KBC KBC statement on tracker redress

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Lightening said:
"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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grock1982 said:
bc were offering a tracker product up until July 08. Kbc have confirmed this themselves.
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From when? Why do the 650 new cases relate to the time period starting November 2006?
 
Hi All

My latest communication from KBC regarding my complaint account.

—————————————

In relation to the open complaint that you have with us I wanted to let you know that we have not yet determined the outcome of the Central Bank instructed Examination for your account but we will be in touch with you as soon as possible once we are in a position to do so.

Although we hope this will not be necessary, you should be aware that you have the option to refer this matter to the Financial Services Ombudsman for consideration. The details for the Financial Services Ombudsman are as follows;

Financial Services Ombudsman's Bureau
3rd Floor, Lincoln House, Lincoln Place, Dublin 2.
Telephone 01- 6620899 Lo-call 1890 88 20 90
Email address enquiries@financialombudsman.ie
Website address [broken link removed]
 
Is the wording clear here or is there something extra in it that I’m net getting.

The wording seems unusual, Althogh we hope this will not be necessary???
 
I got a mortgage of less than €500k and more than 90% LTV. They may not have offered me a tracker because I was outside their criteria. Were they within their rights? They told me on the phone today they were reviewing my mortgage to see if I was affected.
 
I just spoke to KBC. They said I’m not impacted because they stopped offering trackers on June 2, 2008 and I drew down a week after. Yesterday they told me July was the cut off date. They apologised for giving me wrong information. I argued I wasn’t offered a tracker in May 2008 and the lady argued that the draw down date is the only one that matters. Very disappointed.
 
Sorry to hear that Tolkaboy.

However, I don't want to give you false hopes, however, I would go back to KBC with this;

KBC have quoted the cut off point for their trackers to be July 2008 and I don't think you are the first person they told this.

Why does their statement below quote specifically "new mortgage applications'. Why does it not so 'those that 'drawdown" on a fixed rate.

They are excellent at moving the goal post.

· 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.

I would also contact Padraic Kissane and see what he has to say about this!
 
It seems a bit arbitrary. Maybe they’ll extend the group under investigation of impact soon?
 
Lightening said:
Also where did this cut off point of Feb 2008 come from!
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Tolkaboy said:
It seems a bit arbitrary. Maybe they’ll extend the group under investigation of impact soon?
Click to expand...

If they stopped offering trackers on June 2, 2008 as Tolkaboy says above then you would imagine that that date would be the cut off point for this new cohort of 650 mortgage accounts, and not February 2008. Equally important though is the start point ! Why is it November 2006 ? Were they not offering trackers before November 2006 ?
 
Is November 2006 the start date?, if so this could be when the leaflet was sent out advising all fixed rates return to the tracker, i'm hoping it was earlier as I was on a tracker and fixed for 5 yrs from Sept 2006
 
Hi All new to the forum after a bit of bit of lurking and waiting info, I finally joined. drew down a mortgage in march 2008 went onto fixed and a tracker was never mentioned as far as I can remember. Rang KBC before Christmas and was told I am in scope, rang late December and was told out of scope? awaiting copy of loan offer but today I rang and they said definitely impacted and will hear by the end of January the girl said the last guy who advised I wasn't impacted made a mistake as he was filling in hmmmmmmmff not sure how much I am impacted but my mortgage was killing me for 10 years.
 
I was told today they they will have an update for us early next week. Not sure if that's a sign of good news or bad news!
 
Thanks Tolkaboy, I have had nothing but bad experiences with the KBC in the last few years, this is my fourth mortgage but first with KBC and dealing with them is a nightmare. Seems like they keep moving the goal posts to suit themselves. In December I was told no your out of scope after first being told I was in scope It was 10 years so I couldn't remember what month we drew down and I couldn't find my original loan offer I was very dissapointed. Today I checked old emails and discovered one with my address in March 2008 for the current KBC mortgage so I rang them today and she apologized and said I am impacted and will hear by month end. If I was out of scope but close I was definitely going to appeal as it's very unfair they seem to be giving different cut off dates for June 2008 -
 
I rang kbc today and they said that they were phasing out trackers through the first few month of 2008. All tracker products completely gone by July08.
I fixed in may 08 and drew down on 12 June 08, I'm still in scope, so hoping!!!!
 
Padraic kissane extract from the oireachtas finance committee earlier this year.

KBC tried to claim that because the form used to apply a fixed rate of interest
had the words, “thereafter reverting to a standard variable rate”, that KBC
should simply say sorry the fixed form is clear even though all their Tracker
loans were variable. KBC did not even have a standard variable rate for home
owners at this point in 2006-2007 2008.
 
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