Standard Life Whas going about the last rate cut and this one??

Dithering_Dad

Thanks isleman for pointing me in the direction of this thread and for the links you posted above. I used to have a with-profits endowment with SL and I cashed it in because it was always going to have a major shortfall. After reading that article about them reducing bonuses and increasing exit fees, I'm really pleased that I did.

I'm appalled with the way that they treat their customers and I for one will not be a customer for one day longer than I have to be. I'd move now but I refuse to give them extra cash with the redemption fees.

I also wish I had cashed in their shares when I first received them. The stockmarket have certainly shown what they think of the SL management and I suggest we do the same and vote with our feet.

Perhaps someone should start up one of those online petitions on the Number 10 website and advertise it on this and other financial forums. I'd be very happy to add my name and show SL just how much their customers are sick of their profiteering and I'm sure I'm not alone in this. :mad:

Aisling108

Thanks Isleman for all your info.
I wish I knew more about how to go about complaining and my rights; joining on this site was a start for me; However I do wish to email No10 and complain or find a petition. Would rinigng up Standard life Make a blind bit f difference?? I just dont want to let this go this time; theres been 2.5% drop all together now and no sign of any benifit to us;I cantsit by and let it go.

Everyone on here seems really well informed and your replies are much appreciated. How would I go about emailing No10 or is that a but dramatic??
Thanks Everyone again.

Dithering_Dad

Here is where you can create a petition: http://petitions.number10.gov.uk/

Have a look at the wording of some of the other petitions and word yours accordingly. Something like "We the undersigned feel that Standard Life are profiteering [EMAIL="b@stards"]b@stards[/EMAIL] by not passing on any of the BoE interest rate cuts, and if this continues we will be seeking alternate mortgage provision as sson as possible with one of their competitors".

Something like that anyway. Then we all sign it and publicise it on here and other financial sites (like fool, etc) and shame the management of SL into treating their customers well.

Isleman

It seems we need about 200 people to get an answer for government.
I sugest we should start it at the following link
http://petitions.number10.gov.uk/

The more of us we get toghether the better chances to change something. If the petition will get a significant number of signatures than we will send a link to Standard Life .
I am sure it will make an impact on their decission if or how much they should cut the rate.

P.S. I was editing my reply when Dithering Dad posted a similar answer . LOL

blamphin

I too get no meaningful answers from Standard Life - NAME and SHAME - a letter to No 10 or a petition - otherwise they will hide their heads in the sand...any activists out there who have done this kind of thing before ?

Baggieboy_2

We also have a FuturePerfect mortgage. Now the interesting thing about this is that SL state the interest rate will be "the average of the SVRs offered by SL, Halifax, Abbey & C&G. As of November these rates were:
SL 6.59
Halifax 5%
Abbey 5.44%
C&G 5%

My basic maths suggest the average is 5.5%. We are however still paying 6.25%

Further reductions are of-course imminent, which should reduce this even further. To date I have heard nothing from SL regarding this. While they can stick to their guns over their own SVR, surely they are contractually obliged to adhere to the rules on the FuturePerfect mortgage?

I will await a letter but if nothing is forthcoming by Xmas they'll be losing a customer.

Richie

chrismcam

Richie

The Futureperfect mortgage rate is reviewed on the 15th of every month, based on the SVRs. The last review at the 15th of Nov was based on the SVRs at that time. As the banks mentioned did not cut their SVRs effectively until 1st Dec then the rate you are on is correct, and they are honouring their contract with you.

Dithering_Dad

Does anyone remember their endowment mortgage guarantee...

"Standard Life endowment policyholders received bad news today with the announcement that endowments maturing from 2006 would not be covered by the Company’s “mortgage promise”. In 2000 Standard Life had said that it would guarantee its endowment policies provided it met investment targets."

Bunch of liars. I've had it with this company, my endowment was pants, the endowment guarantee was a lie and their mortgage offerings are overpriced. Their share offering was half what it would have been if they had demutualised earlier and even their ISAs give crappy rates. The management of this company is appalling.

It's given me a greater incentive to pay down my mortgage and to escape from their clutches when my redemption period is over.

Baggieboy_2

Thanks for that Chrismcam. Keeping my powder dry for a couple of weeks then.

tallullahbelle

I'm so glad I'm not alone! None of my friends have mortgages with SL and I'm so envious that their rates have all gone down. I'm lucky that I was able to pay a chunk off my mortgage a few years ago, so my monthly payment has remained the same despite the rate going up. I'm keen for it to come down asap... single mum af 3, higher food bills, high energy bills etc etc. Any reduction in my outgoings much needed. I'm so angry with SL. Thanks to all for posting- I'd happily sign any petition.