One Account rates cut

Yorkshire_Bred · 27 February 2009 at 9:22PM

For all those against the bonus sign Prezza Prescott's Petition

www.giveupthebonus.co.uk

Yorkshire_Bred · 2 March 2009 at 12:06AM

karanda · 2 March 2009 at 12:52PM

The last point 92. sums it up beautifully. And point 91. reiterates what we have been saying all along:

"Transparency is essential, together with openness and honesty from the financial institutions".

musicegbdf · 2 March 2009 at 8:44PM

OK an update on my case with the ombudsman. It is going to be rejected. A very nice man from the FO service said that they have been watching this case closely and the repercussions of course of a single case could have large consequences so the case must be water tight. They are reading forums such as these and whilst there seems to be a lot of "hot air" very few forumites are actually doing anything. They can only act on single cases , and on the evidence given for each individual case. My case falls down because I do not have the original "2001 promise" letter.If I had this I am told my case would be very strong. What it is going to take is for a forumite who has one of the original letters addressed to them to make a complaint to the FO. If this case is then successful , other cases could be opened again. Now I might be naive , but I think the man I spoke to was genuine. Whether people further up the chain would stop it to help their chums at RBS is another matter. However , with the very strong feeling about RBS in the public domain they are understandbly wary to come out one way or another. So a plea , does anyone out there have an original addressed to them , if so please bring your case to the FO. It is time to stop wingeing and actually do something.
My circumstances mean I can't move until after May this year , and if nothing further happens I will move from the OA , evn if it costs me, I will not continue to be insulted by RBS. I will also be closing any business I have with RBS and writing to tell them why.

karanda · 3 March 2009 at 11:29AM

I found a Virgin One letter dated 16 May 2001 posted on the net. Google "Virgin One interest rates", and then look in images. Hope this helps.

Saran_2 · 3 March 2009 at 1:30PM

I have a reply from OA, as I'm sure many of you have, that says OA are aware that they sent out a letter containing promises. Surely there is no doubt that it was sent, so OA should have copies which the FOS could retrieve. If that is not enough try the following.

Back in June an earlier OA complaint thread had this link:

1. BBC Radio 4 INSIDE MONEY on 18th AUGUST 2001

James Duffell, the head of public relations for Virgin One, was being interviewed and said this:
MORGAN: You mentioned interest rates –do you have any kind of guarantees to how much they vary?

DUFFELL: We guarantee that they will always follow the Bank of England interest rate when they come down. We put them down the day that the Bank of England announces its reduction and the interest then calculated from the next day at the new rate.

How much clearer does it need to be?

Come on FOS - fair means doing the right thing, not the convenient one.

musicegbdf · 3 March 2009 at 1:40PM

karanda wrote: »

I found a Virgin One letter dated 16 May 2001 posted on the net. Google "Virgin One interest rates", and then look in images. Hope this helps.

No it has to be a personal letter addressed to me. As I don't have one I am stumped.I know it seems unfair , as it is clear I was sent one , and they have admitted in their letter that they are not going to keep to their promises. But apparently none of this is enough. The only answer is one of you out there have a copy addressed to you and you make the complaint to the FO. If you do , you may have success and then the RBS case will fall like a house of cards ( I know it won't happen but we can only hope there is some justice in the world)

karanda · 3 March 2009 at 1:56PM

I did have one personally addressed to me, and a copy is with the Financial Ombudsman as we speak.

However, I think they are on thin ground if you were a customer at the time the letters were sent out. Even if you cannot find your letter, by implication all customers would have received a standard rates notification letter. I think it would be up to RBS to prove they had somehow excluded you from the mail merge letter they obviously mailed to all customers.

Yorkshire_Bred · 3 March 2009 at 1:57PM

Further to my previous posting on the issue of securitisation, is there any way of finding out if RBS has securitised this product with little or no say in the setting of interest rates?

It seems to me the further you look into this issue the murkier the water becomes.

DarkHorse · 3 March 2009 at 3:38PM

musicegbdf wrote: »

OK an update on my case with the ombudsman. It is going to be rejected. A very nice man from the FO service said that they have been watching this case closely and the repercussions of course of a single case could have large consequences so the case must be water tight. They are reading forums such as these and whilst there seems to be a lot of "hot air" very few forumites are actually doing anything. They can only act on single cases , and on the evidence given for each individual case. My case falls down because I do not have the original "2001 promise" letter.If I had this I am told my case would be very strong. What it is going to take is for a forumite who has one of the original letters addressed to them to make a complaint to the FO. If this case is then successful , other cases could be opened again. Now I might be naive , but I think the man I spoke to was genuine. Whether people further up the chain would stop it to help their chums at RBS is another matter. However , with the very strong feeling about RBS in the public domain they are understandbly wary to come out one way or another. So a plea , does anyone out there have an original addressed to them , if so please bring your case to the FO. It is time to stop wingeing and actually do something.
My circumstances mean I can't move until after May this year , and if nothing further happens I will move from the OA , evn if it costs me, I will not continue to be insulted by RBS. I will also be closing any business I have with RBS and writing to tell them why.

I have a this letter (and all other correspondence from the OA from the time of opening my account) addressed to me, but unfortunately I would be unable to assist in this as I have paid off my loan, and my account is in credit (at a miserably low interest rate!).

If my letter can be of any help to you though, please don't hesitate to ask and I will happily send you a scan of it.

One Account rates cut

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