Interest rates for TheONE Account staying up

jackarmy

wymondham, you're probably right but sometimes a good moan makes one feel better. Sir Ken and his merry men have bigger problems to deal with than worrying about a few p1$$3d off one account customers.

Perhaps when this issue subsides could the 'Voa experts' post some tips on getting the best from this product. i.e. stoozing etc. I for one would welcome any advice.

georgeone

Wymondham - you may be right but the only way to find out is to pursue formal complaints (and the more who do the better) and then take some cases to the FOS to get a definitive position. With clear advertising re tracking BoE, public statements by VOA officers, and letters sent - in effect - as updates to Ts & Cs, we have a case that the FOS will indeed look at seriously. Until we get there we won't be 100% certain we are on a hiding to nothing with respect to getting this changed. And it will focus VOA's minds on the issue. Although it is too far in the past to be worth it, one wonders what the ASA would have said (and is there still a "breach of promise" statute on the books? I doubt it somehow - shame)
G.

Vancat

Add me to the list....I had the letter too, and was sure that one reason we moved everything to The OneAccount 5 years ago was because they promised to pass on any changes immediately!
They certainly have done so when the rates went up...and we bit the bullet and knew that's what we agreed to.
Off to search through my hoarded paperwork now, just to see...
I'm sure they can decide through their T's & C's to not pass on the cuts...they're not that stupid to try and scam us! But as everyone's posted, it makes you less inclined to stay with them, or recommend them.
Due to an unexpected inheritance last year, (which I'd gladly swap in a minute to have the person back instead... ) my mortgage is less than 40K now and with a lot of overpaying and stoozing, (once I get my head round the concept!) I'm aiming to be mortgage free asap.
It's probably not worth me moving, but I'm still going to complain, and hope it helps.
Regards
VC

wymondham

Is it worth it? - other banks will follow shortly I'm sure and we'll all be in the same boat....

Vancat

probably not wymondham...but it'll make me feel a bit better!:D
And would you not be doing the same, or at least having a bit of a moan too, if you hadn't reached your MFD not long ago??;)
VC

jackarmy

Its interesting that there has been no additions to this thread for 2 days.

What does that say:

Has the issue run its course?

Is it apathy?

Is everyone behind the scenes formally complaining?

Do people accept that you'll never get one up on a banker?

Or is it that dearer mortgages are here to stay for the foreseeable future and the the majority of ONE Account customers realise that the concept of a conslidated account which people on average will have for 25 years and longer if used as a current account, is still reasonable value and that time is better spent applying for % BT's to stooze

Vancat

Not apathy....just had more important things to worry about since the weekend...family member seriously ill and rushed to hospital/car pranged by a donut in a supermarket car park....All now thankfully recovering!;)
And getting to grips with saving by offsetting/stoozing more with the OneAccount than I could possibly save by a 0.25% rate cut! :T

And yes, mortgages are getting dearer and harder to come by. So at least I don't have the hassle of trying to remortgage after a fix, and it's still nice having that huge facility to draw on, if I ever feel the need!
In these days of limited credit, that's surely a bonus, even if I never use it? (I've always paid the lowest interest rate, as loan was always less than 30% of valuation.)
Regards
VC

wymondham

In this day and age there are still good benefits to the account despite the above thread:

• Access to cheap credit (and guarenteed!)
• No need to remortgage every X years

These two items alone will help most users who are probably thankful they don't have to go back out into the marketplace to look around unless they want to.... it's dark and cold out there!

The worse this situation gets, the better it is for existing One Account customers...

georgeone

I have today received a formal response to my complaint - I guess many others have too. I do intend to reply and no doubt pursue the matter with the FOS. The VOA response includes the phrase "Your One Accountt mortgage is not a base rate tracker and we are confident that it has never been marketed as such". Well they may be correct on a technicality, but they have clearly (in their press advertising, in letters to me, and in pronouncements in the media) led me to believe they would ALWAYS track the base rate. So I will be taking issue with them on this point. They also say that "certain price promises were made ... were a statement of intentions at the time ... and can only apologise if I was led to believe that the rate would always track the BoE rate" . my contention is that I was led to believe, and that they can do more than apologise for it. The FOS blurb talks about whether the business "has treated you fairly". So I think there is a prima facie case to answer even if it is pretty certain I will not win. I fully intend to put them through the process.

borntobefree

Good Luck Georgeone:j:j:j:T:T:T:T

keep us posted (PS I don't have a one a/c by the way - thankfully!)