One Account rates cut

Digsy00

Ok I see. No offence taken.

Lovetheoneaccount wrote: »

Digsy

I was actually quoting you in the positive and using you as a good example of leaving if you are not happy

No offence meant

musicegbdf

Lovetheoneaccount wrote: »

I have been watching this and cannot stop myself contributing any longer.

If you don't like it that much leave

Stop assuming the rate won't come down and spreading false truths like 'they refuse to pass the rate' on as oer the e-mail campaign

I know it is taking way to long but this is a great account - we all know this and that's why we have one

Lets hope we all here something soon

There are two issues, one the rate , but more important the stalling.
If they are going to drop , the why waste #100's moving to another provider , but they just won't tell us anything. Some of us cannot change easily , I am one of these people. If pushed I will jump, but right now just cannot afford to.

The other issue is the rate and the mis-selling when this product was launched. Much of the advertising bump was on the web so it is hard to prove what was being said back 10 years ago when I took mine out.....but I have managed to find a promise to keep rates below the Halifax SVR , which they are not doing so from what I understand they are breaking FSA rules.
To be honest if I could jump I would have gone to HSBC a few weeks ago onto the 0.99% tracker (which they have now closed) . I just can't afford to throw away over Gbp150 per month....

VivS_2

Hello everyone. Have just read the full forum trail with interest.

I too have had my offset mortgage with the One Account for 4 years now and have been very happy with it until earlier this year. I am obviously too patient and willing to assume the best of the OA since I have only just today written my first email to them asking about their reaction to the 1.5% drop. I worked on the assumption that we heard about a week before the last rate drop became effectice and that was about 3 weeks after the BOE made the call. The fact that it is now nearly the end of the mth and we have heard nothing I think is disgusting.

Like many on here I think the changes earlier in the year (holding one time and then up 0.25%) compared with the BOE BR made this acct less competitive and this latest lack of reaction will be the final straw. I will give them 1 more week before looking to move to a more competitive product.

Thanks to everyone for the template letters; as someone with scarce time I will use them as a starting point to write to my MP and others here suggested.

Fingers crossed for the week coming as I really would prefer not to move - I wanted when I set out with the OA for this to be my last change of Mortgage company and for it to be entirely portable and usable for life. Huh!

VivS_2

I've just written to the MP for my area Quentin Davies as follows:

Dear Quentin Davies,
Could I please bring to your attention the fact that the Royal Bank of Scotland have yet to pass on any of the 1.5% cut in interest rates to One Account mortgage customers. This is despite RBS recently promising Alistair Darling that the 1.5% cut would be passed on in full to ALL their customers.
Earlier this year they refused to pass on a 0.25% cut after the Base rate was dropped and then they then raised their rates by 0.25% when the base rate was held level. The last 0.5% cut was passed on after a delay but it is appearing less likely that this latest 1.5% cut will passed on - it's constantly "under review". Hence with effect Monday 1 Dec, One Account customers will be paying 2% more than we really should be.
Despite the One Account stating that their offset mortgage is an RBS product, they do not seem to consider it sufficiently so that their promise to the Chancellor would apply.
A fuller picture of consumers dissatisfaction with this specific mortgage product can be found in a discussion thread on Martin Lewis' Money Saving Expert bulletin board - which currently has over 27,000 views:http://forums.moneysavingexpert.com/showthread.html?t=1209517&page=1
Anything you can do to name & shame RBS One Account into being fair to their loyal customers would be much appreciated.
Yours sincerely,
xxxx

woodam1963

VivS wrote: »

Hello everyone. Have just read the full forum trail with interest.

I too have had my offset mortgage with the One Account for 4 years now and have been very happy with it until earlier this year. I am obviously too patient and willing to assume the best of the OA since I have only just today written my first email to them asking about their reaction to the 1.5% drop. I worked on the assumption that we heard about a week before the last rate drop became effectice and that was about 3 weeks after the BOE made the call. The fact that it is now nearly the end of the mth and we have heard nothing I think is disgusting.

Like many on here I think the changes earlier in the year (holding one time and then up 0.25%) compared with the BOE BR made this acct less competitive and this latest lack of reaction will be the final straw. I will give them 1 more week before looking to move to a more competitive product.

Thanks to everyone for the template letters; as someone with scarce time I will use them as a starting point to write to my MP and others here suggested.

Fingers crossed for the week coming as I really would prefer not to move - I wanted when I set out with the OA for this to be my last change of Mortgage company and for it to be entirely portable and usable for life. Huh!

VivS

I couldn’t agree with you more. In fact it’s precisely with people like you in mind that we designed the One Account 11 years ago. It was always intended to be – and was very much marketed as – the smart choice for busy people. The idea was that it would be the first ever mortgage which would give you the peace of mind that you wouldn’t have to spend valuable leisure time scanning the financial pages and the internet for the latest’ hot’ deal. You sum up perfectly the feeling we were trying to engender in people: ‘my last change of mortgage company’
Certainly we’d have gone through absolute agonies in those early days at the prospect if even failing to pass on a meagre 0.25% base rate cut to customers. How times have changed!
For interest , I submitted an online Government petition to the #10 website for approval last night and I hope to have confirmation shortly that it has been accepted – we need 200 signatories to guarantee a written response from #10. With RBS being 58% owned by the taxpayer as of yesterday, and with other lenders due to start passing on their rate cuts early next week, the timing should hopefully be just right. I’ll put a link up here as soon as its available. In the meantime I encourage everyone to join my Facebook Group, DECAMP (Declaration by Enlightened Customers Against Mortgage Profiteering)

tajima1

Lovetheoneaccount wrote: »

I have been watching this and cannot stop myself contributing any longer.

If you don't like it that much leave

Perhaps you should have read it in more detail then! The big complaint here is the mealy mouth responses to the questions from concerned customers, by a lender who used to be so much better than this. Communication is the key. If they do pass on a cut on Monday, as you and thes rest of us hope, then why have they steadfastly refused to announce their intentions?

I am sick of people like you telling unhappy customers to leave if they don't like it. It is a selfish, simplistic view that does not help all the poor customers whose equity has been wiped out by the current housing slump. Those with less than 25% equity are effectively prisoners of this mortgage. Many would have taken it on in the recent past when they could easily get 90% LTV. Most will be lucky to find a re-mortgage option better than 75% LTV now! Now tell them all to walk again!!

Glad you are happy anyway! If you don't like threads critising your beloved Oneaccount, then I suggest you don't read it and go and bury your head in the sand alongside the Oneaccount management. Make sure you don't lose your rose coloured specs in the process.

Browntoa

pity Bransons not still on board , I'm sure he would have blown his top !!


or that he got hold of Northern Rock , we might have seen him step in with the same idea under the Norther Rock Banner

Folio

tajima1 wrote: »

Perhaps you should have read it in more detail then! The big complaint here is the mealy mouth responses to the questions from concerned customers, by a lender who used to be so much better than this. Communication is the key. If they do pass on a cut on Monday, as you and thes rest of us hope, then why have they steadfastly refused to announce their intentions?

I am sick of people like you telling unhappy customers to leave if they don't like it. It is a selfish, simplistic view that does not help all the poor customers whose equity has been wiped out by the current housing slump. Those with less than 25% equity are effectively prisoners of this mortgage. Many would have taken it on in the recent past when they could easily get 90% LTV. Most will be lucky to find a re-mortgage option better than 75% LTV now! Now tell them all to walk again!!

Glad you are happy anyway! If you don't like threads critising your beloved Oneaccount, then I suggest you don't read it and go and bury your head in the sand alongside the Oneaccount management. Make sure you don't lose your rose coloured specs in the process.

Excellent post

woodam1963

Here's what the FSA expect of companies they regulate (like RBS). Looks ot me like 3 clear 'fails' on Outcomes 1,3 and 5. I'll write to the FSA this weekend.



We have defined six consumer outcomes, which explain what we want TCF to achieve for consumers.


Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.
Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.
Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.
Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances.
Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.
Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.

Digsy00

Nationwide have pulled their BMR for remortgages.
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/3534790/Nationwide-ditches-standard-variable-rate-for-new-borrowers.html