Packaged account mis-selling victims can claim compensation

Shirleyk wrote: »

I was one of the victims of mis-selling when I was advised that I had to change my current account to a gold account. It was then upgraded to a platinum account without me being advised. I initially paid £8 for the gold account which was then increased to £10. My account was then upgraded to a platinum account without my consent and an increase to £15. It then increased in February 2007 to £25 which I thought was ridiculous so I went into the branch and was advised that I did not have to pay for a bank account.

To make matters worse, I did not require any of the benefits of either the gold or platinum accounts. I do not drive so don't requrie AA cover. I have pre-existing medical conditions so don't qualify for standard travel insurance. I have card protection through my Contents Insurance Provider so don't require Sentinel Cover. My mobile phone is provided by my work so I do not require that either. In reality the upgraded account was worthless and all it did was lose me money and help Lloyds TSB increase their profits.

I do not have bank statements going years back but I know I was paying from when these accounts were introduced. Can someone advise me when Lloyds TSB introduced these accounts please? Also, can someone give me the address to make a complaint to Lloyds TSB please?

Thank you in advance.

I read ShirleyK's post with interest. I have banked with LTSB since at least 1985 till today. I made a complaint about mis sold PPI at the end of Nov 2011, however I also complained about Packaged accounts (had one since 1995). I NEVER asked for one but was sold a Gold account on the basis that because I money going thru my account at that time did I know I qualified for......etc, etc, etc. When I later applied for a Loan I was told did I know my interest rate would be better if I had a 'Platinum' account. You get the picture. Unfortunately for LTSB I have ALL my bank statements (bar the 1st year) since opening my account and there is a definate pattern. I have paid thousands of pounds in fees and interest over the past 26 years and have NEVER used any of the benefits on my account apart from 'slightly' lower interest on overdrafts and loans, but because of the large amounts we were encouraged to borrow we never noticed any benefit. I trusted LTSB financial advisors and every time we went in for a financial review we ALWAYS left with a new product (also sold life insurance despite having death benefit worth more with my DH employer). We were exploited when we were most vulnerable and have spent years digging ourself out of a financial pit. I expect LTSB to be as prompt in refunding as they were in taking the money from us in the first place, although we are experiencing the same delays as everyone else.

I have a friend who I advised on reclaiming mis sold PPI from Natwest; she only wrote to them last month and has had an offer of almost £10,000. LTSB simply must do better.

The ironic thing is I wrote to them '8' years ago about mis sold PPI and they partially refunuded a couple of loans stating no accecptance of any liability, so at least I can prove that I am not just jumping on the mis sold PPI bandwagon as I had concerns even way back then. I will wait until middle of next week and call again (sigh).

And for those of you wondering why we stayed with LTSB that long, we had to because of our financial obligations to them, although once this is all resolved we will be moving on, they don't deserve our loyalty.

In answer to Shirleyk's question about when these accounts were introduced, they were definately available during the mid 1990's.