Thanks for that, I wonder why they bothered to include me in the review at all then.
Thanks Sarenco but what's of interest is that I never had a tracker. I started with a 5 year fixed in 2008 and now I'm part of the review. That's why I was questioning the rollover to variable / tracker earlier. Obviously there must be something there, what I do not know!I gather any mortgage borrower that had a tracker at one point and subsequently fixed is included in the review.
I wouldn't give up all hope just yet if I was you.
The purpose of the review is to identify any customers who may have been impacted by:
Even if you don't have a contractual right to revert to a tracker, it is possible that the Central Bank will find that KBC failed to comply with the relevant disclosure requirements and could order KBC to reinstate your tracker and/or offer you some other form of compensation. The fact that you fixed in May 2008 may be relevant in this regard.
- a lender’s failure to honour a customer’s contractual entitlements; or
- its failure to comply with the regulatory requirements regarding disclosure and transparency of information.
There might be hope then, but like your case it will all depend on the rate that will be offered.Grock1982, I didn't start with one either.....but I have it now!!
That seems to be the case in my situation. Not unless that flyer has something to do with it.Crossed wires
The point I'm making is if a contract uses the words variable rate that can still refer to a tracker.
On the other hand if a contract says Standard Variable Rate then it's not tracker
Crossed wires
The point I'm making is if a contract uses the words variable rate that can still refer to a tracker.
Grock1982, I didn't start with one either.....but I have it now!!
Did the terms of your fixed term contract specify that you would be entitled to roll onto (or elect to roll onto) a tracker rate at the end of your fixed term?
No, the only contractual information that I have is what I have already posted and that states that I roll onto the prevailing variable rate. Yet my mortgage is part of the review???Did the terms of your fixed term contract specify that you would be entitled to roll onto (or elect to roll onto) a tracker rate at the end of your fixed term?
No, the only contractual information that I have is what I have already posted and that states that I roll onto the prevailing variable rate. Yet my mortgage is part of the review???
We could have availed of a tracker but we fixed instead for 5 years. Before our first cheque arrived our solicitor received a rate change letter from iib, stating that our fixed had increased. Inadvertently iib called our fixed rate a tracker rate on this rate change notification letter. Maybe this might be the reason we are part of the review. Then again this letter wasn't a contract, so I just don't knowWere you offered a tracker in your original loan offer? We were but decided to fix instead, and KBC informed me that because we had an offer with a tracker on it , even though we didnt accept (unfortunately!!) , is the reason why we are including in the review.
Now I dont believe we have a hope in hell of getting anything of this, Id be absolutley amazed if we did having inspected our paperwork...
Yes i had been mailing a KBC rep on a boards.ie forum, always got good prompt responses seemed to have slowed up in last few days . Really love to know when the first kbc customer is contacted ...7th of october now !!