One Account RIP-OFF

thecasementkid

Just received a letter from The One Account (as owned by RBS) confirming only a ONE percent reduction in their rate from 1st December.

Did RBS not triumphantally advise in all the media they would be heeding to "Big" Gordons pressure and give the full 1.5% reduction to us struggling homeowners, or am I living on Mars????

A quick call and they gave me the obviously pre-rehersed line that it doesn't shadow the BOE rate and it's not an SVR either. So why after 5 years have they always been in line with every change both up and down until recently????
You got the plaudits in the press RBS, now give us what you promised....:mad:

RayWolfe

thecasementkid wrote: »

give the full 1.5% reduction to us struggling homeowners

Interesting comment. What makes you a struggling homeowner? Is my pensioner MIL, who paid her mortgage and is now living on the interest from her savings, not also struggling?
If you wanted a Tracker Mortgage, why didn't you take one?

No rip-off here ... move along please.

wheelel

RayWolfe wrote: »

If you wanted a Tracker Mortgage, why didn't you take one?

No rip-off here ... move along please.

Who made you lord of the forums?? Does it make you feel good to be so rude to the OP? RBS did indeed promise to pass on the FULL 1.5% cut, regardless of whether their customers had taken on a tracker mortgage or not.

And what so offends you about the OP being a struggling homeowner?? Aren't almost all homeowners struggling now as we head into a recession?

tuggy

I agree that its unfair to be shouting RIP OFF...if OP wanted a tracker mortgage i'm sure there were plenty on the market when he signed up.

on the other hand if RBS promised that, they should do it. however the one account may be a subsidurary of RBS but maybe comes under diff "heading" as its a different company?

RayWolfe

wheelel wrote: »

Who made you lord of the forums?? Does it make you feel good to be so rude to the OP?

Feel better now? Good.

thecasementkid

My assertion is simply that RBS have been in all the press promising to pass on the full rate cut which is something they clearly are not doing......And Raywolf....when I took out the Mortgage (when it was Virgin One Account) is WAS sold as a tracker mortgage....dear Mr Branson made numerous promises that it would follow he BOE rates with the margin dependent on equity.

thecasementkid

wheelel wrote: »

Who made you lord of the forums?? Does it make you feel good to be so rude to the OP? RBS did indeed promise to pass on the FULL 1.5% cut, regardless of whether their customers had taken on a tracker mortgage or not.

And what so offends you about the OP being a struggling homeowner?? Aren't almost all homeowners struggling now as we head into a recession?

Actually, I've just read RayWolfe's replies to many other postings on here and it seems he's (or she's) a specialist in rude and contencious comments to other forum members threads..... Obviously no problems in life so plenty of time to waste:D

RayWolfe

Maybe, but I've never started any thread crying "Rip-off", an unthinking tabloid headline when there is no underlying story. Bit like "all homeowners are strugling". Are they? Some are. You maybe. But all?
Now, in your particular case, you did not buy a tracker, otherwise it would track! What were the T&Cs you signed to thus signifying your aceptance and understanding.

thecasementkid

RayWolfe wrote: »

Maybe, but I've never started any thread crying "Rip-off", an unthinking tabloid headline when there is no underlying story. Bit like "all homeowners are strugling". Are they? Some are. You maybe. But all?
Now, in your particular case, you did not buy a tracker, otherwise it would track! What were the T&Cs you signed to thus signifying your aceptance and understanding.

I'll tell you why I cried RIP-OFF, because in every paper RBS were crowing on about how they were passing on the 1.5% cut and gaining all the plaudits, when what they actually were doing was something VERY different. They were LYING. Don't take my word for it, just look at the many posts on here and other sites like Facebook where hundreds of hard working people are saying exactly the same. I'm not going into detail, but the T&C's I signed are ambiguious, and if I could afford to take it further I certainly would but their pockets are deeper than mine, and it's my money they would be wasting. A mortgage is a mortgage. They didn't say they would pass it on to just one or two types of loan, they said it would be passed on full stop.:mad:

YorkshireBoy

thecasementkid wrote: »

I'm not going into detail, but the T&C's I signed are ambiguious,

Why not? It may help others and, who knows, even yourself.

and if I could afford to take it further I certainly would but their pockets are deeper than mine

It costs nothing to make a formal complaint, and the same again to escalate it to the FOS.

97trophy

Angry customers point out the gap between the base rate and One account rate has increased by a percentage point in the past year. Against a backdrop of falling interest rates, they were hit with a quarter-point rise in July. The Guardian has obtained a copy of a letter sent out by the division in May 2001, which states: "Our promise is that we'll follow the base rate and pass the benefits of interest rate cuts on to our customers straightaway."

http://www.guardian.co.uk/business/2008/dec/04/rbs-one-mortgages-first-time-buyers