Interest rates for TheONE Account staying up

halifax71

The OFT & FOS seems very releuctant to comment on the UTCCR despite Barclays increasing their profit margin on my loan from 68% at loan inception to 513% currently.

The terms of the loan quote FHBR (although not tracked), prudence & efficiency.

So using FHBR as the cost of borrowing to Barclays.

Profit margins at loan inception. 5% FHBR, 8.4% APR = 3.4% / 5% = 68%

Profit margin now. 1.5% FHBR, 9.2% APR = 7.7% / 1.5% = 513%.

Of course it is prudent and efficient for them to do so, or so they say. Oh and yes my house price had devalued so there's more risk.

georgeone

I have my FOS final decision letter today. Finds in my favour. Will try to post a summary of the decision over the next week or so if I can find time (v.busy at work all hours right now). Anyone any ideas how to post a scan of the paperwork here?

Saran_2

Hi georgeone,

That sounds like a fantastic result. Does this mean RBS are going to repay all the overcharged months of interest?

Not wishing to get hopes up too much as it is so unusual for the right thing to actually happen - but hope all the other FOS cases hanging in limbo might now be settled.

Sorry - don't know how to do the scan/link thing.

georgeone

Saran
It means MY overcharged interest etc will get fixed. I assume it does not automatically mean anyone else gets what they want, though one might speculate that it may be used to set a consistency precedent within FOS- but probably if AND ONLY IF other complaints are sufficiently similar (timing, timescale, evidence, circumstances, actual complaint, etc, I guess)

My complaint was quite detailed and specific - was time-related (even if indirectly) and this had a material effect. Will try to explain more when I get time.

Fedupwith1AC

Surely if they have found in favour for one case, and knowing from previous threads that a large number of people have already lodged compalints with FOS (and that it had said it was reviewing cases collectivly if I recall correctly), it would surely be rather silly of them not to apply a rebate and any amended interest rate to all now or they are just going to be inundated with complaints from all members (both one account and then FOS) who all want the same thing and know that they are likely to get it on the basis of previous case history?

ps As you can probably tell I am living in hope this will be the case!;)

georgeone

1. I have no knowledge of any statement that FOS would look at complaints collectively
2. Every FOS complaint has to be handled individually even if they have a "consistency" approach - there is no mechanism I am aware of for FOS to issue generic advice/requirements to banks etc - only to adjudicate individuals' complaints
3. not everyone's circumstances are the same - when did you take out the mortgage, being a critical factor among others.
4. RBS have shown that they will not do anything they are not forced to specifically (which means individually as per FOS adjudications)

That's my view. So don't live in hope unless you have already filed your own FOS complaint. If you have, then good luck (and if/when I can ever find time/method to post more here it may help or give more insight.)

yus786

georgeone wrote: »

Anyone any ideas how to post a scan of the paperwork here?

If you wanna scan and email to me, i'll post it up for you.

georgeone

yus786
Thanks for the kind offer but I'd prefer to do it myself and have not had time to research how to do it on this forum. Please advise where to find this info or post or link to instructions - thanks very much.
Although, I may prefer to deal with this by private correspondence with interested parties than post everything here, upon reflection.
Hold your breath a little, everyone. I'll be back over the next few days.

halifax71

As you already know i'm extremely interested in the wording of your success, even though i'm not a One Account customer. As you've inferred this could have far reaching implications right across the banking sector.

If you can summerise via a PM i'd be grateful. If not please post a summary as soon as possible - appreciate you're busy mate but come on share the good news :beer:

teabelly

As a oneaccount customer I'm quite interested in the outcome. I do note that they've just changed their terms and conditions to mention charges for the normal running of the account. Does this make anyone think that they're going to drop the interest rate paid but slap on monthly charges instead to recoup the lost amount???

Is there any evidence to suggest that if they had followed the BBR as before they'd have become insolvent themselves? They did get close one afternoon according to a dispatches programme.