KBC Tracker Mortgage

leighlinboy

Thanks Prun waiting over 2 weeks now, they said 2/3 working days will follow up. Might request the whole lot as you said . Mid Feb now, how will they make that summer deadline of their progress is so slow to date ?!

Prun

Prun wrote: »

Hi Leighlinboy
I would agree with your comments it's not as transparent as the feedback on other banks. How long are you waiting on a copy of original mortgage offer? Why are they stalling this? I would have thought this would be at hand since they would have prepared a file on you for the examination team/central bank! Maybe you should request all of your data/file.

Put in the data request. (I think the form is on their website) also enclose a letter requesting " you are seeking ALL information pertaining to your account". You need to pay a small amount also around euros 6.

gavin77

So the dedicated phone extention for kbc no longer in use and message to call the complaints department with just a voice mail there. Anyone any updates???

Prun

Is this the number you are using? 01 6646983?

Ring the switch and ask to be put through the the Tracker Team; Niamh Richardson.
email; TrackerMortgageExamination@kbc.ie

Prun

drinkpinkhorse wrote: »

Really need help??

We are on a fixed rate mortgage which is due to end in September with new term beginning October. I phoned my mortgage lender today who is KBC and asked them what will be my new rate in October. He told me that I will be going on a Tracker mortgage in October to which I am stunned an overjoyed. He said that I will be due a letter in the post in next couple of weeks confirming new rates and details.

Here are my questions:-
1. In my Loan agreement it does not mention a tracker mortgage on a prevailing variable rate so where is he getting a tracker mortgage?

2. What is the current KBC tracker rate?

3. Should I start partying now or wait till I receive my letter confirming what customer service rep advised on the telephone?

Cheers

Has anyone information regarding the exact wording of the 'roll off wording' on the fixed rate contracts at that time?

I have requested the poster (or any poster in the same situation) to quote the term used in the contract however the answer appears to be in number 1. above. "prevailing variable rate'. This appears to have been IIBs term to describe the 'tracker rate'.

This term was quoted in the Oireachtas Committee Room number 3 last week when Padraic Kissane discussed the facts with the committee. " the prevailing variable is the tracker.".

gavin77

Thanks prun. Yes niamh no longer at that extension. Message says go to complaints department which is directly to voice mail.

gavin77

Thank you i got through to on that number. So even tho my last conversation I was told kbc had finished their end and was in talks with the centralbank. This time I was told kbc haven't finished with my file yet. So I queried this and listed off previous calls that contradict each other and they are phoning me back.

odonovanpm

The examination of the Central Bank tracker review is due tomorrow http://www.independent.ie/business/world/all-eyes-on-review-of-tracker-mortgages-35546074.html

Prun

http://www.thetimes.co.uk/edition/ireland/up-to-15-banks-face-tracker-scandal-rap-5hsqggmwd

AIB Bernard Byrne said the bank had identified 40 possible scenarios under which customers could have been entitled to tracker mortgages.

It is about time the Central Bank came clean on these scenarios

gavin77

When you phone kbc all they keep saying is they won't have any information until mid 2017. Yet when I asked what is happening with my case between now and then they couldn't answer. When I asked what Is happening within the process between now and then that if they have a time frame what is happening within the time frame they couldn't answer. And what makes that date any different to the date I got in September and then the date I got in January yet again no answer. Other than this is a long process. DON'T I KNOW IT!!! Sickening.

odonovanpm

The wording at the bottom of this article is worrying - https://www.businessworld.ie/property-news/9-900-customers-affected-by-tracker-mortgage-issue-567910.html - suggesting interest rates have been rectified in 90% of the 9,900 identified cases.

The Central Bank requires all lenders to complete the phase two stage no later than end-September 2017. In terms of remediation, interest rates have been rectified on more than 90% of the 9,900 accounts identified with a total of €78m of redress and compensation fees paid to c.2,600 customers.

gavin77

I would love to know what relevance the letter that was put out that was from iib homeloans who are now kbc, that was to the brokers that states their tracker mortgage was for the lifetime of the mortgage. Is that not reason enough to reinstate the tracker rate and if not why not?

leighlinboy

Hi Gavin77 seen a post from Padraig saying that its not just contracts that are being reviewed but communications brochures fliers and the overall environment of the time, its thorough comprehensive and will take more time , pls god even in the event review rules in our favour we could still be waiting , thats a headache i could live with . Requested mortgage contract once again as it never came , so hoping to look over that at weekend , think this thread shows explicitly the section to check . I believe there are far more letters to be sent out ! Always have

gavin77

Hi there, I noticed another question that was asked about the prevailing rate. Their reply looks at that meaning the rate at drawdown, which would be tracker rate. At least that's what I took from it. So yes amid all the thousands of people what I felt was too big to resolve they do seem to have some control and organisation. Kbc's slow attempt in abiding and communicating constantly puts a damper on my optimism. But here's hoping!

CeilingFly

I got an email from a colleague to say a public meeting on the KBC tracker scandal is being held in citywest hotel on Thursday 28th September 7.30pm. It is being chaired by Padraic Kissane (regd. financial advisor) who is representing many disillusioned tracker mortgage holders from various institutions. Seems the meeting is open to all and not just those engaged with Padraic Kissane.

If you lost your tracker, it may be worth the trip as there's plenty of information that cna be said face to face but not on public forums.

Prun

CeilingFly wrote: »

I got an email from a colleague to say a public meeting on the KBC tracker scandal is being held in citywest hotel on Thursday 28th September 7.30pm. It is being chaired by Padraic Kissane (regd. financial advisor) who is representing many disillusioned tracker mortgage holders from various institutions. Seems the meeting is open to all and not just those engaged with Padraic Kissane.

If you lost your tracker, it may be worth the trip as there's plenty of information that cna be said face to face but not on public forums.

I will be there thanks!!

I understand everyone that fixed from the beginning and had the "prevailing variable rate" in their contract should have been rolled to the tracker (like others who had this wording and were rolled to trackers) and not put on the Standard Variable Rate (SVR) which is what KBC did to many at that time since the lenders prevailing variable rate was the tracker (variable rate) at that time. There two only rates fixed and variable (tracker)

It's time for justice

Prun

CeilingFly wrote: »

I got an email from a colleague to say a public meeting on the KBC tracker scandal is being held in citywest hotel on Thursday 28th September 7.30pm. It is being chaired by Padraic Kissane (regd. financial advisor) who is representing many disillusioned tracker mortgage holders from various institutions. Seems the meeting is open to all and not just those engaged with Padraic Kissane.

If you lost your tracker, it may be worth the trip as there's plenty of information that cna be said face to face but not on public forums.

I will be there thanks!!

I understand everyone that fixed from the beginning and had the "prevailing variable rate" in their contract should have been rolled to the tracker (like others who had this wording and were rolled to trackers) and not put on the Standard Variable Rate (SVR) which is what KBC did to many at that time since the lenders prevailing variable rate was the tracker (variable rate) at that time. There two only rates fixed and variable (tracker)

It's time for justice

odonovanpm

In case anybody missed it... KBC "the bank of you" are not getting your tracker rate back - https://www.irishtimes.com/business/financial-services/kbc-to-miss-central-bank-deadline-for-tracker-mortgage-review-1.3237013

How KBC are not slaughtered by journalists and politicians is beyond me.

Prun

odonovanpm wrote: »

In case anybody missed it... KBC "the bank of you" are not getting your tracker rate back - https://www.irishtimes.com/business/financial-services/kbc-to-miss-central-bank-deadline-for-tracker-mortgage-review-1.3237013

How KBC are not slaughtered by journalists and politicians is beyond me.[/quote

KBC answered no questions in the Dail yesterday. Just kept nodding their heads when questions were asked regarding the Tracker scandal. It's truly shocking. The politicians could not believe the audacity to appear and give them absolutely no answers. KBC are years behind the other banks in coming forward and dealing with the issue. KBC customers affected by this scandal will have a much bigger fight on their hands than other customers had with their banks! The Central Bank need to sanction.
What is the Central Bank, the Ombudsman, and the politicians going to do about this Bank who treat not only their affected customers like this, but our Central Bank and our Government. What hope have these affected customers got!

DriverMad

Anyone get any updates?
Is the review still ongoing?
Thanks.

CeilingFly

Many KBC customers got a letter in the last few days telling them they were regarded as "impacted"

Most/all of these will get their trackers back and a very nice refund of overpaid interest plus 15% compensation.

Included are all those who took a tracker and then fixed for a period from 2005-2007 and those who started on a fixed from November 2006 to early 2008 as kbc said all fixed rates would rollover to 0.95%-1.25% trackers depending on ltv.

Happy new year

CeilingFly

Tracker rate being returned from March 1st for all those who received the "impacted" letter.

Hurrah - many years of being ripped off finally coming to the end.

odonovanpm

CeilingFly wrote: »

Tracker rate being returned from March 1st for all those who received the "impacted" letter.

Hurrah - many years of being ripped off finally coming to the end.

Where did you come across this information?

CeilingFly

odonovanpm wrote: »

Where did you come across this information?

I called them and others I know in same situation called too.

Same response to all of us.

leighlinboy

Great stuff guys congrats .

Anyone that drew down on variable had tracker and then fixed around the 2007 get them restored ?

I was told im not deemed impacted , yet I "had a tracker and moved to other rate" , in or around that period.

loseit

CeilingFly wrote: »

Tracker rate being returned from March 1st for all those who received the "impacted" letter.

Hurrah - many years of being ripped off finally coming to the end.

Hi Has this been confirmed ? I received letter in January 2018 saying I was one of the accounts impacted by the review of the tracker mortgage. I looked at the terms of the original loan in 2006 and it states that the rate will never be more than 0.95% over the ECB rate for the term of the loan. I called KBC during the week and I was told the review was ongoing and they could not tell me how I was impacted, if at all.

Can someone send link so I can calculate what the rates should have been from 2006 to 2018 ?

odonovanpm

I would not pay much attention to those call handlers. I spoke to one of them last week that was borderline rude, but finally got her to admit the rate was being given back on 20th of February, with further communication regarding the calculation of interest owed expected by the end of March. In my opinion, this has to be same for everyone that was deemed impacted, and removed from a tracker rate.

CeilingFly

loseit wrote: »

Hi Has this been confirmed ? I received letter in January 2018 saying I was one of the accounts impacted by the review of the tracker mortgage. I looked at the terms of the original loan in 2006 and it states that the rate will never be more than 0.95% over the ECB rate for the term of the loan. I called KBC during the week and I was told the review was ongoing and they could not tell me how I was impacted, if at all.

Can someone send link so I can calculate what the rates should have been from 2006 to 2018 ?

I think if you approach it right you get more information than others. Staff manning the phones are not to blame in any way whatsoever for the tracker issues.

The rectification goes back to the end of your fixed rate period - usually 2009-2012 depending on when you changed and whether it was 3 year or 5 year fixed.

I'd call tomorrow, have a pleasant attitude, ask if they can make your week with some good news and see what info is given.

loseit

CeilingFly wrote: »

I think if you approach it right you get more information than others. Staff manning the phones are not to blame in any way whatsoever for the tracker issues.

The rectification goes back to the end of your fixed rate period - usually 2009-2012 depending on when you changed and whether it was 3 year or 5 year fixed.

I'd call tomorrow, have a pleasant attitude, ask if they can make your week with some good news and see what info is given.

Hello I was pleasant on the phone, the agent to whom I was transferred said he could not give out any information as the review was ongoing. He was helpful with other enquiries. My fixed period was for 3 years from 2007 to 2010. Do you know what the rectification is ? After the fixed period I was put on a variable rate mortgage. thank you

CeilingFly

loseit wrote: »

Hello I was pleasant on the phone, the agent to whom I was transferred said he could not give out any information as the review was ongoing. He was helpful with other enquiries. My fixed period was for 3 years from 2007 to 2010. Do you know what the rectification is ? After the fixed period I was put on a variable rate mortgage. thank you

I'm not suggesting you were anything else - just some people do think that front line staff are punching bags.

If you got the letter with Jan 5th date, you will be fine. They have about 2,500 accounts to change and it seems it will all be completed by tomorrow. ( according to the ceo at the oireachtas finance committee)

You initially go back to the tracker rate originally agreed and then refund of overpayment from 2010 to now will follow