Status #24938

Hello you lovely people, I have personally handed over a promissory [...]

Antwerpen, Vlaanderen
via Ubuntu Planet
Hello you lovely people,

I have personally handed over a promissory note to KBC bank last Friday with the intent to pay off my mortgage, technically it's the loan my company 'received' to buy property. Very exciting !

So far the bank has informed me yesterday, Monday, by email that they have come in possession of the document but have no idea what to do with it. The document quickly went from the head office to my local bank contact person who is very confused right now.

Friday: they didn't want to stamp or sign for proof of acceptance, but they have done that now with the email confirming that they have received it.

As nobody seems to be aware of the existence, let alone purpose of this document, I kindly directed them to the KBC securities office, which will defnitely know what to do with it.

I just got off the phone with my contact at the bank and he already suggested that they will probably invite me over for a chat about this whole thing

As I said, very exciting, I'll keep you posted. hahaha, man, what a trip

Lots of love,

that's awesome, I hope this works
Tuesday 14 February 2017, 18:05:31
Thanks , me too ! :)
Wednesday 15 February 2017, 04:12:55
Very small update: two days of silence now, I guess they're figuring out what to do with it :)
Thursday 16 February 2017, 14:15:14
Still nothing. Interestingly though, I went to the bank today - for something unrelated, picking up a new bank card - and he didn't mention the promissory note. Nothing ! haha. Very weird, I can only guess what's going on right now.;..
Tuesday 21 February 2017, 18:57:01
I just received a phone call from my local contact at the bank

He started off by saying that he still doesn't understand what I'm doing haha.. He then told me that the head office had sent him a mail saying that they don't accept my promissory note as payment and that they expect me to keep making the monthly payments as described in the initial contract.

I replied that I don't accept their non acceptance and that I want to know WHY they don't accept it. He wouldn't give me the contact details of the people who wrote him that mail, so I kindly requested that he'd send a mail to them with my question as to why they don't accept it, which he told me he would do...

The story continues..
Monday 27 February 2017, 15:56:47
I received an email from a different person from the bank; Someone who seems to be much more helpful.

He writes to me that:

The promissory note is "untradeable"

1) There is no market for Promissory Notes from parties that don't have an external rating ( From Standard & Poors, etc..)
2) 617 years duration is much too long ( I used a monthly amount of 50 EUR. Similar to the example by Micheal Tellinger)
3) The costs to put a Promissory Note on the market is very high.

Now what does this mean ?

It certainly means that they have hereby confirmed that they trade in Promissory Notes.

My follow up question was: " Does this mean that all loans/credit contracts in MBS ( Mortgage Backed Securities) receive an external rating first ?"

Very curious as to what they will respond to that because:
In that question is built in the confirmation that they trade and sell on mortgages, which is crucial.

What legal right does a bank have to collect money from anyone when they have sold on the contract ?

To be continued...
Thursday 9 March 2017, 14:24:20
Bart VD
Curious, following
Tuesday 28 March 2017, 17:29:50
Hey Bart, thanks for being interested So far it's been met with a lot of resistance. They sent me an offical letter stating a couple of weird things.
1) That I can't change the terms of the contract without them agreeing to it. That is refering to paying for the loan in full before the maturity date. Which makes no sense of course.
2) That the promissory note doesn't meet all the legal requirements and is therefore null and void.

I sent them an email back with questions, related to the promissory note but also 10 very important questions. They are completely ignoring all of that know and simply reply that they stand by what they have said and regard the matter as closed.

So very shifty, shady and dodgy...
Wednesday 29 March 2017, 22:08:24
Here are the 10 questions I asked them, ( translated into Dutch) ;
1. Am I indebted to the bank right now? (Please answer yes or no).
2. Please confirm that the bank actually possessed the money they claim to have lent me, prior to my loan being granted. In other words, did the bank physically have the money they lent me, prior to the money appearing in my account?
3. Would the bank be prepared to amend the credit agreement as follows: “We, the bank, did in fact possess the money we loaned you, prior to the loan being approved.”
4. Was the loan funded by assets belonging to the bank at the time the loan was granted? Either way, please describe in detail the accounting process used to create my loan.
5. Did the bank record my promissory note / negotiable instrument as an asset on its books? If yes, how was my instrument used to create my loan, and where is my valuable promissory note / negotiable instrument now?
6. Does the bank participate in a securitisation scheme whereby debts / promissory notes are bundled and then sold-on to a third party/parties via special purpose vehicles, entities or alike processes?
7. With reference to point 6, has my loan securitised? If so, please send me all details regarding its securitization.
8. Does the bank have a legal right to collect money it claims I owe it? If so, then were does this legal right come from, assuming the loan has been securitised?
9. Has my loan with the bank been settled by a special purpose vehicle, insurance policy, or by any other party?
10. Regarding the security given to the bank by me, has this security been sold on or given as security / surety to another party?
Wednesday 29 March 2017, 22:10:16
I'm at a point where I'm about to lose everything because of court case that's been dragging on for years. I lost the case and am personally bankrupt. the government knows that I am not responsible ( they told me) but legally they are within their rights. So it looks like I will lose my company and the house too. A new beginning I guess. I'm done fighting lawyers, instutions and the government. It's all been very good in terms of spiritual growth, it doesn't feel like giving up, more like choosing freedom and happiness over struggle and conflict. It's al just numbers and hot air haha.
Keep you posted..
Wednesday 29 March 2017, 22:14:10
So I was on the phone with two people from KBC Bank, what it boils down to : the legal department has told them to stop communicating with me as we are now on" non speaking terms"......
Wednesday 5 April 2017, 12:53:34
I contacted the ombudsman who deals with such things in Belgium, explaining that I have questions that are being ignored...
Wednesday 5 April 2017, 12:55:53
The ombudsman was unable to deal with my complaint. It is apparently a requirement that a complaint is filed first with the financiel institution before the ombudsman can actually do anything. I filed a complaint with KBC, they refused to answer. It went back to the ombudsman now...

Loosely translated from what KBC Bank sent me in a letter : " Instead of answering your questions, we believe it is better to stick to reality" Hahahaha, fuckers..
Friday 5 May 2017, 16:13:17
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