One Account rates cut

Saran_2

Also logged another formal complaint today.

Still waiting on the Financial Ombudsman Service.

I get the feeling that some gesture or action is required to spur them into noticing how irate we all are.

Anybody have any connections with media/newspapers - maybe we could produce a negative advert setting out the behaviour of One Account.

Go on all review websites - anywhere that gives advice about mortgages and ensure that people are aware of how OA is behaving.

Anyone with web skills that could create a simple site based around some variation of oneaccount.com setting out the facts?

With base rate at 1% and OA at 4.4%(for me) this is blatant profiteering - and we bailed them out! They don't even have any savers - OA is an all in one!

Anyway, off to phone FOS and add latest failure to the list!

Yorkshire_Bred

when the FOS investigate a complaint what is the charge they apply to the company?

natwestripoff

Hi Saran - Some sort of concerted effort would be very effective but they know (and its true) - it is very hard for us to organise.

I dont know if you had noticed but there have been 88,500 viewings of this thread!! That might be some sort of record at least.

I have had a couple of things reported in the Times before maybe they would be interested? The problem is that there are others in a similar situation (where variable rates have not been cut either).

The BIG difference in my opion is that those taking variable rate mortgages at the time would have known that they were on a variable rate (or would revert to one), whereas our mortages did not actually say anywhere what the rate is based on (a huge ommission but the financial ombudsmen is not buying it).

The fact there was no mention of what the rate was based on and yet a structure was implied using the B of E base rate at the time (depending on how much you borrowed) is the strongest argument in my opinion of why thiis product was missold.

I do find it hard to understand the Financiall Ombudsmens take on this because it clearly breaks the Banking code (that a product will be transparent and easily understood including what rate of interest is applied).

We live in hope! Chris.

Yorkshire_Bred

I see the RBS 'management' are up for a grilling in front of the Treasury Select committee tomorrow, this is to be broadcast on Sky TV.

natwestripoff

Good! Its a shame they will not discuss individual cases like ours (the product I mean), it will be more about the overall mess they are in and how they got there. They were incredibly reckless especially in the latter few years when they seemed to abandon any sort of check on what they were doing which in addition to huge aquisitions was a bit like Northern Rock!

If any bank should be nationalised it is these cowboys and of course then our interest rate would fall accordingly (at least I think it would).

Chris.

Ps Thanks for your message, I will get the paperwork to you this evening all being well. Unfortunately I am in the process of changing my PC and cannot find my 'Works' Disks!

red789

Regarding the issue of getting RBS to notice, could moneysavingexpert do a press release? My idea was we write something which summarises the current issue, mentions the level of activity on this forum and how great it is (!) and MSExpert do the release. RBS gets some negative publicity, the website gets some free promotion, and hopefully the story gets picked up. Any thoughts? Does anyone know anyone inside Moneysavingexpert?

Saran_2

Yorkshire_Bred wrote: »

when the FOS investigate a complaint what is the charge they apply to the company?

The chap who I talked to when starting my complaint with the FOS said they had the power to force RBS to reduce their interest rate if they found in my favour.

Now wouldn't that put the cat amongst the pigeons!

lrr_2

I emailed sky news today venting my disgust at the fact this bank is majority owned by the govenment, bailed out by me and you and its not passing on rates. If enough of us email them we can put more pressure on them and get it more publicity, especially as they are getting a grilling just now about the bonus. If the government dont sort these banks out once and for all then I think there should be a motion of no confidence in them!
Email - [EMAIL="itsnews@sky.com"]news@sky.com[/EMAIL]

bluekipper

Saran wrote: »

The chap who I talked to when starting my complaint with the FOS said they had the power to force RBS to reduce their interest rate if they found in my favour.

Now wouldn't that put the cat amongst the pigeons!

I have had previous dealings with the FSA/ Financial Ombudsman in the past, and in my opinion they are in the pockets of the Banks/Insurance companies etc. It's a bit like the police investigating the police or the Law Society telling us there are no dodgy Solicitors. I do hope I'm proved wrong though. Good luck to everyone on this forum

thomasjp

I had a response from my complaint about the lack of base rate cut to them via their website and they give the usual spiel about the account not being linked to the base rate, blah blah. But they also say they have to balance the interest rate for their savers. Since the One Account is just a mortgage account, they are clearly using the parent company as an excuse not to pass on the cut to OA customers.
:mad: