KBC KBC statement on tracker redress
- Thread starter LadyHB
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Lightening
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2017 Tracker Rising will go down in history
can only dream of
John MCGuinness as Taoiseach, Michael McGrath Minister for Finance,
Pearse Doherty Ceann Comhairle,
Padraic Kissane as President
can only dream of
John MCGuinness as Taoiseach, Michael McGrath Minister for Finance,
Pearse Doherty Ceann Comhairle,
Padraic Kissane as President
Hi DamC82
Normally your contract can flucate from offer date to drawdown date.
So if you drew down your loan in 2007 then I would assume your fixed rate was applicable from that date.
Your paperwork should tell you, you don’t have to be a legal eagle to understand the contract. you do to argue against the banks legal team.
If it’s KBC I assume there timeline is to coninside with the imfomous flyer of nov 2007. This is not a fact just an assumption.
Normally your contract can flucate from offer date to drawdown date.
So if you drew down your loan in 2007 then I would assume your fixed rate was applicable from that date.
Your paperwork should tell you, you don’t have to be a legal eagle to understand the contract. you do to argue against the banks legal team.
If it’s KBC I assume there timeline is to coninside with the imfomous flyer of nov 2007. This is not a fact just an assumption.
Attachments
For all those also hoping the flyer is in play for there loans.
Look at the product features,
Applicable to loans above 500k & loan to value of less than 80%, this will exclude first time buyers.
Most people with a loan of LTV less that 80% will be re Mortgage of parent funding as at the time 110% loans where on the market.
And those that borrowed 500k plus are in for a right windfall.
Look at the product features,
Applicable to loans above 500k & loan to value of less than 80%, this will exclude first time buyers.
Most people with a loan of LTV less that 80% will be re Mortgage of parent funding as at the time 110% loans where on the market.
And those that borrowed 500k plus are in for a right windfall.
I drew down in May 2005. It's probably safe to assume that I don't have a chance then? Even if my Terms of Loan referenced a 1% increase in interest rate even though I was fixed, but apparently reverting to a 'prevailing variable rate' (ie tracker)? It's so confusing. They told me a couple of months ago that I'm not in the review, but that they hadn't finished Phase 2 yet and that if I hadn't heard from them by January to contact them again. What does any of this mean? I've contacted Padraic Kissane. Just waiting to hear back.
We fixed and drew down in may 08. We are still in scope but the review isn't completed yet.
Considering kbc had trackers available up to July08, I can't see how customers who fixed between March and July 08 can be excluded.
The tracker review team may have completed their investigations in accounts up to Feb 08, with the last batch still under investigation!! Just a thought.
Considering kbc had trackers available up to July08, I can't see how customers who fixed between March and July 08 can be excluded.
The tracker review team may have completed their investigations in accounts up to Feb 08, with the last batch still under investigation!! Just a thought.
The day you sign is the day the contract starts and your borrowing term is set from that date. In most cases.
I’m assuming the CB has allowed the infomus flyer to be in play till it was proven to be superceeded by KBC Bank Ireland. This might be to FEB 2008, but just guessing.
Who knows what the motivation is, not sure if there is a statute of limitations on the loan redress.
I’m assuming the CB has allowed the infomus flyer to be in play till it was proven to be superceeded by KBC Bank Ireland. This might be to FEB 2008, but just guessing.
Who knows what the motivation is, not sure if there is a statute of limitations on the loan redress.
Like a lot of people, I have been unable to get confirmation from KBC as to whether we are deemed affected or not. We drew down in April 07 on a two year fixed. We broke out early in Dec 08 and rolled on to a SVR. When all of this tracker stuff blew up, I examined our loan offer and it has a condition under "Advisory" which states "At the expiry of the fixed rate period the interest rate shall be no more than 1.25% above the prevailing ECB Main REFI rate for the remaining term of the loan".
If we are one of the 650 customers who were confirmed to be in scope in their recent statement should we know by now and if not does anyone know if that was a standard wording for loan offers issued in 2007?
If we are one of the 650 customers who were confirmed to be in scope in their recent statement should we know by now and if not does anyone know if that was a standard wording for loan offers issued in 2007?
Leighlinboy
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They have the bones of 2000 letters to send out in January , mortgage is coming out of account tomorrow .... you would imagine that in the next few weeks all will be revealed.
Really need some action from them no faith in any of the statements ....as we still are all awaiting the first success story on these threads ! Too many false dawns and newspaper articles read at this stage .
Really need some action from them no faith in any of the statements ....as we still are all awaiting the first success story on these threads ! Too many false dawns and newspaper articles read at this stage .
Lightening
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@Tolkaboy
From KBC statement below Seems you do!!
Can you quote roll off wording please?
""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 "
KBC state in their statement "a fixed rate with a roll off to Standard Variable Rate" (this is not the first time they used the wording SVR to describe this particular product) I believe this is being used to confuse the public and the media and everyone else including the politians.
The contracts during this time did not state SVR. They stated "lenders prevailing variable rate"
A quote from Bernard Byrne AIB at the Oireactas CommitteeMeeting in October.
"Our view of the prevailing rate is that it is the rate that prevails at the time at which the product is offered and that is how we consider it".
At the time this product was offered (certainly in 2007) there was no Standard Variable Rate only the tracker Variable Rate. So what are KBC talking about!! it is deliberate manipulating the terminology to suit themselves and they continue to do this.
At the time "the product" was offered. I.e. Margin + ECB
ie
Prevailing variable rate = Margin + ECB (at time of which the product was offered. For redress purposes all the ECB rate reductions since then to present day should be applied and not the rediculous rates of 3.67 + now offered by AIB, their interpretation of the prevailing rate. It is important for all KBCers with the prevailing rate to keep an eye on the AIB thread that KBC do not also try to pull this trick! I believe AIB will have a cohort taking this to the high court unless it is resolved before then.
"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...
From KBC statement below Seems you do!!
Can you quote roll off wording please?
""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 "
KBC state in their statement "a fixed rate with a roll off to Standard Variable Rate" (this is not the first time they used the wording SVR to describe this particular product) I believe this is being used to confuse the public and the media and everyone else including the politians.
The contracts during this time did not state SVR. They stated "lenders prevailing variable rate"
A quote from Bernard Byrne AIB at the Oireactas CommitteeMeeting in October.
"Our view of the prevailing rate is that it is the rate that prevails at the time at which the product is offered and that is how we consider it".
At the time this product was offered (certainly in 2007) there was no Standard Variable Rate only the tracker Variable Rate. So what are KBC talking about!! it is deliberate manipulating the terminology to suit themselves and they continue to do this.
At the time "the product" was offered. I.e. Margin + ECB
ie
Prevailing variable rate = Margin + ECB (at time of which the product was offered. For redress purposes all the ECB rate reductions since then to present day should be applied and not the rediculous rates of 3.67 + now offered by AIB, their interpretation of the prevailing rate. It is important for all KBCers with the prevailing rate to keep an eye on the AIB thread that KBC do not also try to pull this trick! I believe AIB will have a cohort taking this to the high court unless it is resolved before then.
"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...
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