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  • FIRST POST
    • geor110177
    • By geor110177 19th Apr 17, 12:28 PM
    • 2Posts
    • 1Thanks
    geor110177
    Old Packaged Bank Account - How do I find out Details?
    • #1
    • 19th Apr 17, 12:28 PM
    Old Packaged Bank Account - How do I find out Details? 19th Apr 17 at 12:28 PM
    Hi there, New to these forums, although I've been receiving Martins emails for years now.
    I opened a bank account with the Royal Bank of Scotland many years ago (not entirely sure of dates) but approx 1998-2000.
    The account was most definitely misold, I can clearly remember the member of staff advising me that I would need to open this Package account in order to get the best rate for a car loan that I was applying for.
    I kept the account open for the lifetime of the loan 4 or 5 years, I cant remember, then when the loan was paid, closed the account, because I had always begrudged the monthly payment.
    My problem is, that I separated from my ex husband back in 2007 and i', pretty sure that any remaining paperwork from that account will be long gone.
    I've heard that banks will only keep account info for so long, and I fear that I've missed the boat with re-claiming as we are looking at 10 years at least since account was closed.
    Can anyone advise me whether I have any chance of finding this information
    Many Thanks
Page 1
    • dunstonh
    • By dunstonh 19th Apr 17, 1:01 PM
    • 87,731 Posts
    • 52,974 Thanks
    dunstonh
    • #2
    • 19th Apr 17, 1:01 PM
    • #2
    • 19th Apr 17, 1:01 PM
    The account was most definitely misold, I can clearly remember the member of staff advising me that I would need to open this Package account in order to get the best rate for a car loan that I was applying for.
    So, how was that missold?
    A lot of packaged bank accounts gave more favourable lending terms. That is allowed and is not a mis-sale.

    Why have you not complained before this? Using the timebar rules you have 6 years from point of sale and 3 years from being reasonably aware of an issue to raise a complaint. It was more than 6 years ago and you closed the account more than 3 years ago. So, the timebar can be applied.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • geor110177
    • By geor110177 19th Apr 17, 1:43 PM
    • 2 Posts
    • 1 Thanks
    geor110177
    • #3
    • 19th Apr 17, 1:43 PM
    • #3
    • 19th Apr 17, 1:43 PM
    Thanks,
    What I meant to convey in initial post was that the member of staff was advising me that opening the account was the only way I'd get the loan, you may be right, this may not have been misold?
    The reason I didn't complain before this is that I've only just become aware that packaged bank charges could be claimed as well as PPI.
    I had a feeling it was way too long ago, but thought I'd check.
    Thanks for info
    • Mersey
    • By Mersey 25th Apr 17, 8:57 PM
    • 1,476 Posts
    • 703 Thanks
    Mersey
    • #4
    • 25th Apr 17, 8:57 PM
    • #4
    • 25th Apr 17, 8:57 PM
    It most likely was mis-sold (telling you that you must have a in order to have b where it wasn't always the case is the most common reason cited for packaged account mis-sales), but sadly it's now too late from the dates provided. 6 years from the date of knowledge is the longest you have for any civil claims.
    Please be polite to OPs and remember this is a site for Claimants and Appellants to seek redress against their bank, ex-boss or retailer. If they wanted morality or the view of the IoD or Bank they'd ask them.
    • Nasqueron
    • By Nasqueron 25th Apr 17, 11:39 PM
    • 4,181 Posts
    • 2,317 Thanks
    Nasqueron
    • #5
    • 25th Apr 17, 11:39 PM
    • #5
    • 25th Apr 17, 11:39 PM
    It most likely was mis-sold (telling you that you must have a in order to have b where it wasn't always the case is the most common reason cited for packaged account mis-sales), but sadly it's now too late from the dates provided. 6 years from the date of knowledge is the longest you have for any civil claims.
    Originally posted by Mersey
    OP states the bank offered a packaged account that would give preferential loan rates for a car loan she wanted through them. She could have rejected it and gone for a higher APR loan. Nobody has a clear recollection of an event that happened approaching 20 years ago, being told that this account was a good way to get the best deal could just as easily been the bank being helpful as the OP clearly benefited from this account with reduced rate so it was not "most likely" anything.

    Doing some digging around MSE, someone was offered an RBS loan in 2007 at 9.9% APR, their Royalties Gold offer was 6.7%. Saving 3.2% APR for 4-5 years outweighs the 96 a year charge - on say a 10,000 loan over 48 months, you pay 12053.90 back at 9.9%, or 11383.76 at 6.7% - a saving of 670.14 with packaged fees of 384 or 286.14 overall
    • Mersey
    • By Mersey 26th Apr 17, 12:10 AM
    • 1,476 Posts
    • 703 Thanks
    Mersey
    • #6
    • 26th Apr 17, 12:10 AM
    • #6
    • 26th Apr 17, 12:10 AM
    What I meant to convey in initial post was that the member of staff was advising me that opening the account was the only way I'd get the loan
    Originally posted by geor110177


    This was what the OP said.
    Please be polite to OPs and remember this is a site for Claimants and Appellants to seek redress against their bank, ex-boss or retailer. If they wanted morality or the view of the IoD or Bank they'd ask them.
    • Moneyineptitude
    • By Moneyineptitude 26th Apr 17, 12:27 AM
    • 18,530 Posts
    • 8,752 Thanks
    Moneyineptitude
    • #7
    • 26th Apr 17, 12:27 AM
    • #7
    • 26th Apr 17, 12:27 AM
    I can clearly remember the member of staff advising me that I would need to open this Package account in order to get the best rate for a car loan
    Originally posted by geor110177
    This is also what the OP said.
    • Nasqueron
    • By Nasqueron 26th Apr 17, 7:07 PM
    • 4,181 Posts
    • 2,317 Thanks
    Nasqueron
    • #8
    • 26th Apr 17, 7:07 PM
    • #8
    • 26th Apr 17, 7:07 PM
    This was what the OP said.
    Originally posted by Mersey
    As MI has quoted to show you, the OP was told that the way to get the best loan was to open this account. As it was approaching 20 years ago it is not surprising the OP has 2 different recollections of the incident

    As it is, if the offer with the premium account was factual (and OP has presented no evidence that it was not i.e. they could have got the loan without the account) then the bank staff member was telling the truth and the loan would be cheapest with the account offering preferential rates. Based on anecdotal evidence from MSE posters, the different rates on offer prove the bank member was telling the truth. Incidentally I read on the CAG forum that you only had to have the account for 6 months to retain the offer so OP should perhaps have read the terms and cancelled after this
    Last edited by Nasqueron; 26-04-2017 at 7:09 PM.
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