Interest rates for TheONE Account staying up

georgeone

Please do - sorry I missed that earlier.

kippygirl

virgin-one-leaver wrote: »

There's a very simple solution to all of this hand-wringing - move your mortgage.

Yes, but this is only possible if you are able to obtain a mortgage elsewhere. Some of us now have much reduced income due to circumstances beyond our control and are effectively tied in to this mortgage.

musicegbdf

OK an update. I have received confirmation from the FOS that they have found against RBS and I have been offered a fair settlement. From what others (inc Georgeone who I have to offer big thanks to) have said the FOS seem to get the run around from RBS as well and were not happy about it.

I cannot perhaps make comment about the settlement itself as I have a couple of questions to ask the FOS about it, but overall I feel it is a very fair one.

One point though maybe is that I have had the account since 1999 and it appears that most of the "mis selling" was done between 1999 and 2001 , so if your account is later than this you may not get the same result I did.

However a big thanks to all on this forum , again a especially georgeone ( who if you are ever in Essex I owe you a Pint ). To those that opened account between 1999 and 2001 suggest you press hard as the more that win , the more RBS will be careful in the future.

Now I will have to go and read those new T and C's !!!!

georgeone

Great news, musicegbdf. Well done.

The new Ts&Cs do look a bit dodgy. Here's a laugh - I phoned to ask for prior Ts&Cs to compare (cos new ones never actually say what has changed, just what new ones are). Rep mistook request to be for ORIGINAL Ts&Cs. Phoned later to say "no can do". I explained - just send me previous Ts&Cs. They arrived - photocopied!

But there is a !!!!!! moment in there re the FOS case. THEY CANNOT SEND OUT COPIES OF MY ORIGINAL Ts&Cs -THEY DO NOT HAVE THEM!

Utter nonsense and shows how far their customer service has fallen in recent years. I almost felt like posting them a copy of my original Ts&Cs with a CC to FOS! ;-)

musicegbdf

georgeone wrote: »

Great news, musicegbdf. Well done.

The new Ts&Cs do look a bit dodgy. Here's a laugh - I phoned to ask for prior Ts&Cs to compare (cos new ones never actually say what has changed, just what new ones are). Rep mistook request to be for ORIGINAL Ts&Cs. Phoned later to say "no can do". I explained - just send me previous Ts&Cs. They arrived - photocopied!

But there is a !!!!!! moment in there re the FOS case. THEY CANNOT SEND OUT COPIES OF MY ORIGINAL Ts&Cs -THEY DO NOT HAVE THEM!

Utter nonsense and shows how far their customer service has fallen in recent years. I almost felt like posting them a copy of my original Ts&Cs with a CC to FOS! ;-)

I have a copy dated October 2001 plus a advertising leaflet from the same time that says " The One Account is totally flexible . You can pay back as quickly or slowly as you want without penalties or charges - you've got until you retire."

Any use ?

PS George I sent you a PM , but not sure it went...

georgeone

Your PM went. Will respond later.

I was just pointing out how dumb RBS are (left hand / right hand) seeing as they relied on the original Ts&Cs for the FOS case but could not send me a copy a few months later....

You are right to point out that the flexibility seems to be being restricted in the new terms. I plan to talk to them about this when I get back from a trip I'm on for next week or so.

Simon22

Hi Georgeone,

Could you or anybody could condense the basics of the criteria needed to be successful with a claim.

I've been a customer since the Branson days, 2001 basically and I'm pretty sure somewhere in the 5 box files of Virgin/RBS stuff I do have the paperwork they sent out specifically stating this account was a tracker on the base rate etc.

Does this mean I have a fighting chance and if so where do I start?

Is there "how do do a Georgeone for idiots " guide somewhere?

georgeone

Simon22
Send me a PM.
George

pandjscorpio

i received my settlement letter from the FOS - the deal is to put my account back to where it would have been if the mortgage had been tracking the base rate i.e. from April 08 to now, but reverting to the normal virginone rates from now. in compensation for this change of terms RBS will pay me £750. in addition, i can switch to any other RBS mortgage product free of charge if i want. on the basis that i want a variable rate tracker offset mortgage not sure that there is anything that i would want to switch to.

any views on whether this is a good deal, assuming my mortgage will last another 15 years with an average of 50k oustanding over that time, i dont know, i realise it depends on what rbs do with the rates, and whether there is any restriction on them keeping the rates high in an effort to close this product down and run off the tail.

waveneygnome

Thanks for posting the settlement they offered you.

Perhaps some of the other posters who have already received their settlements are in a better position to comment on the level they have been offered.

(I'm still awaiting the outcome of my FOS complaint).

However for what its worth.......I feel I am being overcharged by approx 2% per year (the One Account used to track BOE by approx 1% - 1.2%). If I had a 50k mortgage that would mean I'm overcharged by approx £1000 per year by RBS for 15yrs = £15,000...................that puts their offer of £750 into perspective.......and you will struggle to find another provider offering a tracker at BBR +1%.

I am still really angry about it :mad: - and feel that RBS are trying to keep a lid on this, and a cheap lid at that. There must be hundreds if not thousands of other One Account customers effected, but unless the individual battles through the One Account internal complaints process, then goes through the year long FOS process there is no redress.

I have no idea if you are able to negotiate with RBS - perhaps some of the other successful claimants can comment.

WG