Paying monthly fees for services you don’t really need?
You may be due a refund plus interest!
Ron Amoore Managing Director Of Consumer Savings Network explains how people have been Mis-sold Packaged Bank Accounts and are now getting paid back.
How Much Could It Be Worth?
An account that charges you £15 per Month held for 10 years could owe you a refund of over £2500 with added compensation and interest, not a bad bit of extra cash to pay off those Christmas bills!
We all know about PPI but what is a Packaged Bank Account?
A packaged bank account is a bank account where the Bank has added various products such as mobile phone and car breakdown cover and/or travel insurance, then tells their customers that they have been upgraded to a Gold or Platinum Level account which will provide these services. Usually this cover comes at a cost of between £12 to £25 per month. If you were ‘promoted’ by your bank to one of these Premium Bank Accounts or were never offered a free bank account that didn’t have these ‘benefits’, when you elected to open an account with your bank, then we can claim your money back plus interest. This is because like PPI, staff were often incentivised to sign people up to these accounts as they made the bank more money.
How were these accounts mis-sold?
The problem is that often the terms and limitations of each of these products were never explained and because of
this the insurance providers would get out of having to pay up if you did have a legitimate claim. For Example, issues such as pre existing health conditions and age can nullify your travel claim or the car breakdown cover only covered you for breakdowns within 10 miles of home. What’s the point of that? Ron laughs…You need car breakdown cover for when you are far from home not just from where you can get a mate or family member to pick you up.
So what makes someone qualify to claim back these fees?
If you were not offered an alternative account that was free or cheaper without the bundled benefits. Or if the Bank Advisor never checked to see if the insurance benefits were of any real value to you. Or if you may have already had similar insurance products in other plans, like car breakdown cover or mobile phone cover. You can make a claim.Also if you felt pressurized into having it like they offered you a free overdraft?, or said you stood a better chance getting a loan?Our advisers can qualify your case in just a few minutes over the phone and make a claim based on the broken FCA principals for fair business conduct.