One Account rates cut

gaz2427

Hi i am new to this forum so please be patient if i am not doing this right.
I would like some advise if you can give it. I am tied into a repayment fixed rate mortgage with Nationwide for another 3 years. I have a substantial lump sum of money not earning a great deal of interest sitting dormant in a savings account. My payments are quite high on the mortgage and i feel i can get a better deal elsewhere by using my savings to some use with an offset mortgage like the One account. Could anyone suggest a way forward or recommend a lender as there are so many my head is frazzled with looking. Thanks in advance Gaz

musicegbdf

karanda wrote: »

A quick updated - received a letter from the Financial Ombudsman Service this week again apologising for the delay in assessment of my complaint.

They go on to say: "the particular issues in question are ones that this service is considering on a wider basis - that is the Ombudsman is looking at the common features of this case and a number of similar cases prior to coming to any findings."

It seems to be taking forever, but at least the issue of dishonest mis-selling and lack of transparency by RBS seems to being taken seriously and investigated thoroughly.

Will post updates as and when.....

Got the same letter yesterday. Let's hope it is being dealt with seriously and not just being passed round and round hoping we will get bored.

sparky99_2

After 10 years with the oneaccount (9 Happy) I'm off to the Co-op, they do a 10 year fixed mortgage at 5.29% and you can overpay up to 10% of the mortgage value per year into an offset account which you can have access to if needed, so sort of similar but with the security of dealing with a bank with principles and the economic problems that lay ahead
I feel sorry for the workers at Norwich they are a good bunch, they've just been led by muppets.

red789

Got a letter last week from the Financial Ombudsmen - saying a "caseworker" would be able to look at my file from Aug 20th.

Well I suppose at least its been allocated. I didnt getting anything as interesting as Karanda's letter saying it was similar to other cases - maybe Im special. Or not special. Anyway, will let this forum know what happens.

and thanks others for keeping it updated too - usefull to know others are following it through.

cheers

Saran_2

Hi Red,

I think the "caseworker" stage is where they gather information before passing it on to an adjudicator. I went through that stage in January and I am still waiting for an adjudicator to be assigned - it's VERY slow at the moment.

Still it will be worth it if successful, and not just for the money. It gets my goat that they feel it's fair to dip into my pocket to bail them out of their hole! Twice if you count the taxpayer bail-out.

At least Stephen Hester isn't part of the old corrupt bonus system.......:mad:

kippygirl

I'm also at the "holding letter" stage.

Just a few more thoughts on this, whilst the FO process rumbles along.

To aggressively market your product on the basis of following the B of E rate and even confirm this in writing then try and wriggle out of it. Any half-decent lawyer will tell you that terms and conditions aren't just what are in the document headed "Terms and Conditions". RBS are treating their customers like idiots if they expect us to just to accept that they can now do what they like with the interest rate.

Quoting from the FO website: "Consumers don’t have to accept any decision we make. They are always free to go to court instead." Absolutely! I cannot see any legitimate reasons why the FO would possibly find in favour of the bank. But if they did then there is always the small claims court (for claims up to £5000). If it gets to that stage, then it would be easy enough to draw up a standard claim form then issue en masse. Small claim procedure means that the bank wouldn't normally be able to recover their legal costs from you even if you were to lose.

karanda

kippygirl wrote: »

I'm also at the "holding letter" stage.

Just a few more thoughts on this, whilst the FO process rumbles along.

To aggressively market your product on the basis of following the B of E rate and even confirm this in writing then try and wriggle out of it. Any half-decent lawyer will tell you that terms and conditions aren't just what are in the document headed "Terms and Conditions". RBS are treating their customers like idiots if they expect us to just to accept that they can now do what they like with the interest rate.

Quoting from the FO website: "Consumers don’t have to accept any decision we make. They are always free to go to court instead." Absolutely! I cannot see any legitimate reasons why the FO would possibly find in favour of the bank. But if they did then there is always the small claims court (for claims up to £5000). If it gets to that stage, then it would be easy enough to draw up a standard claim form then issue en masse. Small claim procedure means that the bank wouldn't normally be able to recover their legal costs from you even if you were to lose.

Interesting thought about the small claims court. I really hope though we get a positive reaction from the Financial Ombudsman so that RBS's disgusting and dishonest manipulation of its customers is given as high a profile as possible. If we have to go to the small claims court as individuals, the whole sorry mess will simply escape under the radar. I personally do not want this bank, or any other, to get away with such blatent and underhanded behaviour now or in the future.

malocao

I re-mortgaged today into a Woolwich offset, about one-third cheaper than the RBS muppets. Lucky that my loan-to-value ratio was low enough.

FOS says they will get to my complaint next month. I will report back.

Regards

figgles

malocao wrote: »

I re-mortgaged today into a Woolwich offset, about one-third cheaper than the RBS muppets.

Hopefully it still will be when we get to interest rates of 6%+ again in the years to come

karanda

Got an update from the FOS today saying that a final decision regarding a case which appears to be similar to mine, has now been issued to RBS, and they are now talking with RBS to see what action needs to be taken.

It goes on to say the the FOS are now considering the similarities between that case and mine, along with others, to see if our complaints can be dealt with in the same way.

So, the good news seems to be that they have made a final decision on a test case (although we don't know what that final decision is yet!), and it looks as if ours will now be reviewed too (although they have included a caveat in their letter which says that they cannot say for certain that my case is sufficiently the same as the test case to warrant being reviewed in the same way, and that each case is looked at on its individual merits).

The bad news is I am still waiting for a decision, after way over a year of first lodging my complaint.

Anyone else received the same letter I wonder?