MSE News: Car giant Ford gears up to launch market-leading regular savings

schiff

There is a certain ruthlessness in Martin Lewis's suggestions about pretty much everything about money, like the take out a credit card, buy a banana, ditch it type of thing. I don't feel all that comfortable about it myself, except when it's about being miss-sold something.

Over time it's bound to instil a similar attitude in his followers, as in here.

Vortigern

adindas wrote: »

Is it not the main spirit of this forum to play with banks at their own game, winning compensation, get a good deal, save money ??

I'd disagree with the "winning compensation" part of the above quote although there are boards dedicated to such activities and compensation might be warranted where there is actual financial loss, consequential loss or considerable inconvenience.

Do you agree that compensation culture drives up the cost of insurance, necessitates thousands of stupid signs "slippery when wet" and reduces the amount of money that banks have available to pay interest, or companies have available to pay their investors. The only winners are the lawyers.

adindas

Vortigern wrote: »

I'd disagree with the "winning compensation" part of the above quote although there are boards dedicated to such activities and compensation might be warranted where there is actual financial loss, consequential loss or considerable inconvenience.

Do you agree that compensation culture drives up the cost of insurance, necessitates thousands of stupid signs "slippery when wet" and reduces the amount of money that banks have available to pay interest, or companies have available to pay their investors. The only winners are the lawyers.

10 pages containing links to MSE
http://www.moneysavingexpert.com/advanced-search.php?q=compensation&searchtype=guides

Keep in mind there is a significant difference between winning compensation from poor farmers, peasants with winning compensation from bankers, global companies, utility companies.

Also for the latter there is no reasons to have sympathy on them as when you happen to be on the other side you will feel their ruthlessness. They have an army of advisers, lawyers. They are certainly not going to pay you a penny if they could find a way to avoid it.

Cash-Strapped.T32

DragonQ wrote: »

Sent my evidence stuff to Ford Money on Monday evening, still haven't heard anything via post, phone or email. >_>

They were pretty good for me - I send mine (photocopy of driving license & photocopy of council tax bill), Wednesday lunchtime - by this morning it had arrived, and the girl could see them on her system scanned onto my application.

I've worked in several places where docs would never - ever - be ready to go that quickly.

She looked over them while I was on the phone and authorised the application to be set up. Can't complain at that.

Ashen

adindas wrote: »

10 pages containing links to MSE
http://www.moneysavingexpert.com/advanced-search.php?q=compensation&searchtype=guides

Yes, MSE does have several consumer guides to people exercising their rights on applying for compensation. I believe, however, the statement you made referred to "this forum", as opposed to a generic and meaningless search of the MSE site for a word which brings up situations nothing like the appalling entitlement on display towards Ford Money.

Rich2808

Are Ford really going to bother closing a few accounts paying £65 interest a year given all the potential bad publicity for the new bank which highlights potential flaws in their IT systems. Compared to what they could earn on general loans and credit cards and car loans it's tiny.

They are hardly some small local building society or small challenger bank either - they are part of a global multinational company. They can afford the tiny cost involved.

Best to suck it up and learn from the experience. And maybe next time get your staff properly trained before you launch a top paying account all over the media. You can have only one RS and RS ISA - how basic is that training wise?

I even didn't get the terms about having a second ISA jointly with another adult over 16 - you can't?

EachPenny

Ashen wrote: »

...brings up situations nothing like the appalling entitlement on display towards Ford Money.

The trouble is this "appalling entitlement" manifests itself in many ways. For example people willing to justify using a charity to process £1 direct debits for personal convenience when gaining cash incentives from bank current accounts, and seeming to think this is ok because it should only cost the charity 20p per £1 they collect.

If only the defenders of Ford Money were as quick to condemn the abuse of charities.

I agree with schiff's original post. The ruthlessness is something which should be a concern to everybody... but perhaps it started when customers no longer had access to a bank manager who understood their needs and the financial world started being run by computers who don't care.

Ashen

EachPenny wrote: »

The trouble is this "appalling entitlement" manifests itself in many ways. For example people willing to justify using a charity to process £1 direct debits for personal convenience when gaining cash incentives from bank current accounts, and seeming to think this is ok because it should only cost the charity 20p per £1 they collect.

Could you post the part where I mentioned about using a charity for "personal convenience when gaining cash incentives", if you're going to make such claims to smear me? For the record, I've never done this.

I did take part in a 'discussion' with you about what the costs of DD's to a charity may be. How absolutely horrible of me to take a view that, assuming the cost of a £1 DD may be 20p, then 80p overall monthly to a charity might be better than 0p monthly to a charity.

(I apologise to others for being off-topic, but I have to respond to that)

adindas

Ashen wrote: »

Yes, MSE does have several consumer guides to people exercising their rights on applying for compensation. I believe, however, the statement you made referred to "this forum", as opposed to a generic and meaningless search of the MSE site for a word which brings up situations nothing like the appalling entitlement on display towards Ford Money.

I fail to understand the phrase "appalling entitlement on display towards Ford Money". If you will need to fight against an army of lawyers hired by a global company to be compensated is it called appalling entitlement ??.

If you get compensation from global companies banks (not peasant) it is already evidence that you are entitled to that compensation. Your entitlement has been screened by an army of lawyers they have been hiring. Similar to David won a fight against Goliath.

Also I think it is grossly inaccurate to claim that compensation paid to ordinary customers like you and me here on MSEs is the main cause to drive up the cost of insurance, and reduces the amount of money that banks have available to pay interest. A very tiny percentage is but the main cause are the bonus culture, ruthlessness and greediness of the bankers ...

It is up to people to exercise their right to compensation. I think I will stop discussing about compensation on this thread as it is getting heated now.

bigadaj

adindas wrote: »

I fail to understand the phrase "appalling entitlement on display towards Ford Money". If you will need to fight against an army of lawyers hired by a global company to be compensated is it called appalling entitlement ??.

If you get compensation from global companies banks (not peasant) it is already evidence that you are entitled to that compensation. Your entitlement has been screened by an army of lawyers they have been hiring. Similar to David won a fight against Goliath.

Also I think it is grossly inaccurate to claim that compensation paid to ordinary customers like you and me here on MSEs is the main cause to drive up the cost of insurance, and reduces the amount of money that banks have available to pay interest. A very tiny percentage is but the main cause are the bonus culture, ruthlessness and greediness of the bankers ...

It is up to people to exercise their right to compensation. I think I will stop discussing about compensation on this thread as it is getting heated now.

No need for the lurid colours adindas.

You are to a large extent destroying any argument you have with your response, though you do have a habit of being über dramatic.

You aren't fighting an army of lawyers, and even if you were then the entitlement to a relatively small amount of interests gained on accounts that you probably weren't entitled to, but took advantage of poorly drafted terms and conditions, is at least questionable.

Compensation payment doesn't mean you are entitled or even deserving, it's far more common for banks and large companies to pay in the basis of PR, avoiding complaints, reducing regulator fees etc

I think you are one of the few getting heated, I'm very ambivalent, it seems fairly obvious that ford intended the account to be restricted, but if they have failed to draft terms and conditions that clearly state that, in a manner that isn't particularly legalistic but just fails to use clear and plain English, then I don't have any sympathy for them either.