Interest rates for TheONE Account staying up

jackarmy

Seems I was right

DickDastardly_2

:mad: I am bloody furious with Virgin/RBS over this issue and so glad that I am not alone. I too remember all the now obviously broken promises about following the base rate and whilst the decision not to pass on recent cuts in the BoE rate was dissapointing, this new increase is taking the mick.

And Going Digital is spot on! This is not about what type of mortgage the One Account is, the 'market conditions' as the crummy letter says, this is pure bloody profiteering by RBS raking in money from customers to cover their own mis-guided lending to high risk areas. They screw up, we pay! It is simply not on..

georgeone

Spoke to complaints team today. FYI new business volumes are up (lots of people needing flexibility in future, I suspect). So RBS really won't care if a few people leave. No other news except the individual I talked to informally admitted he thought the way they communicated it could have been better. Decision is clearly made at RBS HQ level and you will not get ANY response to any detailed requests for explanations as to how we are to figure out what RBS's policy is now and how it will behave in the future.

But - I am the ONLY person so far, among all of us complaining, who has come forward and said they've filed an FOS complaint. Nearly everyone who complained on day one of the last letter and went through the 2 stage complaints process, assuming you did go that far, will now probably be timed out on filing an FOS complaint. PLEASE reply to the first letter they have to send you if you make it a formal complaint now, get the second letter - which will be their "final" letter, AND THEN FILE AN FOS COMPLAINT. The grounds are clear: EITHER they are bound by promises as these did vary Ts and Cs, and custs can expect to rely on what they think they were sold and what was said at the time (FSA "products will perform as expected") OR if the FOS cannot find in your favour on that (and they won't) then there MUST be a valid complaint for mis-selling and misrepresentation.

Come on - who else has or will file that FOS complaint? Even if we don't win it WILL send a message to RBS.

If anyone has the FOS form and wants to know what I said on mine, I'll happily share.

DickDastardly_2

I have not got that far yet but would be happy to do so. I just typed out and got ready to post my initial complaint to Virgin.....

Cosmo

georgeone wrote: »

But - I am the ONLY person so far, among all of us complaining, who has come forward and said they've filed an FOS complaint.

Nope, I filed mine last month and have received a form letter from them saying they are processing my complaint but have a lot of work on at the moment.

Now Virgin have upped the rate again I will be going to the FSA.

georgeone

Cosmo, Dickdastardly,
Excellent. Let's all keep everyone posted...

Monty76

There are some top quality hissyfits going on here. The cold hard facts are:

- In a time when fixed rates etc have gone up maybe 2/3% our One accounts have gone up 0.5%. It could be a lot lot worse for us.
- Comparatively, the One account has never been more competitive when put against other products. I don't see many people on this thread talking about a credible alternative.
- Yeah, it's flipping annoying that some marketing luvies made promises they couldn't keep in '01 but throwing your toys out at the poor call centre staff probably wont help.

wymondham

Monty76 wrote: »

There are some top quality hissyfits going on here. The cold hard facts are:

- In a time when fixed rates etc have gone up maybe 2/3% our One accounts have gone up 0.5%. It could be a lot lot worse for us.
- Comparatively, the One account has never been more competitive when put against other products. I don't see many people on this thread talking about a credible alternative.
- Yeah, it's flipping annoying that some marketing luvies made promises they couldn't keep in '01 but throwing your toys out at the poor call centre staff probably wont help.

valid points... good to get it back into perspective. Rates are going up on lots if not most mortgages so why people are so upset here is a little strange. Unless they have broken any wording as in their official offer letters etc then there is jack **** you can do about it - by all means complain if you have the time and energy but this will not have the slightest effect I'm quite sure... Remember the One Account is a VARIABLE mortgage. It's not nice having the rate go up, and I can see why people are upset, but One Account have not done anything different to any other bank, they are after all here to make money!

Those people going to the FSA - what are they going to do, as it's not a crime to raise a VARIABLE mortgage rate??!!!

StuartGMC

wymondham wrote: »

It's not nice having the rate go up, and I can see why people are upset, but One Account have not done anything different to any other bank, they are after all here to make money!

Those people going to the FSA - what are they going to do, as it's not a crime to raise a VARIABLE mortgage rate??!!!

Fully concur; The banks' job is to make money and hence returns for their shareholders. Our job is to minimise the costs we incur in choosing to use their services and despite what people say, it is your choice to have a mortgage although it really is Hobson's Choice vs renting :rolleyes:

What seems to be entirely missed here is that if you are offsetting you are not paying the full interest rate on the full capital owing. The way I like to look at it is to consider the interest rate as an equivalent rate i.e.

If you offset 50% then you only pay interest on the full capital outstanding at 50% of the published interest rate and the effective increase in rate is only 50% of that published!

Of course, get to 100% offset and then you pay 0% interest :rotfl:

I'll drop it there, but my plans are on clearing our offset mortgage is in the following thread http://forums.moneysavingexpert.com/showthread.html?t=944413

ixwood

Sorry, but that's rubbish. What about the loss of interest on the cash you're offsetting?