One Account rates cut

musicegbdf

Yep , got the same letter yesterday.
All we can do is wait even longer. If they do find in our favour will be interesting to see what they can do ...

Saran_2

Have a look at this thread.

http://forums.moneysavingexpert.com/showthread.html?t=859611&highlight=oneaccount&page=9


FOS decision was taken on one of our own forum contributers - georgeone.

karanda

Saran wrote: »

Have a look at this thread.

http://forums.moneysavingexpert.com/showthread.html?t=859611&highlight=oneaccount&page=9


FOS decision was taken on one of our own forum contributers - georgeone.

Thanks for this Saran - I kind of thought it would be a decision relating to one of our own forum contributors. Georgeone is right to point out that each individual case will be considered on its own merits according to the FOS. This point has been emphasised again and again - but if any of you out there have still not gone through the (convoluted and tedious) complaint procedure, it may be time to do so. You really need to put together your own case and submit it to the FSO for consideration (after first taking it up with RBS of course).

munkypuzzel

Another succesful case..

http://forums.moneysavingexpert.com/showthread.html?t=859611&highlight=oneaccount&page=10

Saran_2

MSE 2 One Account 0

I wonder what the score will be at full time?

Still waiting on the FOS for a preliminary adjudication, apparently he is waiting for RBS to get back to him!!!!

I'm a little afraid to get my hopes up after such a long time, but as I've been with them since the start of 2000 my case seems very similar to the successful ones.

musicegbdf

Saran wrote: »

MSE 2 One Account 0

I wonder what the score will be at full time?

Still waiting on the FOS for a preliminary adjudication, apparently he is waiting for RBS to get back to him!!!!

I'm a little afraid to get my hopes up after such a long time, but as I've been with them since the start of 2000 my case seems very similar to the successful ones.

Spoke this morning with FOS and it seems most of the promises were made between 1999 and 2001 and people with accounts from this period have a strong case as already settled a test case (guess georgeone) so hopefully it will soon be 3-0

But now onto those terms and Conditions will discuss on the thread already started...

karanda

http://forums.moneysavingexpert.com/showthread.html?t=859611&highlight=rbs+one+account+interest+rates&page=11

Weaverbird

Hi All

This is my first post
Have been checking for updates and thanks to all on this forum as it gave me motivation to proceed with my claim,have been in contact by (PM) with another member.
After conversation with FOS (adjudicator) this week replayed by PM how it was explained to me regarding settlements and it seems that after several other PM messages and additional posts this has made things clearer for all.

At this time looking to proceed same as lead case but will wait for my judgement from FOS. I have no more info to report at this time but now i've managed to reply I will update

TheDame_2

Hi there. I have been with V1 since about 99 and wondered what I need to do to claim? My understanding always was that the rate changes would follow BofE on the day either up or down. Until 'that point' when they decided to start screwing us over. I understand someone has been successful in their claim, and I would like to know what steps I need to go through to claim some form of recompense, and also ask if winning would then mean a sudden change to your rates so that they follow BofE again. Thanks a lot.

Yorkshire_Bred

RBS slashes flexible mortgage limits
Daily Mail
8 December 2009
Taxpayer-owned Royal Bank of Scotland is snatching back tens of thousands of pounds from homeowners.
Customers have received letters slashing the amount they are allowed to borrow on their 'flexible' mortgages. Some say they will be forced to rein in Christmas spending, cancel holidays and put off home improvements.

Those affected all took out flexible mortgages called Foundations. These were available to loyal customers who had a current account.
They were given a borrowing limit based on the value of their home, but did not have to take all the money offered.
Many took less - but dipped into the mortgage when they needed extra cash, perhaps for a new car. Others had paid huge chunks off their mortgage, believing they could borrow again if necessary.
David Hollingworth of brokers London & Country, said: 'This is terrible timing. These mortgages were sold as being flexible on the basis that homeowners could dip in to them when they needed.'
RBS said it had cut some credit limits in its annual review of ' Foundations facility usage'.
How mortgage lenders are hitting borrowers
Simon Lambert, assistant editor at This is Money says: More and more stories are emerging of lenders trying to wriggle out of flexible mortgage commitments or suddenly moving the goalposts on terms and conditions.
Frankly, they should be ashamed of themselves. Borrowers who have never defaulted on a payment or given the bank any cause for concern are suddenly finding a reason why they took that very mortgage disappear.
This may not be used yet, but it may be there for the future, a lifeline they rely pulled at a time when they either need it, or a cycnical ruse to get rid of those on low rates when finding another mortgage is much tougher.
Some cases are where lenders are trying to shove those on great lifetime tracker deals away, pulling flexible options to try and force the people paying bargain basement rates to move. Others seem to simply be an attempt to pull an offset or flexible feature that means the lender makes less money.
I have personally had readers tell me about Nothern Rock, Nationwide, RBS and others attampting to backtrack on mortgage features that were the main reason for taking them out.
Borrowers can fight back, however. The FSA made it clear last year, when lenders were talking about imposing collars and floors on trackers, that if the details were not in the original Key Facts Illustration then it would back borrowers fighting against attempts to enforce them.
Make sure you know wexactly what you are complaining about: for example if your lender pulls an offset facility or a drawdown pot. This includes checking details, for example, if your original mortgage was based on 75% loan-to-value and you have to maintain this, then the lender could be within their rights in removing some potentially available extra cash.
The same applies to lenders pulling mortgage features. If you have an offset mortgage or one with a flexible feature and the lender tries to pull this, complain.
If you get nowhere with the lender take it to the Financial Ombudsman Service. Unless your mortgage documents explicitly stated the lender could move the goal posts they should not be allowed to do so.