One Account rates cut

mrbigd

lrr wrote: »

will they wont they? :mad:

b****y better!

rant over!

Of course they won't.

RBS branded Pineapple delivery expected soon!

Instructions, insert into rectum rough end first!

musicegbdf

getmore4less wrote: »

Why not all do a data access request.
.

What is this ?

lrr_2

Well when everything does eventually get back to normal and people can start shopping around again for the best deals (it will happen at sometime in the future), people will remember these banks and not touch them with a bargepole hopefully!

Yorkshire_Bred

Well it looks like this will be the last interest rate cut so I wonder how this will be approached by the OA (or the SPV)?

What will be really interesting is how they react when the interest rates start to rise again, can you really see them going against the BOE then!! I think not:mad:

Well hopefully we will have them back on the leash by then:rolleyes:

Has anyone rung up yet?

mrbigd

Under Review Message

lrr_2

No...

Sick of wasting my money phoning these pillocks!

FutureTed

I am so glad to have found this thread even if it only to find out I am not alone and have some solidarity with others. I have been tolerant of OA's attitude towards their customers but unless I see a proper rate cut in response to the recent BoE cuts i am going to do my level best to get RBS into as much bother as possible. I might get nowhere but I am going to try every avenue I can be it OA, RBS, my MP, the FO and the national press will all get communication from me.

Here is a copy of what I emailed OA this morning before I found this forum..

I would like to voice my extreme dissatisfaction at the the refusal of the One Account to cut their interest rates to match those introduced by the Bank Of England. There is a rumoured further cut in the base rate today to bring it to 0.5%. At the moment I am being charged 4.0% by the One Account. As a part of RBS you have received considerable public funds in order to prop up your business and I find it astonishing that the government supported Bank of England rate cuts are not being passed on in full to your customers. The rate cuts are designed to stimulate lending and to ease the burden on mortgage holders, not as a method of generating bank profits. By not passing them on, you as an organisation put the government attempts to stimulate economic recovery in jeopardy. I do not consider the steps you have taken so far in response to interest rate cuts to have been made responsibly and if I do not see an improvement in this then my next action will be to start a campaign for One Account customers to lobby their local MP and have this matter raised in the House of Commons as I consider the public funds that were injected into RBS were not provided so that you could then treat your customers with such contempt. I dare say that considering recent publicity regarding Sir Fred Goodwin's pension fund the RBS could do without further bad press. I know that One Account interest rates are traditionally higher than an ordinary mortgage and this reflects the increased flexibility of the product but the difference between base rates and your rates is unacceptable. I beileve your failure to cut interest rates significantly coupled with your recent attempts to invite customers to reduce their facility is a strategy to stop the One Account from being exposed to mortgage liabilities you can no longer cover. You offered customers a facility at a time when property values were high and now that they have crashed you risk repossesions that may not even generate enough funds to cover the facilities you gave to your customers. The reduction in mortgage liabilities is achieved by persuading customers to reduce their potential for borrowing at a time they need it most and by you also taking the hit that some customers will get fed up with high interest rates and will re-mortgage with a different provider. This strategy does not serve your customers but only serves the interests of the bank and it's shareholders. The government is trying to protect the consumer. I think you should do the same.

lrr_2

FutureTed wrote: »

I am so glad to have found this thread even if it only to find out I am not alone and have some solidarity with others. I have been tolerant of OA's attitude towards their customers but unless I see a proper rate cut in response to the recent BoE cuts i am going to do my level best to get RBS into as much bother as possible. I might get nowhere but I am going to try every avenue I can be it OA, RBS, my MP, the FO and the national press will all get communication from me.

Here is a copy of what I emailed OA this morning before I found this forum..

I would like to voice my extreme dissatisfaction at the the refusal of the One Account to cut their interest rates to match those introduced by the Bank Of England. There is a rumoured further cut in the base rate today to bring it to 0.5%. At the moment I am being charged 4.0% by the One Account. As a part of RBS you have received considerable public funds in order to prop up your business and I find it astonishing that the government supported Bank of England rate cuts are not being passed on in full to your customers. The rate cuts are designed to stimulate lending and to ease the burden on mortgage holders, not as a method of generating bank profits. By not passing them on, you as an organisation put the government attempts to stimulate economic recovery in jeopardy. I do not consider the steps you have taken so far in response to interest rate cuts to have been made responsibly and if I do not see an improvement in this then my next action will be to start a campaign for One Account customers to lobby their local MP and have this matter raised in the House of Commons as I consider the public funds that were injected into RBS were not provided so that you could then treat your customers with such contempt. I dare say that considering recent publicity regarding Sir Fred Goodwin's pension fund the RBS could do without further bad press. I know that One Account interest rates are traditionally higher than an ordinary mortgage and this reflects the increased flexibility of the product but the difference between base rates and your rates is unacceptable. I beileve your failure to cut interest rates significantly coupled with your recent attempts to invite customers to reduce their facility is a strategy to stop the One Account from being exposed to mortgage liabilities you can no longer cover. You offered customers a facility at a time when property values were high and now that they have crashed you risk repossesions that may not even generate enough funds to cover the facilities you gave to your customers. The reduction in mortgage liabilities is achieved by persuading customers to reduce their potential for borrowing at a time they need it most and by you also taking the hit that some customers will get fed up with high interest rates and will re-mortgage with a different provider. This strategy does not serve your customers but only serves the interests of the bank and it's shareholders. The government is trying to protect the consumer. I think you should do the same.

Well done on your email however dont expect a stunning response from them. They are just sticking that 0.5% under their mattress to try and cover some of their losses.

I wonder if anyone really has any banking qualifications who works there???

getmore4less

musicegbdf wrote: »

What is this ?

Subject access request (Data Protection Act)
Under the Data Protection Act, individuals can ask to see the information about themselves that is held on computer and in some paper records. If an individual wants to exercise this subject access right, they should write to the person or organisation that they believe is processing the data.
A subject access request must be made in writing and must be accompanied by the appropriate fee. In most cases, the maximum fee will be £10, but this can vary, particularly if the information requested is for health or educational records. If a subject access request is made to a credit reference agency, then the fee is £2, and the information must be provided within seven working days. A request must include enough information to enable the person or organisation to whom the subject is writing to satisfy itself as to their identity and to find the information.
A reply must be received within 40 days as long as the necessary fee has been paid. A data controller should act promptly in requesting the fee or any further information necessary to fulfil the request. If a data controller is not processing personal information of which this individual is the data subject, the data controller must reply saying so

try a google ( subject access request RBS )

kippygirl

I've only just found this thread after thinking the same thing for many months.

Financial Ombudsman website says that you have to first go through the bank's complaint procedure so have started this by emailing my complaint. Will then report to FO in due course. I entirely agree that volume of complaints to the FO (and political pressure, i.e. complaining/writing to MP) is essential if this is to succeed.

Like probably many others, it is not an option to simply re-mortgage elsewhere as currently have insufficient income to borrow the required amount.