Missold premium account and credit card?
TheElite
Posts: 9 Forumite
in Credit cards
Hi people
First time poster. Had this question on my mind for a long time but only just bothered to ask it.
Around 8 or 9 years back, while in university, I went to the bank to deposit some money for the tuition fee and the cashier told me that one of the managers would like to discuss some options with me.
She called me into the office and talked 18 year old me into getting a credit card and switch my classic Lloyds account to a premium account (I can't remember how much it was, around £10 per month or something, but I cancelled a few months later).
1) Would this be seen to be misselling?
2) Given that a few years have passed, can something be done about this?
Thanks in advance for any advice
First time poster. Had this question on my mind for a long time but only just bothered to ask it.
Around 8 or 9 years back, while in university, I went to the bank to deposit some money for the tuition fee and the cashier told me that one of the managers would like to discuss some options with me.
She called me into the office and talked 18 year old me into getting a credit card and switch my classic Lloyds account to a premium account (I can't remember how much it was, around £10 per month or something, but I cancelled a few months later).
1) Would this be seen to be misselling?
2) Given that a few years have passed, can something be done about this?
Thanks in advance for any advice
0
Comments
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What are your mis selling reasons?0
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"misselling" only applies to particular regulated activities. In general, it is up to buyers to determine whether something is suitable for them. Given my weight, I shouldn't be eating chocolate. But I can't claim "misselling" against Sainsburys for continuing to sell me the stuff!
The whole PPI thing happened because the industry had "forgotten" that in selling insurance they have higher duties to determine suitability.
You really need to give more detail about in what way you feel you were "missold" to.0 -
The premium account might have had travel insurance, car breakdown cover and mobile phone cover. Were such things useful to you at the time ie did you drive / travel or have an expensive mobile?0
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says who!?!chattychappy wrote: »"misselling" only applies to particular regulated activities.0 -
But you cancelled after a few months......so by my calculation your owed.......mmm. £30Hi people
First time poster. Had this question on my mind for a long time but only just bothered to ask it.
Around 8 or 9 years back, while in university, I went to the bank to deposit some money for the tuition fee and the cashier told me that one of the managers would like to discuss some options with me.
She called me into the office and talked 18 year old me into getting a credit card and switch my classic Lloyds account to a premium account (I can't remember how much it was, around £10 per month or something, but I cancelled a few months later).
1) Would this be seen to be misselling?
2) Given that a few years have passed, can something be done about this?
Thanks in advance for any advice
Were you not bright enough to work out whether it was beneficial to you or not,it boils my p155 all the people jumping on the mid sold waggon
There must be millions of stupid people out there.....I accept some were mis sold but not all0 -
says who!?!
Well it depends on what you mean by "misselling".
Most people use it in the context of buying something that turns out to be unsuitable and then wanting to make a claim against the seller.
The default situation is that of caveat emptor, ie buyer beware. Both parties are free to trade. Consumer law and other regulation then gives extra protection for buyers.
But there is no universal right of remedy just because you buy something which is of no benefit.
The answer to "says who?" is that I can remain silent since the default is common law caveat emptor. It is for the person needing the protection of regulation to overcome the default and show that they can engage regulatory protection, eg they purchased advice, insurance was involved etc etc.0 -
The mis-sold wagon is pretty much the whole raison d'etre of this site though!But you cancelled after a few months......so by my calculation your owed.......mmm. £30
Were you not bright enough to work out whether it was beneficial to you or not,it boils my p155 all the people jumping on the mid sold waggon
There must be millions of stupid people out there.....I accept some were missing sold but not all
And if you are going to suggest someone isn't very bright, you ought to run your post through a spelling and grammar checker first.0 -
I would also question why the 18 year-old student wasn't given a student account, given the excellent incentives available.0
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I would also question why the 18 year-old student wasn't given a student account, given the excellent incentives available.
True. But perhaps the OP was keen on the idea of a "premium" account. When I was a student, I had already been working for a while. When I went to open a student account at HSBC, they were keen to offer me a credit card with a limit of £100. I felt rather patronised as I already had a Barclaycard with a limit of £500 which I had got by way of normal application procedure.
By "soft" regulation, banks are supposed to "treat customers fairly". If, taken in the round, the OP feels that complaints weren't handled properly or the package was totally unsuitable, then there might be recourse. But the best claim would be on something such as insurance where there are specific selling rules. It's really for the OP to come back with more detail.0 -
How hard can it be.....you walk into bank and ask for a new account and manager tells you the best one for you has the followingThe mis-sold wagon is pretty much the whole raison d'etre of this site though!
And if you are going to suggest someone isn't very bright, you ought to run your post through a spelling and grammar checker first.
free mobile phone insurance
free travel insurance
free car breakdown insurance
all for £15 a month
you then think I don't drive, use a cheap payg mobile and cant afford a holiday..........yep sign me up to the stupid club OR AND ITS A BIG OR..........I don't need those thank you very much but no thanks0
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