed rate" comes through the door. You have a few days to decide, and return it or it expires - its mid summer. Its a simple 2years or 3 years fix. What can go wrong?

Yep, you forgot to check the small print that meant this was not a 3 year fix, it was a 3 year fix followed by 20+ years of high rates as decided by the bank and not to do with ecb reality.
 
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It's awful. Do you think it's possible to prove intent that the motive of KBC was to get people off tracker rates? Was there any internal memo which stated a policy to remove trackers from people and to use various ploys? This is what is needed but I've never heard of such being uncovered. I am firmly of the belief such internals memos exist.
 
Mr Lane has stated recently that substantially more than 20,000 accounts are affected. (Upto 30,000) just before the banks went in front of Mr Donohoe. (Who obviously struggled here too to deaf ears) "Those deemed not impacted by KBC are to go to the ombudsman") so KBC digging their heels in I wd say from a legal side point of view. ( it's "clearly" in the contract)

It looks like all accounts that Padraic Kissane has stated are impacted are agreed by CB it is the banks who are resisting. BOI have now done a uturn on their staff tracker mortgage scandal it appears from recent press; press.https://www.thetimes.co.uk/edition/...climbdown-for-bank-of-ireland-staff-p5bvh755q

Mr VerBraeken stated in front of the Oireachtas "We want to do the right thing"

If they want to do the right thing all those KBC deemed impacted impacted (and other banks) by Padraic Kissane and the Central Bank should be put back on the trackers.

There is a protest being organised for 17th January.

I think if they don't do the right thing that people will be taking in large numbers to the streets. Pressure is needed both in the public domain and the media to push the rest over the line.

It is the banks dictating this as trying to keep a lid on the numbers impacted.
 
I've worked in banking for nearly 20 years and trust me KBC do not care about the impacted customer and what matters to them is the bank's financial results and how they can manipulate them over time. I would not be surprised if they are fully aware they will lose some of these cases at the later date and so they can delay the provisions required for them. Its all about quarter on quarter financial results for them.

@Cushcam, has made interesting comments about email correspondence. I drew down with a broker and have connected them to send me out my file but heard nothing back. I must give them a call back to see the latest. The last requests I sent to KBC included some of following questions - they refused to answer until after the CB review. Has anyone got answers to these from KBC?

1) In the fixed rate contract I am advised that I will be “reverting to company’s standard variable rate”. This in a legal contractual basis would imply that I would go back to former conditions agreed and so would “revert” to the standard variable rate. With this in mind, was I on the company’s standard variable rate prior to October 2006?

(I may have even been smart and referenced the law dictionary as a verb it means "If , , or revert to someone, they become that person's again")

2) Can you confirm if in September 2006 that the company’s “standard variable rate” was actually completely different to the “variable rate” I signed in my loan offer? If so please provide documentation detailing this.

3) Can you confirm where the information about what a “standard variable rate” is when I signed up for it? This information is not on the fixed rate document or is also not provided on the original loan offer. The original loan offer explains a variable rate as mentioned above. If this information was available then can you please provide a copy? e.g. company website or another source.

4) Can you provide all information that you feel is relevant to support that I was provided with all information required that complied with the Consumer Protection Code 2006 introduced by the Central Bank?
 
This is massive news from Bank of Ireland today. Hopefully KBC can follow as soon as possible but still waiting game....
 
Yes please god this will put them under increasing pressure , BOI have had to set aside a huge additional figure for redress.... unreal how this could simply appear in the space of 48 hours .

Lets hope that KBC have unearthed several hundred more when they give an update on thursday . As well as movement on the already identified ones .

I find it concerning that we are at November 13 and noone is reporting successes on the threads(kbc in particular ) and the few that have wont reveal the circumstances/cohorts in which they are having trackers returned
 
Hi Lightening

"KBC Bank previously said that 571 tracker mortgage customers were already rectified in 2010, with a further 490 customers identified to date. The bank said an additional 200 to 600 cases may be identified.
KBC will issue interim results next Thursday, at which point an update on how it is managing the tracker issue is expected."

http://www.rte.ie/amp/918931/

Couple of articles written over weekend , kind of hinted that BOI's comprehensive action to clear it up asap may force Ulster Bank and KBC in particular into action .
 
Thanks leighlinboy

I do hope that KBC "do the right thing" regarding ALL those deemed impacted by Padraic Kissane and the Central Bank.
They have been slow regarding their last tracker statement that redress would commence early November as I have not heard of one single case.
 
KBC Interim results are out on Thursday.......I wonder will they announce anything before that or just give the usual "ongoing" comments.
 
Bet your life there will be nothing new, early November the 490 were to be contacted, Ive not heard of a single one. This crowd are going to continue digging their heels, they wont do what BOI have done, not a hope.
They are just weathering the storm, I fear very few will get anything out of KBC apart from an infuriating copy and paste response.
 
Hi

I’m new here. Two buts of info for all.

I have a tracker with IIB & previous fixed rate loan, which I feel should have switched to a tracker.

The term prevailing rate is specified in both, on the tracker.

In the event that, or at any time the REFI rate certified by the Lender to be unavailable for any reason the interest applicable to this loan shall be the prevailing home loan variable rate.

In the previous fixed rate loan.

At expiry of the fixed rate period your loan will revert to IIB Home loan Renewal Rate, the IIB homeloan renewal rate is a variable rate and may be varied by the lender from time to time in line with general market conditions, any variation in the IIB home loan renewal rate shall be notified to the borrower by notice in writing served on the borrower.

What do you guys think of this.
 
Rakitom said:
Hi

I’m new here. Two buts of info for all.

I have a tracker with IIB & previous fixed rate loan, which I feel should have switched to a tracker.

The term prevailing rate is specified in both, on the tracker.

In the event that, or at any time the REFI rate certified by the Lender to be unavailable for any reason the interest applicable to this loan shall be the prevailing home loan variable rate.

In the previous fixed rate loan.

At expiry of the fixed rate period your loan will revert to IIB Home loan Renewal Rate, the IIB homeloan renewal rate is a variable rate and may be varied by the lender from time to time in line with general market conditions, any variation in the IIB home loan renewal rate shall be notified to the borrower by notice in writing served on the borrower.

What do you guys think of this.
Click to expand...

RAKITOM

Can you clarify;

Do you have two loans?
One tracker (what's the date on the contract)
One fixed (what date is on the contract)
 
Another example of KBC sitting on the side line copying the other banks.

KBC say you have to have your account "still open" to be impacted by them.

Charlie Weston's article today;
Quote
"Mr Kissane said Ulster Bank has not restored to the correct rate any tracker customers who drew down a mortgage through First Active."
 
Sorry

It also says in section 7 of the contract At the expiry of the fixed rate period the lenders prevailing variable rate will apply.

The first notes in the previous message are from the pre drawdown advisory section562 is from the advisory notes

Hi my contracts fixed started on feb 29th 2008 & tracker 3 March 2008
 
Rakitom

In your fixed rate contract dated 29/2/2008 your "Special Conditions" attaching to your loan state

"At expiry of the fixed rate period your loan will revert to IIB Home loan Renewal Rate, the IIB homeloan renewal rate is a variable rate and may be varied by the lender from time to time in line with general market conditions, any variation in the IIB home loan renewal rate shall be notified to the borrower by notice in writing served on the borrower."

This Home Loan Renewable rate I would suggest is their standard variable rate.

KBCs statement on Wednesday ;

"c. 650 PDH (Private Dwelling Home) mortgage accounts are now also identified as impacted. These related to new mortgage applications in the period November 2006 to February 2008 that drew down their mortgage on a fixed rate with a roll off to a standard variable rate. While these customers were never on a tracker rate, KBC has decided to offer these PDH customers a tracker rate product if the account is still open"

As far as I can see you will be offered a tracker. However at what rate! That's the question.

In earlier contracts and specifically from November 2006 through 2007 the fixed rates rolled to "Lenders prevailing variable rate" this was not the Home Loan Renewable Variable Rate (Standard Variable Rate) it was their tracker rate which was only called a "variable" at that time. (Margin specified in the brokers communication depending on amount borrowed)

at the same time their trackers always stated;

In the event that, or at any time the REFI rate certified by the Lender to be unavailable for any reason the interest applicable to this loan shall be the prevailing Home Loan Variable Rate (Standard Variable Rate)

KBC might think they can call the Lender' Prevailing Variable Rate (nov 06 - Feb 08)
but the above proves it certainly was not. Those fixed rates drew down on a tracker.
 
Correction

KBC are attempting to call the Lender' Prevailing Variable Rate (nov 06 - Feb 08) the Standard Variable Rate
but the above proves it certainly was not. Those fixed rates drew down on a tracker.
 
The funny thing,

In the last two weeks, Un the last month KBC Naas was ringing me to help reduce my variable rate which was a 4.25%

I have to use a KBC listed valuer, LTV below 90%,

I’ve just agreed a new fixed rate for 3 years @ 3.3% and availed of the .2% discount for opening a KBC current account.

The new rate is 3.1% APRC I THINK IS AT 3.55

I wonder will this have and bearing on weather I will be offered a tracker rate? If I’m to be offered a tracker rate at all.

Just a comment Derville Rowland is the main reason these boys are now starting to move.

Your comment on the 650 PHDs what is thecreadon they are offering the tracker, or do you know.

I am expecting to hear from KBC by 5th Jan.

This is a direct quote from ther lettervto me.

“We write to provide you with an update on the progress of your interest rate complaint with KBC BANK IRELAND, and can advise that our review of this matter is ongoing.

We will be in contact as soon as possible but in any event by 5th Jan 2018

The rest is just contact details of the person dealing with my case.

It is signed

Tracker Morthuage Examination
Dedicated Team

There is a persons name probably not a good idea to post here.
 
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