Interest rates for TheONE Account staying up

Doh

this is the response i've got:

Thank you for contacting us via our online service. I can confirm your comments will be recorded as feedback. I would like to make you aware of the following regards to the interest rates. · All One account products are variable rate mortgages, but are not linked to the Bank of England Base Rate. · This means that the rates can move up and down outside of the Base Rate. · All One account products have tended to move in line with the base rate previously. · However, they are not linked to the base rate and this change is out of any Bank of England Base Rate Decisions. · With all pricing changes we take into account a range of factors including the marketplace, competitor pricing and increased cost of funds. We constantly strive to improve the service we offer to our customers and as such, we welcome the feedback we receive from our customers. I'd like to thank you once again for taking the time to contact us. If you have any further questions about The One account please do not hesitate to contact us on 08453 01 01 01, we are available 24 hours a day, seven days a week, and will be delighted to help. Kind regards

GrippleSpider

However, they are not linked to the base rate and this change is out of any Bank of England Base Rate Decisions

I'm sure we have some marketing material from the time we opened our One Account that states the the contrary to this statement and am certain television ads at the time stated that they did track the base rate. This was the overriding reason, that at the time, we went with it and to my mind has always been a material feature of the product.

Justin

Doh

GrippleSpider wrote: »

I'm sure we have some marketing material from the time we opened our One Account that states the the contrary to this statement and am certain television ads at the time stated that they did track the base rate. This was the overriding reason, that at the time, we went with it and to my mind has always been a material feature of the product.

Justin

if you can dig it out post it up and i'll go back to them, i'll have a look at what i've got at home... we need supporting evidence.

dontgetaV1account

Most of the review sites such as caio have five star reviews of the Virgin one account.
One thing we can all do is add our own reviews of V1. http://www.ciao.co.uk/Reviews/Virgin_Direct__55466
I don't think there are many account holders who would give them five stars now!

jonthevillaboy

We have been with the oneaccount since August 2006 and in that time have seen at least 5 increases in the BoE base rate. At the same time the oneaccount have been as quick to send out letters informing of the increase in our mortgage payments.

It disappoints me immensely to receive my letter today informing that despite the BoE base rate decreasing they will not be passing this on to their customers.

I am appalled by the oneaccount and would be looking to move my mortgage elsewhere but in the current climate I feel that they have us by the short and curlies.

GrippleSpider

Interestingly from my web stats I found that the copy of the my letter has had these visits today:

Host: 155.136.80.163
ISP: Royal Bank Of Scotland
Entry Page Time: 17th April 2008 14:34:38

Host: 195.99.168.166
ISP: Virgin Direct Personal Finance
Entry Page Time: 17th April 2008 08:28:43

Justin

borntobefree

Not sure what that means - can you enlighten me? Does that mean big brother is watching us?

Browntoa

just been through all my welcome pack stuff from 1999, nothing there saying the magic words about ALWAYS changing the interest rate

40teabags

jonthevillaboy wrote: »

I am appalled by the oneaccount and would be looking to move my mortgage elsewhere but in the current climate I feel that they have us by the short and curlies.

Those were exactly my thoughts when I read "We have based this decision on a wide range of factors including changes in the mortgage market overall". In other words, "We feel that it's safe to stitch you up this time round because there's nowhere else for you to go right now".

I'll be contacting the One Account in the morning to register my disappointment. I've been a customer for over 5 years and only had good things to say about them till now.

On the bright side, this is the issue which has finally prompted me to register on the MSE forum after a long time lurking

GrippleSpider

It's an extract from a log of who has been visiting the webpage with the letter on.

The IP addresses resolve to networks owned by the RBS based in Isle of Man and Virgin Direct based in London. So in a nutshell somebody has been looking at the letter.

Jus