Lloyds TSB Mis-Sold Account?

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climbintheladderouttadebt
climbintheladderouttadebt Posts: 401 Forumite
in Reclaim bank & credit card charges
I hope this is the right place, nowhere seemed 100% suitable for my question!

In 2007, 3 days after moving home and 2 weeks off my due date with my first child, Lloyds 'sold' me their 'best' current account, which had a £10 or £15 a month charge on. It included breakdown cover (I didn't drive), phone insurance (which I did use but never claimed on), travel insurance (I was on benefits - where the hell was I gonna go?!) and more that I can't remember.

Upon opening the account in my local branch I felt this account was perfect for me after listening to the advisor but since feel this was not the case at all (I have just won back PPI mis-sold to me on their credit card which I was offered on the same day.)

To be honest, this account was useless to me apart from the phone insurance and the overdraft. Now it was the o'draft I was interested in, which I could have had for free with a more simple account.

Has anyone ever gone after a bank for mis-selling of an account? Has anyone got any advice as to whether or not I should complain to Lloyds?
I've got nothing else but I've got my family.
Mum to Moo age 6, Wills aged 3. 2nd wedding anniversary 11/13! :j

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  • Premier_2
    Premier_2 Posts: 15,141 Forumite
    Combo Breaker First Post
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    Why did you think the product was perfect for you if the added benefits it provided were of no or limited use?

    You used the phone insurance, but you could probably but phone insurance for a lot less than £120 - £180 a year. But like all insurance, you can't get your premium back if it transpires you didn't need to make a claim.

    The bank product probably came with a limited period cooling off period so that if you felt you were pressurised to buy or simply thought better of it a couple of days later, you would have been able to cancel without charge.

    Are you still paying £10 or £15 a month for something that is perfect/of no use to you? If so, seriously consider contacting the bank to cancel the deal ... but I doubt you'll get any refund of past charges since you originally accepted the deal and benefited from the mobile phone insurance and the o/d facility the added value deal provided.
    "Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 2010
  • climbintheladderouttadebt
    climbintheladderouttadebt Posts: 401 Forumite
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    Premier wrote: »
    Why did you think the product was perfect for you if the added benefits it provided were of no or limited use? The advisor made it sound like the benefits would be ideal for me, talk of holidays etc. To be honest, I was shocked that I was getting a £450 overdraft (and a £500 credit card) in the situation I was in! Nothing else registered fully. The breakdown insurance sounded perfect as it covered someone else's car if I was in it, too. I never really thought about drivers having their own breakdown insurance or the fact that I never really went out in someone else's car back then!

    You used the phone insurance, but you could probably but phone insurance for a lot less than £120 - £180 a year. But like all insurance, you can't get your premium back if it transpires you didn't need to make a claim.

    The bank product probably came with a limited period cooling off period so that if you felt you were pressurised to buy or simply thought better of it a couple of days later, you would have been able to cancel without charge. I had a baby just over a week later, spent 4-5 days in hospital, I had just moved house, I wasn't thinking about banking, I had an empty property and a baby due with nothing to provide her with.

    Are you still paying £10 or £15 a month for something that is perfect/of no use to you? If so, seriously consider contacting the bank to cancel the deal ... but I doubt you'll get any refund of past charges since you originally accepted the deal and benefited from the mobile phone insurance and the o/d facility the added value deal provided.

    I cancelled the account at the end of 2007 when the payments became unmanageable to me. £10/£15 a month doesn't sound much but on a very tight budget I just could not afford it.

    Thank you for your advice, Premier. Given the small amount the charges amount to, I suppose it is not worth the fight. I am just annoyed that the situation occurred and that the added stress the fees added to my budget at the time impacted on my finances for a long time.

    I feel that my situation was taken advantage of a little, altogether I was lead to believe I needed everything they offered on both the bank account and credit card. They knew my circumstances as I explained it all, expecting just to get a card to use in the branch or hole in the wall with no debit facilty (ie to use in shops). I had proof of benefits income etc. I wish I'd just been given a less dazzling account with the same overdraft facility (I probably could have got one of these!).

    Thanks for your time!
    I've got nothing else but I've got my family.
    Mum to Moo age 6, Wills aged 3. 2nd wedding anniversary 11/13!     :j

  • loo220
    loo220 Posts: 1 Newbie
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    climbintheladderouttadebt wrote: »
    I cancelled the account at the end of 2007 when the payments became unmanageable to me. £10/£15 a month doesn't sound much but on a very tight budget I just could not afford it.

    Thank you for your advice, Premier. Given the small amount the charges amount to, I suppose it is not worth the fight. I am just annoyed that the situation occurred and that the added stress the fees added to my budget at the time impacted on my finances for a long time.

    I feel that my situation was taken advantage of a little, altogether I was lead to believe I needed everything they offered on both the bank account and credit card. They knew my circumstances as I explained it all, expecting just to get a card to use in the branch or hole in the wall with no debit facilty (ie to use in shops). I had proof of benefits income etc. I wish I'd just been given a less dazzling account with the same overdraft facility (I probably could have got one of these!).

    Thanks for your time!

    simlar thing ...i was given the lloyds current account thinking there was no lower free account with the use of a debit card! i phoned up to ask if i can down grade to a lower free account and the man on lloyds telephone banking told me that i will not be able to have the use of a debit card only an electron(cashpoint) !! so i said ok then i'll leave it. i was fuming when i found out that the free classic account came with a debit card and a cheque book! and down graded straight away.. i thought about trying to claim my money back as the staff did not make me aware of a free account and also that this account was an optional one with the add on insurance eg AA bag contents and phone . this informaition about the down grading was not available to me anywhere untill i recently registered with internet banking. and the options available was only to upgrade my account to the next more expensive one in which i didnt do even though they pushed it on to me every time i had a simple banking enquiry !!! :mad: maybe i should make them aware of this as it was a burden having to pay for my account every month for nothing and this money i paid i never claimed on it !! phew i feel better after my rant now :( ,,,
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