Interest rates for TheONE Account staying up

waveneygnome

Music, thanks for upadating us.

My case has been 7 months. I phoned FOS last week and they said they are still waiting for One Account to update them on some questions they asked two months earlier.

I did raise with the FOS caseworker that although 'all cases treated individually'...surely if there was a common complaint, then the FOS could treat a group of complaints as (a) a classs/collective action - at least this would surely speed up the process and (b) all the outcomes should be the same.

The case worker just repeated the line that 'all cases treated individually'. I then reposed the question.............if the FOS had two thousand individual complaints all on the same grounds, all about the same institution and about the same product, then surely it would be a more effecient use of the FOS time if they were treated collectively. Again the caseworker stated that 'all cases treated individually'.....but then added that they (FOS) would also inform the FSA about the large volume and ask them to investigate also.

This has left me with mixed feelings:

- whilst I have the upmost respect for the FOS, it does not seem a very effecient way of handling complaints (Saran and others have now been waiting for a year)
- it can mean that idividuals can loose interest, loose heart, (loose their houses?) or move mortgage whilst the investigation drags on.......meaning only the most determined (or those whose circumstances have changed and cannot get another mortgage) will acheive 'justice'
- RBS can offer different settlements/compensation to individuals - picking them off one by one without having to honour their promises.
- lastly, there clearly have not been enough complaints to the FOS on the One Account rates issue for them to inform the FSA. This has made me feel sad that One Account customers have been mistreated (I won't use the word ripped-off), and have accepted their fate.

I shall, like Saran & Karanda, pursue the One Acount to honour their promises.

WG.

P.S. Still trying to think of something witty for Saran's anniversary present

kippygirl

Anyone had a decision yet? Just had another holding letter

karanda

kippygirl wrote: »

Anyone had a decision yet? Just had another holding letter

No, but am out of the country at the moment - I will know more when I am back next week and will post any news.

I see that Virgin have just bought a tiny bank with a view to getting back into the retail banking business - branches on the high street etc. I will be first in the queue if he offers anything like the Virgin One Account!

munkypuzzel

I have mixed feelings... as much as I have always loved the ventues that the bearded one has launched/acheived, we all now know that after a few years of terrific success, he will sell off to another institution with brand intact for them to do as they please...

Would I change to a 'real virgin' product again? I probably would, but future expectation would remain sceptical...

I guess that if we remain loyal to a brand that sold us down the river, it really highlights the crock of sh*te that he has to compete with!! Cant Fail.

waveneygnome

Just got another holding letter from FOS today.......I called and they said they are still waiting for The One Account to respond to their letter sent 4 months ago.............now they can't blame the snow for that can they?!!

alrewas

hi have just been looking through this thread. I have in the past, when the interest rates started dropping and the one accounts didn't, emailed & rang VA to no satisfaction. I also wrote to MP/BOE/treasury when the bailout happened - not that it did any good.
Anyway I notice there seems to be a timeline for this to appear to be succesful. We took this account in May 2001.
Can anyone advise if it's worth us startin again with the complaints
thanks

kippygirl

alrewas wrote: »

hi have just been looking through this thread. I have in the past, when the interest rates started dropping and the one accounts didn't, emailed & rang VA to no satisfaction. I also wrote to MP/BOE/treasury when the bailout happened - not that it did any good.
Anyway I notice there seems to be a timeline for this to appear to be succesful. We took this account in May 2001.
Can anyone advise if it's worth us startin again with the complaints
thanks

If you were being told by VO (either directly or in advertising) that interest rates would always follow B of E rate and you relied on these promises then yes, you should definitely submit a claim. It is worth reading through this thread before putting the complaint together. You need to write to VO first and get a "final response" from them before starting the FOS complaint. I don't see that you've got anything to lose other than an hour or two of your time.

Good luck.

kippygirl

TAKEN FROM FOS WEBSITE (RE TIME LIMITS FOR PURSUING A COMPLAINT):

Generally, these time limits are:

• six months from [the] business sending the consumer a final response (which has to mention the six-month time limit); and
• six years from the event the consumer is complaining about (or – if later – three years from when they knew, or could reasonably have known, they had cause to complain).

munkypuzzel

Holding letter today...

karanda

My complaint that RBS had reneged on a promise to change interest rates on the V One account to reflect changes in the BOE base rate has been upheld.

RBS has offered to rework my account as if it had followed the BOE base rate changes in the past, and to continue to adjust interest rates in the future in the same way.( the point raised by RBS that I both increased and decreased my facility over the years has been treated as a non-issue by the FOS it seems).

Just for the record, my case was never about compensation (although the bank has offered a token amount) and I have accepted the RBS offer to return to the way the account was originally operated .

So I am greatly relieved as my account will continue to operate as it did from day 1. I have peace of mind and know just how future BOE rate changes will be applied by RBS to my account.

I am though still horrified that there has not been a broader decision to force RBS to return to its original code of practice when operating this account for ALL its customers. Instead, only those who have been able to get through the painful experience of pulling together all the evidence and documentation have any chance of redress.


I am no lawyer, but it seems to me that there is more than enough evidence to prove that this has been an extreme case of miss-selling, and of deliberately breaking promises made in their many marketing campaigns.

Good luck to all of you who still have cases in the pipeline. And for those of you who are still hesitant about beginning the complaint procesess - do it! Just be prepared for a long, hard slog.