Interest rates for TheONE Account staying up

BACKFRMTHEEDGE

GrippleSpider wrote: »

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.

Intriguing:rolleyes::cool:

GrippleSpider

How about this then:

http://uk.virginmoney.com/newscentre/news1999_3.html

I have screenshots just in case it disappears, but the wording regarding commitment to pass on Interest Rate cuts is exactly the kind of commitments and promises we were made.

Pot and kettle come to mind now !

Justin

georgeone

After I registered my formal complaint with VOA, I called the Financial Ombudsman Service. I told them it was a variable rate mortgage in the Ts & Cs but there were written promises from the MD in countless letters. The person I spoke to would of course not commit to anything other than saying it sounds like a case they might well look at. I was given a case number. I have to let VOA go through their complaints procedure and if I am still not satisfied I can raise an FOS complaint. I have thrown away all my interest rate letters so at some point I will need to obtain a copy to show the FOS "the promise" (there was an implication that press and ads would not be good enough- it may have to be a letter to me about MY mortgage. If I can show everyone had the same letter then someone else's letter would do, I guess). If VOA cannot provide me with copies of the letters, I will go to the FSA who I am sure will take a very dim view of a regulated company not being able to provide copies of important correspondence. But I'm sure some people here can help me to if need be (with copies of interest rate letters/promises). Has anyone else here called the FOS with innocent enquiries about whether this sounds like a case they would look at? Go on - get a ball rolling. I'm going to call the FSA too; they have a principle in insurance regulation called "Treating the Customer Fairly" - I want to ask if they apply the same principle in banking regulation.

But RBS are nervous - not over this but over the credit crunch at a time they just made a huge acquisition (whose promised synergy savings they must be very worried they cannot now deliver). Sir Fred cannot let share prices or dividends drop or he risks his reputation and position - and Sir Fred does not let those risks develop - you can bet it was RBS central - not VOA - who made the decision and told VOA to hold the rates. As evidence of their nervousness ... did anyone else get an unsolicited call from VOA a few weeks back asking if they'd like to reduce their facility (I have a large facility I have not reduced in line with speedy overpayment/balance reduction). They said if I reduced it substantially I would get their lowest interest rate - a whole 0.1% lower than the one I am currently on! I declined. But they fact they are trying to reduce even this sort of liability (against high quality assets with a very low risk client) tells you how nervous they are. One way to mess them up is to write a cheque for all of your facility and put it in another bank. RBS suddenly have even less free cash than before. We'll bring the money back when they keep their promise. Nice idea, but it would need a home for the money where I could earn at least as much as I'd be paying VOA in extra interest. But I may just do it anyway and then ask VOA what inerest rate they'll give me if I bring the money back. But I think the answer would be the same. Sigh - short and curlies is about the size of it - unless any other firms are offering the same product with the same rates and promise, and are prepared to take on new clients right now. I have not looked but I doubt it somehow.
G

jackarmy

Have a look on www.reviewcentre.com seems like the customers are getting restless.

I was more than happy to pay a higher rate for the flexibility the account offered. Now I'm not so sure whether the benefits outway the costs.

I quite sad about this decision because strange as it may seem, to me the Voa was more like belonging to an elite club than a mortgage

The fact that the RBOS and VD have been making 'enquries' and that its customers are giving 1 star instead of 5 may make senior managers rethink.

Perhaps we should all post a rewiew on the various sites? Maybe we should all write personally to Jayne-Anne Gadhia.

There are not many things that leave a bitter taste in my mouth, but I have to say this is one of them. :mad:

georgeone

Ms Gadhia left a while back. Recent interest rate letters have been signed by people with no job title. I have asked 2 reps this week what the VOA MD's name is, Neither knew. One put me on hold and came back with Fred's name. When I said not RBS (but if he wanted I'd write to Sir Fred directly) but VOA he came back with Gary (Garry?) Howell. Whose name does not appear anywhere on Google.
I suspect there is no real VOA MD. When RBS took over Ms Gadhia became RBS executive planetary monitor for consumer lending or some such corporate-speak nonsense. I bet the whole VOA operation now reports to some similar such RBS corporate vice-assistant retail finance supervisory president in RBS HQ.

happywarmgun

RBS in trouble... http://news.bbc.co.uk/1/hi/business/7353774.stm


Incidentally, did anyone get a call from Virgin One last week asking if you want to reduce your facility to enjoy the lower interest rate?

The call went something like this......

"Hi, I notice that you are on our second lowest band of interest. Your balance is well below the threshold where you could enjoy the lowest interest rate. If you like we can knock it down for you free, all it means is that the facility you can borrow up to is reduced. You can request to raise your facility again, for free, any time you like."

On the face of it, it seems like a no brainer. Except, on much deeper questioning - it seems that the 'raising it again' - was not quite the rubber stamp five second job they were clearly implying in their carefully prepared script. They would re-examine affordibility and actual property value (possibly at my cost) - e.g. it sounds like it would be a new application.

The more I think about it, the more outrageous and misleading that call was. I wonder how many they got to sign up without a full explanation of the full impact.

The thing I'm really cross about though is myself - I should have seen this and the failure to pass on the rate cut and put 2 and 2 together about the state RBS must be in. (Desperate times, desperate measures). Should have shorted the shares. Coulda, woulda, shoulda. Didn't. Aint hindsight always perfect!

Tassotti

RBS calls shareholder

RBS 'We're in trouble. Can we please borrow 10 Billion from you?'

Shareholder 'Of course...When would you like it?'

Thinking of calling The One Account to increase my facility.

Chances?

thumbeleena

Like an earlier poster, I've been 'delurked' by the One Account and have registered to post for the first time!

I'm furious to have been misled, and have posted a couple of bad reviews of the product online as suggested by previous posters. I'll also call them at lunchtime.

However, I've just read that bbc article, and it looks like peed off customers are the least of their worries at the moment.... so I'm looking into alternative mortgages (I'm very low risk, so I still have options) and if they aren't shamed into action in the next week or so, I'll be switching.

I urge people to make as much fuss as possible, they can't be allowed to get away with breaking promises!

georgeone

Read below. Especially last paragraph. Fred said he wouldn't have to do this and now he has to. A track record of breaking promises is emerging. Note that their AGM is next Wednesday. I guess it will be in Edinburgh - does any one know? And can anyone go and protest?

---

RBS Forced Into £12bn Rights Issue

As the effects of the global credit crisis continue, UK banking group RBS looks set to be forced to ask its shareholders for around £12bn in order to re-capitalise.

According to reports, much of the funding is needed in respect of the bank's Nat West subsidiary.

RBS is due to give a trading update next week ahead of its AGM on Wednesday.

The RBS balance sheet currently has the smallest financial cushion relative to risk of any bank in Europe.

The recent £56bn (EUR70bn) takeover of Dutch bank ABN Amro has meant that cash reserves at RBS have been severely stretched.

A rights issue would represent an embarassing U-turn for RBS CEO Fred Goodwin, who had previously insisted that the bank did not need to tap shareholders for more cash.

parkerc

As a very happy customer of the Virgin/RBS One Account since 1999, I was very disappointed to hear that they would not be passing on the very recent .25% BoE reduction to me (or any of their customers for that matter).

Looking back, one of the main reason I decided to go with VirginOne (as they were back then) was that I would benefit from any interest rate reductions a statement that was given as a 'written promise', matched by the fact that I have benefited from every one, until now..

At a time where money is becoming tight, due to fuel and food prices, being told that you're not going to be given an expect interest cut is demoralising, especially when I would have every confidence that any rise would have been passed down to me immediately..

Now, if RBS need me to help them, that's fine, especially if reassurances are given that any future rise would not be passed on for the same period ..

I do however feel this is still poor treatment and should be logged somewhere, it's just unfortunate that I cannot afford to move lenders so RBS have me over the proverbial barrel :-(

Kind Regards