KBC to refund up to €12.9m of legal costs in arrears cases
Author | Joe Brennan |
Published date | 19 December 2020 |
Date | 19 December 2020 |
Publication title | Irish Times (Dublin, Ireland) |
It comes after the Central Bank of Ireland (CBI) ruled in November last year that mortgage lenders cannot impose legal fees on customers in arrears if they are co-operating and engaging with their lenders.
The regulator also concluded that charging interest on any legal costs applied is in contravention of the EU's Consumer Mortgage Credit Agreements Regulations.
Permanent TSB (PTSB) and EBS, which is part of the AIB group, also each moved this year to refund legal costs to borrowers.
"In late 2019, following consultation with the CBI, KBC Bank Ireland changed its policy in respect to the application of legal fees and third-party costs to mortgage accounts in arrears, including interest accrued on such costs," the bank said in statement in response to questions from The Irish Times.
"KBC decided to apply this policy change retrospectively, ensuring that customers benefit from the same outcomes, and over the course of 2020 has engaged in a review of all affected mortgage accounts. KBC has identified customers whose mortgage balance will be adjusted downward as a result."
The bank has begun writing to 7,000 customers across 4,500 mortgage cases that were affected by the matter. Most would see the balance of their mortgage loan accounts lowered, though a limited...
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