Tracker Mortgage Scandal, are we affected ?

peppythepew

Can someone advise if there is an organisation that we can talk to ask for advice ?

We bought in 2005 and remortgaged in 2007 and switched form a tracker mortgage from EBS to a variable with KBC. At no point was it explained to us the ramifications of switching from the tracker to a variable rate. As a matter of fact we didn't realise we'd been switched until this scandal broke 2-3 years ago and we went back through our paperwork and we were gutted. The reason we switched was to get away from EBS as their customer service was appalling at the time, they messed us around so badly over the 2 years. They took payments from our account days before agreed dates leaving us with late repayment fees at the very beginning of our mortgage, as a matter of fact, we missed out first mortgage payment due to this and it went downhill form there over the next 2 years.

My husband seems to think that as we voluntarily moved and signed the paperwork (albeit without proper advice from either institution), its just something we have to suck up. But as I read more stories of the people affected in the media over the last few days, their stories don't sound much different to ours.

Can anybody point us in the direction where we could get some impartial advice ?

I should add, we never missed a payment with KBC in the last 10 years and we are fully up to date with all payments.

dudara

Moving to Accommodation & Property forum, as I feel you'll reach a better audience there.

dudara

stronglikebull

peppythepew wrote: »

My husband seems to think that as we voluntarily moved and signed the paperwork (albeit without proper advice from either institution), its just something we have to suck up.

I'd agree with him. As far as I can tell from reading about these tracker scandals, particularly at PTSB, it is to do with the bank forcing customers off their tracker and onto the standard variable. In your case, you left the bank and changed the type of your mortgage. I'm not sure if there was a requirement for the bank to explain what the effect of the change could be. It's probably written in your documentation somewhere.

peppythepew wrote: »

Can anybody point us in the direction where we could get some impartial advice ?

MABS is an independent and impartial money advice service. They may be able to assist you.

peppythepew

Can someone advise if there is an organisation that we can talk to ask for advice ?

We bought in 2005 and remortgaged in 2007 and switched form a tracker mortgage from EBS to a variable with KBC. At no point was it explained to us the ramifications of switching from the tracker to a variable rate. As a matter of fact we didn't realise we'd been switched until this scandal broke 2-3 years ago and we went back through our paperwork and we were gutted. The reason we switched was to get away from EBS as their customer service was appalling at the time, they messed us around so badly over the 2 years. They took payments from our account days before agreed dates leaving us with late repayment fees at the very beginning of our mortgage, as a matter of fact, we missed out first mortgage payment due to this and it went downhill form there over the next 2 years.

My husband seems to think that as we voluntarily moved and signed the paperwork (albeit without proper advice from either institution), its just something we have to suck up. But as I read more stories of the people affected in the media over the last few days, their stories don't sound much different to ours.

Can anybody point us in the direction where we could get some impartial advice ?

I should add, we never missed a payment with KBC in the last 10 years and we are fully up to date with all payments.

Xterminator

https://www.mortgageholders.ie/contact/

they are the people to contact.

Jasper79

peppythepew wrote: »

Can someone advise if there is an organisation that we can talk to ask for advice ?

We bought in 2005 and remortgaged in 2007 and switched form a tracker mortgage from EBS to a variable with KBC. At no point was it explained to us the ramifications of switching from the tracker to a variable rate. As a matter of fact we didn't realise we'd been switched until this scandal broke 2-3 years ago and we went back through our paperwork and we were gutted. The reason we switched was to get away from EBS as their customer service was appalling at the time, they messed us around so badly over the 2 years. They took payments from our account days before agreed dates leaving us with late repayment fees at the very beginning of our mortgage, as a matter of fact, we missed out first mortgage payment due to this and it went downhill form there over the next 2 years.

My husband seems to think that as we voluntarily moved and signed the paperwork (albeit without proper advice from either institution), its just something we have to suck up. But as I read more stories of the people affected in the media over the last few days, their stories don't sound much different to ours.

Can anybody point us in the direction where we could get some impartial advice ?

I should add, we never missed a payment with KBC in the last 10 years and we are fully up to date with all payments.

I don't see how you could claim, you got a new mortgage with a different bank, nobody moved you off your tracker rate.

ionapaul

I'm guessing your 'beef' is with the EBS right? KBC, the new bank, was surely under no obligation to warn you or give you advice with regard moving from whatever mortgage you had with EBS to their product. Might be difficult blaming EBS 10 years after the fact though...

dotsman

I ca't see how you have any case. You were on a tracker with EBS. You voluntarily left EBS and started a whole new mortgage with KBC. You voluntarily chose to go with a variable with KBC. I can't see why you think you would have a case with either bank?

On the other hand, what advice did your solicitor give you at the time? After all, it is the solicitor's responsibility to ensure you understand the contract you signed.

ted1

Did you Honestly not ask what the new rates would be?

Goat the dote

I can’t see how you would be affected. You moved banks, by your own choice. Did you make complaints to ebs about these issues that you moved over? What was their response? Irregardless, you still made the choice to move bank, therefore switching product.

Unknown Soldier

I don't think you come under the same remit as the current Tracker issues.

A quick summary of it, as I understand it...

People were on Trackers and the ECB rate looked like it was heading upwards, so banks offered them Fixed rates for X years. When that term was up they would have defaulted back onto their Trackers, but a month or so before the term ended banks wrote to them letting them know that their Fixed rates term was coming to an end and offered them "new" options, none of them being anything to do with their Tracker. Nor did the bank let them know that if they didn't chose a "new" option that they would default back to their Tracker.

Obviously if you chose one of the new options, which were cleverly designed by the bank, you were basically giving up your Tracker.

I think the term Hoodwinked could be used.

handlemaster

there s going to be a lot of people trying to catch some compo from this when the decisions they made were their decisions only