One Account rates cut

woodam1963

I for one have no intention of letting them off the hook. The four things I am currently working on are:

1) An online petition to Downing Street is already pending (see below). Even though RBS have passed on a 1% cut, the principles and aims of this petition are still as valid as ever (if not more so now that we know exactly where we stand)facts. I'll post the link on here as soon as I hear that it's live.

2) A dedicated website to provide a place where people can pool their resources, links, templates etc to make sure the campaign is as coordinated as possible. I feel this is best done as an industrywide forum (i.e. not just for One Account / RBS customers). I'll do a link to this site for the purposes of the disucssion forum in order to keep things integrated. I hope to have a URL posted and a basic home page built for this within 24 hours maximum.

3) Letter to FSA re RBS's failure to adhere to three of six the Basic 'Treating Customers Fairly' principles. Again within 24 hours

4) Some form of mass media release - to my mind this should, again, be about the wider mortgage industry issue, but probably use RBS as the highest profile 'target' (especially given the taxpayer majority ownership aspect). I've already started drafting this (though it's worth thinking about what the optimum timing for this will be for maxium impact).


The online petition...

Your petition reads:

We the undersigned petition the Prime Minister to use the
British taxpayers' status as the majority shareholder in Royal
Bank of Scotland (as of 28 November 2008) to usher in far more
equitable, transparent and consistent lending policies toward
exisiting mortgage customers. And, specifically, actively to
discourage RBS from using cuts in the BOE base rate as an
opportunity to boost profit margins at the direct expense of
mortgage customers.

UK banks continue cynically to use changes in the Bank Of
England (BOE) base rate to exploit customer inertia and boost
their profit margins on mortgage products.

On 6 November 2008 the BOE cut its base rate by an
unprecedented 1.5% to 3%, the lowest level since 1955.

Following a good deal of pressure from the Government, and a
media outcry, RBS in common with other major banks and building
societies reluctantly passed on the rate cut to customers. Or
did they? The mortgage interest rate of tens of thousands of
variable rate 'One Account’ (wholly owned by RBS) customers
has, in fact, remained completely unchanged (as of 29 November
'08). However, this has somehow passed 'underneath the radar'.

We're talking about serious amounts of money here - £250 a
month for someone with a mortgage of £200,000.

With the British taxpayer now owning a majority stake in RBS,
the government has a unique opportunity to demonstrate that it
is prepared to intervene in situations where a state-owned (or
majority-owned) business is acting in a way that flies so
blatantly in the face of government wishes, values and
rhetoric...not to mention basic standards of fairness and
openness with customers.

Thank you for submitting your petition.

[ This email has been automatically sent by the Number 10
petitions system ]

RichieC_2

woodam1963 wrote: »

I for one have no intention of letting them off the hook. The four things I am currently working on are:

1) An online petition to Downing Street is already pending (see below). Even though RBS have passed on a 1% cut, the principles and aims of this petition are still as valid as ever (if not more so now that we know exactly where we stand)facts. I'll post the link on here as soon as I hear that it's live.

2) A dedicated website to provide a place where people can pool their resources, links, templates etc to make sure the campaign is as coordinated as possible. I feel this is best done as an industrywide forum (i.e. not just for One Account / RBS customers). I'll do a link to this site for the purposes of the disucssion forum in order to keep things integrated. I hope to have a URL posted and a basic home page built for this within 24 hours maximum.

3) Letter to FSA re RBS's failure to adhere to three of six the Basic 'Treating Customers Fairly' principles. Again within 24 hours

4) Some form of mass media release - to my mind this should, again, be about the wider mortgage industry issue, but probably use RBS as the highest profile 'target' (especially given the taxpayer majority ownership aspect). I've already started drafting this (though it's worth thinking about what the optimum timing for this will be for maxium impact).


The online petition...

Your petition reads:

We the undersigned petition the Prime Minister to use the
British taxpayers' status as the majority shareholder in Royal
Bank of Scotland (as of 28 November 2008) to usher in far more
equitable, transparent and consistent lending policies toward
exisiting mortgage customers. And, specifically, actively to
discourage RBS from using cuts in the BOE base rate as an
opportunity to boost profit margins at the direct expense of
mortgage customers.

UK banks continue cynically to use changes in the Bank Of
England (BOE) base rate to exploit customer inertia and boost
their profit margins on mortgage products.

On 6 November 2008 the BOE cut its base rate by an
unprecedented 1.5% to 3%, the lowest level since 1955.

Following a good deal of pressure from the Government, and a
media outcry, RBS in common with other major banks and building
societies reluctantly passed on the rate cut to customers. Or
did they? The mortgage interest rate of tens of thousands of
variable rate 'One Account’ (wholly owned by RBS) customers
has, in fact, remained completely unchanged (as of 29 November
'08). However, this has somehow passed 'underneath the radar'.

We're talking about serious amounts of money here - £250 a
month for someone with a mortgage of £200,000.

With the British taxpayer now owning a majority stake in RBS,
the government has a unique opportunity to demonstrate that it
is prepared to intervene in situations where a state-owned (or
majority-owned) business is acting in a way that flies so
blatantly in the face of government wishes, values and
rhetoric...not to mention basic standards of fairness and
openness with customers.

Thank you for submitting your petition.

[ This email has been automatically sent by the Number 10
petitions system ]

Thanks Woodam, I will be the first to sign it. My MP is John Redwood, a conservative, and he has said he will take this up.

Cheers.

mrbigd

RichieC wrote: »

Hi again.

I thought you might all like to know that I have already had a reply from my MP about the complaint email I sent him this morning, reference the 1% rise. He said he is not surprised by RBS' action and will be taking the matter up.

Everyone else please do the same and write to your MP.

Keep Smiling!!!

Have written to my MP for the 2nd time and also protested directly to RBS.

Conspiracy theory, RBS being shafted, Scottish Power (being shafted by having DD increased by 50%), Scottish Prime Minister, enough said!

serendipity101

Me too Woodman 1963,
I have also emailed [EMAIL="john.mcfall@blueyonder.co.uk"]john.mcfall@blueyonder.co.uk[/EMAIL]
He is the Chairman of the Treasury Committee.
I would like to thank everyone on here, they have given me with the uummpphh to do something. especially 'Lovetheoneaccount'
I am one of the unfortunate ones who cannot just move to another mortgage account provider, as my circumstances mean I'm one of those who are unfortunately trapped with OA.

vadonald

I like the petition idea but it may get rejected due to a similar petition already existing, i.e. http://petitions.number10.gov.uk/mortgages-co-uk/


Vince

lrr_2

I think we should all give ourselves a pat on the back for what we have acomplished on here. Its no coincidence that no one has a received a letter from the one account in regard to their surprise rate cut today on the same day we were all going to write to Alistair Darling.
Ok we never got the full 1.5% (which I am still not happy about) but a lot of banks never passed it all on either.
I for one wont be thanking the One Account for this as after all - it is our money that we are entitled to and more so.

WE WILL NOT BE PUSHED AROUND ONE ACCOUNT!

REMEMBER THAT!

AND IF YOU TRY THAT AGAIN JUST WATCH US DO IT ALL AGAIN!

taurusgb

As I couldn't find a direct email address for Richard Branson I sent an email marked for his attention to
info@virginmoney.com

I told him about our complaints, gave him a link to this thread and pointed out the damage beinng done to the Virgin brand....don't know if it will do any good but I have had a reply thanking me for contacting virgin money and saying they have passed on the email to the relevant team.

Yorkshire_Bred

Interesting day then........ 1%? a start but not good enough for me, I hope everyone continues on for the full cut 1.5% as promised by RBS.

It will be interesting to hear the Government response to the next BOE base rate cut on Thursday and whether or not they insist it is passed on to customers.

Mind you it won't effect the RBS because they seem to do as they please!

mr_jolly

Meanwhile, back on-topic, have RBS said when the 1% cut will take effect?

Poj

well said.

If you log-in to your account, you should see the new rate; I think it came into effect yesterday.

I still want that extra 0.5% tho...