Interest rates for TheONE Account staying up

kippygirl

Saran - as not heard from you, hope you haven't given up on this.

Disappointingly, still nothing for us so no idea what is happening or when it will be resolved.

Saran_2

Have accepted FOS decision.

Option was to do this or lose offered compensation with no real chance of success in court after FOS ruling.

Don't agree with the ruling, but FOS will not change their stance now after Ombudsman decision.

No point going through the FOS complaint system as this only examines procedure and not the outcome.

Feels like the England un-goal. Everyone knew what the correct decision was except the referee! We know RBS are wrong, RBS know RBS are wrong but the FOS don't see it!

Let us know how you get on and if they give you an explanation.

Saran

munkypuzzel

Holding letter today..... ho hum....

waveneygnome

The length of time it has taken the FOS to reach decisions is appalling.

I appreciate that they have to thoroughly examine each case, but I now have 7 'holding' letters. I have spoken to the FOS about the delays and they say its down to Virgin not responding in a timely manner. I put it to FOS, that surely the FOS could put 'please respond to our request for information by 21 days or the case will be awarded against you'......................they thought it was a good idea..........and would put it forward to one of their improvment meetings..........although I don't hold out much hope!

I have further put it to FOS that customers are being financially disadvantaged and Virgin financially advantage if the cases are dragged out and the FOS finds in favour of Virgin - assuming that customers would/could remortgage to a cheaper rate with different provider like First Direct.

Last point which may/maynot be of significance - I was rejected by an adjudicator three months ago. Appealed to ombudsman. Ombudsman has written to ask Virgin for more information. Am I thinking too positively that this is a good sign? Given Saran's case which was rejected by Ombudsman very quickly?

kippygirl

I agree - same situation here. Do the FOS not have the power (like a court would) to say x days to reply/produce docs etc or you can't put forward that argument? Perhaps not as RBS seem to be "playing the game" here and deliberately drawing out these cases as long as possible. Very underhand tactics but hardly surprising when you consider how they have broken such clear promises about the interest rate. I am disgusted that we were signed up to them making such a big deal out of always following the B of E rate the same day etc and now they continue to dishonestly take extra money from us each month that we cannot afford in the current climate. Shame on you RBS.

munkypuzzel

Ok, have had provisional decision from FOS Ombudsman. - Seems to be similar to SARAN's situation.

My complaint has been upheld 'in part' and in full and final settlement ombudsman recommends that I am offered a small amount of compensation......
Ombudsman says that that their 'not convinced there was a legally binding commitment to follow base rate'............

Promises, commitments, guarantees seem to mean nothing i guess?? I personally see this as losing the case, I am not sure why I am being offered an insulting amount of compensation.

kippygirl

How can they say in some cases the "promises", "guarantees" etc were legally binding and in other cases they weren't????

Andykb675

Do these complaints only apply to the early version of the V1 \ OA mortgages? We got our facility at the beginning of 2007 and wondered if its worth while digging out my T&C's? and pursueing with the FSO

kippygirl

Andykb675 wrote: »

Do these complaints only apply to the early version of the V1 \ OA mortgages? We got our facility at the beginning of 2007 and wondered if its worth while digging out my T&C's? and pursueing with the FSO

Early customers were sold the mortgage on the basis that it would follow the B of E rate even though the Ts and Cs said it was variable rate mortgage. VO made numerous written and verbal promises that they would always follow the B of E rate.

If no such promises were made to you (and as far as I'm aware it was only the first few years of the VO mortgage when these promises were being made) then you aren't in the same situation as the early mortage customers.

RowRow78

Hi. Hope it's Ok to resurrect this old thread....

It has become relevant again for me as we are Virgin One Account customers from 1999 and have got quite peeved with the fact our interest rate has been increased despite the base rate staying the same recently.

For some reason we weren't as angry in 2010 when the base rate dropped, but VO kept the same rate....

Anyhoo, we have moved house twice and changed our facility a couple of times over the years, so I'm wondering if we can still pursue a complaint here? Also I'm damned if I can find the original paperwork....?

I can confirm that we were told that VO would always follow the base rate as we both used to work at VO (when we opened the account) and it was in our scripts!!

So my questions would be:
a) Which is the specific letter I need to be requesting a copy of from our records to use as "proof"?
b) Do the house moves & facility changes effectively wipe out any chance we have to complain?

Any help would be greatly appreciated.

Thanks