Virgin One / One Account closing down?

System

Both potentially.
The only restriction would be any projected retire date.

juniper100 wrote: »

Hi Heng Leng,

Can I just clarify........was it an increase in money or time you asked for? Sorry if that was unclear. I want to extend the facility in terms of time not the amount.

Thanks for your reply.

Juniper

juniper100

Thanks for that Heng Leng.

slimgym

They were happy to extend my facility to 70 so long as I signed to confirm I would be allowed to work until 70 (at my company) although I would plan to have it paid off much sooner, this made the loan more affordable. I also thought they said something in their advertising blurb that you just had to pay it off by the time you stopped working, although like everyone else I have an end date to my facility so I suppose you would need to contact them to make it happen.

teabelly

Training message is still up!

slimgym

I wonder what they plan with this - to let existing policies complete and not take on extensions, to transfer to one of their other companies or something else?

It's still working well for me and a shame others can't enjoy it likewise.

System

Once Williams & Glyn reappear it will be one of the few parts of RBS still operating south of the border.

Obviously, It could be be sold to Virgin or transferred to NatWest

slimgym wrote: »

I wonder what they plan with this - to let existing policies complete and not take on extensions, to transfer to one of their other companies or something else?

It's still working well for me and a shame others can't enjoy it likewise.

teabelly

I think their plan is to run it into the ground by not updating the online banking system and not having new customers.

I really don't understand why they are not pushing this mortgage more. In the days of high self employment and zero hours contracts having a flexible facility is a life saver. It's so much better than having to over pay and draw down again and jump through hoops. You just have a fixed amount of borrowing which you manage yourself.

slimgym

I imagine it doesn't make as much money for them as other products. Branson shook up the market and introduced the idea, maybe pulled out too early, before it had gained enough momentum. I can see RBS would buy it to kill it and banks are in it for the long run so have plenty of patience to wind it down over 20 years.

Colleagues who took alternatives don't seem to be as far along with their repayment as I am eitehr. I took mine out about 1995 and it's due to finish in 2017. Has been paid off since about 2003 following a lot of frantic years of working every hour under the sun. I just use it as a current account with a massive overdraft now, makes it very easy to buy anything and have a low interest rate for repayment. But in that time the other accounts have outstripped the One account with their lower interest rates.

That said I'm not sure how I would have managed these days with houses three times the cost as when I bought.

PaulW922

I don't think we will see 'The One Account' again. I wanted to apply for one several years ago (pre this thread) and they were not taking applications back then. Since then Clydesdale/Yorkshire has withdrawn its current account mortgage too. As far as I know only Danske Bank offers one in the UK now and that is for property located in N Ireland only.

slimgym

I fear you're probably right but that is such a shame. Once it began to snowball with overpayments every month that went by it just crept ahead of itself all the time. I can see why the banks didn't like it.