Virgin One Account Interest Rate Rise

mrbigd

I'm spitting f****** bullets over this, they did not pass on the last 3-4 cuts in respect of base rate changes and now they want another 0.25%, I just can't believe this!

How the hell can they justify this!

getmore4less

Problem is a lot of OA customers seem to have been blinded.

It's as if they are in love and can't get out of the abusive relationship.

They suck you in with a dodgy calculator, people defend the product with very dubious financial reasoning, they winge and moan about the rate then do sweet FA about moving.

We need a OA annonoumous support group

Peelerfart

getmore4less wrote: »

We need a OA annonoumous support group

Called "Virgin one the ridiculous" ?

TakingControl

helvelyn wrote: »

They are forever asking me to decrease the facility but I always say, "NO THANK YOU" on the grounds that they may not be so fast to reinstate it should I request that they do so. Oh I hate banks!

And if you would do this, your LTV % could mean that you actually not have to pay the full increase.

I am a One account customer and did exactly this yesterday by phone and I save myself 0.5% off the interest rate but still have a extra £12K unused facility if I would need it. Worth while looking into it

musicegbdf

Well here we go again. I took them to the Financial Omundsman about this a couple of years ago and won my case. I was repaid over £2,000 in interest plus £750 in compensation.

Thay are absolute $@** , they really are terrible. What needs to be understood is a Mortgage is a long term agreement , and not one where you "tart" around like credit cards.
RBS keep abusing there position , the simple reason is they don't like the OA . It costs them money to hold the reserve for our facility. They should have thought of that when they took it over from Branson.

I will ask them for a full justification and remind them I took them to the FO in the past , for the same reason.

I need to look up and get a copy of the Libor rates over the last few months....

I am fuming just like everyone else , though I do think there might be other RBS products affected.....

acidbass

Specially when it appeared on the news yesterday (29 Feb 12): Taxpayer-supported Royal Bank of Scotland and Lloyds Banking Group are set to borrow a total of about £13billion from the ECB at 1pc.

Chinkle

It's certainly a loveless marriage with the oneaccount now. I really don't see how they can justify increasing their rates at this time. I know, we need to get out, but it's as painful as divorce trying to switch to another account even if we could find one willing to take us on. Really feels like till death us do part!!

brit1234

I think all the lenders are or will be increasing mortgage rates, the cost of borrowing is going up. BOE base rate is becoming increasingly irrelevant, LIBOR more relevant.

With Greece, the euro zone and here still on the verge of financial meltdown the cost of borrowing will go up.

Cassandra_W

I notice you mortgage payers have come back from holiday. I would think plenty of savers used to have one of those before their saving rates were slashed so your mortgages were cheaper.

Yesterday it said in the last 3 years savers had been paid £500bn less, the same amount that mortgage payments were reduced by.

Please stop squealing about a mere 0.25% rise because it's something you will need to get used to. FYI banks are lenders. They have pushed house prices up deliberately so they make more money from mortgage interest. They are using the 0.5% base rate to sucker in some more buyers and then they are going to make them squeal for years. FTBs now being told they can buy because it's cheaper than renting and ignore 20% of the mortgageon silly FirstBuy and Newbuy schemes.

I pity them. In 2 years the fix runs out = larger payment. In 5 years the 20% is due when rates could be double figures.

I plan to buy some earplugs in 2017 because as letters drop through letterboxes with notifications of huge increases in mortgage payments the squealing will be deafening.

Osborne and Cameron will be out by then and chuckling about it as their bank consultancy payments come rolling in like Tony Bliar's alleged £2m a year from JP Morgan.

oioisavaloy

Everyone that has stated it, are correct, it is no longer a "virgin product" just the "one account" but they still appear to have the logo rights look at the letter they have just sent us all!

Since going blind with anger and starting this thread I have been into the local RBS and vented my spleen at them.....They did not know there had been an increase!


After producing the letter, all they could say was we can beat that interest rate, book an appointment with our financial adviser - *@#* O%f – I would rather not was my thought.
The absolute Gaul off this bank makes me want to spit blood and we all collectively own most of it, I don’t give a dam about their rates going up, do something that bucks the trend and HELP people in this downturn instead off passing on increases.


I have made progress today and got a reasonable fixed price quote with another lender, so it is good riddance to what was a fantastic product, well run at first and totally ruined by the ROYAL BANK OF SCOTLAND – Shame on you all….


oioi