Interest rates for TheONE Account staying up

ianmac42

Hi All,

My 1st posting, I am about to apply for a 'one account', I see that they will give me and a proposer/recommender £125 each. If anyone would like me to put them down as the recommender then let me know your Name and Postcode.

I assure you I am genuine/this is genuine, email me the details or any questions to ian _at_sandomenico.org.uk


thanks,
Ian

ianmac42

thanks all for replying, first to reply was used as the recommender.

magburner

Has anyone heard anything back from FOS on the complaints - all gone a bit quiet on this?

MPwannasavemoney

strength_in_numbers wrote: »

I have also written and asked for clarification on the way they charge us interest. I think they have a little scam going. They write to us and tell us how much the interest will be for the month, they say they will take it two weeks after it is due. For the two weeks that they delay in taking the money they charge interest on the interest they should have taken in the first place. I checked over the phone and it sounds like this is what they do. I will get it in writing in a few days. Is this legal? Is it another example of underhanded charging that we can all claim back?

Yes it is true, you get charged interest on interest until the interest is taken out of your account. So that rate you think you are paying - well calculate it over 12 months and you will find it is higher. They should either take the daily interest out of the account on a daily basis - that is fairer - or publish an "equivalent annual rate". Of course with the offsetting etc it is difficult to notice what is going on, I only noticed and queried it when my balance got lower and lower and I saw the monthly interest was sometimes HIGHER than the published rate of interest on my maximum facility divided by 12. I think this fact is not only little known but not well understood, I have posted threads about this before but have seen little response to it.

georgeone

If anyone is still watching this thread, watch it more closely. There will shortly be news posted here of an FOS Final Decision on this issue. I posted way back at the beginning that I was going to take this to the FOS, and that process is now nearing its end. I would not be posting if it were not likely to be good news.

Saran_2

Hi georgeone,

Good to here someone has been able to make progress. Got another letter from the FOS yesterday saying they were very busy and would assign an adjudicator as soon as possible - complaint registered in January!

As each case will be judged individually can you say what your specific complaint was ('promise letter', fairness...) and the process you've gone through thus far. It would be useful to know with the prospect of having to go through it.

Cheers.

georgeone

I will make available my full complaint and FOS Decision text when it is all finalised - should be in a few weeks. Though I think this forum does not allow attachments (?) so perhaps some other method will need to be found. I believe this is such a potentially important judgement that Martin may wish to wind up some financial journos to do a small story on it. Well I would believe that, wouldn't I - but having read the Ombudsman's draft reasons for this - and for his reversing the prima facie decision made by the first adjudicator to reject my complaint on the grounds that Virgin were right: it was a variable interest rate mortgage and the Ts&Cs made clear Virgin could freely adjust rates as they saw fit - I do believe the final decision may be of wider interest.
Key point if engaged with FOS now - do NOT accept first decision - if they give you the chance to have it formally reviewed by Ombudsman, take it!

halifax71

Hi - very interested to know more about your FOS complaint. Can you share any more yet?

I'm part of a merry band of disgruntled customers taking "FirstPlus - part of Barclays" to task on their Variable APR.

Many of us are in the queue with the FOS and OFT on their manipulation of their T&C to avoid passing on rate reductions. The main focus of my complaint was around the Unfair Terms in Consumer Contract Reg - is yours anything similar?

georgeone

I am still waiting for the final decision, but in the meantime I can tell you that the "Unfair Terms in Consumer Contracts Regulations 1994" were referenced in the provisional decision, and formed some part - among other things - of the decision.

halifax71

Cheers for that. Sounds promising if the UTCCR was mentioned. As i said there are alot of us at FirstPlusComplaints who will be interested in the outcome as we're complaining on the same thing (as well as PPI, Secret Commissions etc). Keep me posted if you can - PM me if you'd rather. Thanks