KBC KBC statement on tracker redress

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In addition to the above; Recent confusing statements from KBC;

"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"

No fixed rate during this time had any roll off to a "STANDARD VARIABLE RATE"

Another recent example of a KBC using this wording;

Quote from KBC recent statement
"in a prior review concluded in 2010 the bank identified 571 customers that would have moved from a fixed rate mortgage to a STANDARD VARIABLE RATE, but based on a review of their individual circumstances, the bank concluded that these customers should return to a tracker Rate following their fixed rate period.

the above wording KBC have deliberately used lately should infact read;

"Lenders prevailing variable rate" they are not the same product.
 
Kbc in their special conditions section May 08 state that the prevailing rate is a homeloans renewal rate, which may be varied by the lender from time to time.
Is this not the same thing as a standard variable rate?
 
The main section of the paper work uses the phrase prevailing variable rate.
The special condition states what's below:

"Your loan will revert to iib homeloans renewal rate. The iib homeloans renewal rate is a variable rate and may be varied by the lender from time to time in line with general market conditions"
 
Grock1982

I’ve posted this in earlier treads. The special condition is in my loan from 29th FEB 2008.

Recently I fixed again with KBC for 3 years for 3.1%. I was advised to clarify with the bank that this new arrangement does not affect my tracker complaint.

They did confirm that this new arrangement does not affect the Tracker enquiry in my case.

And yesterday I got this in the way of an incrypited email”

QUOTE:
“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” End Quote.

I’m now more confused than I was two weeks ago.

I was working on the assumption that I am affected based an the above 650 PHD article. Lightening highlights.

If anyone has anything to add I would be obliged?
 
Obviously the contracts are worded differently. That's the whole point.

In the tracker in 2007 it mentions the Home Loan rate will be applicable if the REFI rate is unavailable.

But, in the fixed rate same period it doesn't state on expiry of the fixed rate the Home Loan Variable Rate will apply nor does it state any wording to the effect of a renewal rate.

The 2008 contracts must have been adjusted.
 
Hi Lightining

I posted this before.

This is the exact wording on my fixed rate. Special condition.

It does mention variable rate? Any comments welcome?


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.
 
Rakitom said:
Hi Lightining

I posted this before.

This is the exact wording on my fixed rate. Special condition.

It does mention variable rate? Any comments welcome?


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.
Click to expand...

yes although different wording to the fixed of around 2007 It appears you fall under the 650 cohort but obviously you need this clarified by KBC. I hope we all get news before month end.
 
Rakitom said:
Hi Lightining

I posted this before.

This is the exact wording on my fixed rate. Special condition.

It does mention variable rate? Any comments welcome?


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.
Click to expand...

The word "revert" (dictionary explanation;
return to (a previous state, practice, topic, etc.).

this would imply your fixed rate commenced on a SVR (home Loan Variable Rate). Did they have a SVR in February 2008?

I'm now assuming that the above contracts will be in the cohort below;

· 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...

but also assume the "lenders prevailing variable rate" are a different cohort and contracts both BTL and PDH will all be returned to tracker since their wording is not the same as the above.
 
I spoke with kbc just there. I asked if I could sent in extra information to the review team in relation to my case.
The lady suggested that I should wait till I get my "redress letter" and then, if I was not happy with the compensation , I could then appeal!!!!!!.
She then realised what she had said and retracted the statement..." I didn't mean to say redress letter, I meant to say confirmation letter.
She was a bit flustered so I thanked her and hung up.

It seemed to me that she knew more than she was saying.

I might be over thinking things, then again maybe not.
 
grock1982 said:
I spoke with kbc just there. I asked if I could sent in extra information to the review team in relation to my case.
The lady suggested that I should wait till I get my "redress letter" and then, if I was not happy with the compensation , I could then appeal!!!!!!.
She then realised what she had said and retracted the statement..." I didn't mean to say redress letter, I meant to say confirmation letter.
She was a bit flustered so I thanked her and hung up.

It seemed to me that she knew more than she was saying.

I might be over thinking things, then again maybe not.
Click to expand...

I presume she was looking at your account when she said this! ?

Is this the tracker mortgage team you were talking too?
 
This is ridiculous if the have information and are not providing it. This only increases the level of frustration with them. If and when you receive redress you should make a complaint about their failure to notify you
 
Yip, speaking with tracker team. I was asking loads of questions and implying that a " standard variable rate " didn't exist in June 08, therefore a tracker is what I should have rolled onto. She didn't agree nor disagree.

She then told me to hold back my extra information until I got my letter (as outlined above).
She was definitely flustered by her statement, be it a slip of the tongue or not!!!
 
grock1982 said:
Yip, speaking with tracker team. I was asking loads of questions and implying that a " standard variable rate " didn't exist in June 08, therefore a tracker is what I should have rolled onto. She didn't agree nor disagree.

She then told me to hold back my extra information until I got my letter (as outlined above).
She was definitely flustered by her statement, be it a slip of the tongue or not!!!
Click to expand...

Sounds positive Grock1982!!
 
I'm just wondering if the rate condition letter which I received with my first cheque, at draw down, has anything to do with the review.
This letter was sent to my solicitor which inadvertently referred to my fixed rate as a tracker (typo most likely). The loan cheque was attached.
It was an interest rate adjustment from 4.99% to 5.69%.
I am also aware that other customers received erroneous letters to this effect around that time!!!
 
grock1982 said:
I'm just wondering if the rate condition letter which I received with my first cheque, at draw down, has anything to do with the review.
This letter was sent to my solicitor which inadvertently referred to my fixed rate as a tracker (typo most likely). The loan cheque was attached.
It was an interest rate adjustment from 4.99% to 5.69%.
I am also aware that other customers received erroneous letters to this effect around that time!!!
Click to expand...

Grock1982

Can you post wording of the letter?
 
Dear sirs,
We refer to the rate condition of our letter of offer (1st may 2008). Prior to negotiating the loan cheque, we would be most obliged if you could advise the borrowers that their tracker (4.99)rate has changed to (5.69), with effect from 3rd June 2008.
A letter advising the borrowers of the revised repayments will follow in the post.
Yours sincerely,
New business department
 
Anyone else feel like we a re painstakingly edging towards resoultion? Its torture at this stage.. I feel like such a saddo, most spent too much time checking social media, I have that problem with AAM!!:(:(:)
 
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