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  • FIRST POST
    • TheElite
    • By TheElite 5th Jul 17, 9:16 AM
    • 2Posts
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    TheElite
    Missold premium account and credit card?
    • #1
    • 5th Jul 17, 9:16 AM
    Missold premium account and credit card? 5th Jul 17 at 9:16 AM
    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
Page 1
    • zx81
    • By zx81 5th Jul 17, 9:21 AM
    • 12,678 Posts
    • 12,936 Thanks
    zx81
    • #2
    • 5th Jul 17, 9:21 AM
    • #2
    • 5th Jul 17, 9:21 AM
    What are your mis selling reasons?
    • chattychappy
    • By chattychappy 5th Jul 17, 10:58 AM
    • 6,242 Posts
    • 3,263 Thanks
    chattychappy
    • #3
    • 5th Jul 17, 10:58 AM
    • #3
    • 5th Jul 17, 10:58 AM
    "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.
    • Abbey1991
    • By Abbey1991 5th Jul 17, 11:22 AM
    • 53 Posts
    • 10 Thanks
    Abbey1991
    • #4
    • 5th Jul 17, 11:22 AM
    • #4
    • 5th Jul 17, 11:22 AM
    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?
    • Abbey1991
    • By Abbey1991 5th Jul 17, 11:26 AM
    • 53 Posts
    • 10 Thanks
    Abbey1991
    • #5
    • 5th Jul 17, 11:26 AM
    • #5
    • 5th Jul 17, 11:26 AM
    "misselling" only applies to particular regulated activities.
    Originally posted by chattychappy
    says who!?!
    • gardner1
    • By gardner1 5th Jul 17, 11:33 AM
    • 2,117 Posts
    • 3,007 Thanks
    gardner1
    • #6
    • 5th Jul 17, 11:33 AM
    • #6
    • 5th Jul 17, 11:33 AM
    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
    Originally posted by TheElite
    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 mis sold but not all
    Last edited by gardner1; 05-07-2017 at 1:07 PM.
    • chattychappy
    • By chattychappy 5th Jul 17, 11:35 AM
    • 6,242 Posts
    • 3,263 Thanks
    chattychappy
    • #7
    • 5th Jul 17, 11:35 AM
    • #7
    • 5th Jul 17, 11:35 AM
    says who!?!
    Originally posted by Abbey1991
    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.
    • Abbey1991
    • By Abbey1991 5th Jul 17, 12:01 PM
    • 53 Posts
    • 10 Thanks
    Abbey1991
    • #8
    • 5th Jul 17, 12:01 PM
    • #8
    • 5th Jul 17, 12:01 PM
    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
    Originally posted by gardner1
    The 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.
    • Abbey1991
    • By Abbey1991 5th Jul 17, 12:06 PM
    • 53 Posts
    • 10 Thanks
    Abbey1991
    • #9
    • 5th Jul 17, 12:06 PM
    • #9
    • 5th Jul 17, 12:06 PM
    I would also question why the 18 year-old student wasn't given a student account, given the excellent incentives available.
    • chattychappy
    • By chattychappy 5th Jul 17, 12:15 PM
    • 6,242 Posts
    • 3,263 Thanks
    chattychappy
    I would also question why the 18 year-old student wasn't given a student account, given the excellent incentives available.
    Originally posted by Abbey1991
    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.
    • gardner1
    • By gardner1 5th Jul 17, 1:04 PM
    • 2,117 Posts
    • 3,007 Thanks
    gardner1
    The 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.
    Originally posted by Abbey1991
    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 following

    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 thanks
    • eskbanker
    • By eskbanker 5th Jul 17, 1:10 PM
    • 5,282 Posts
    • 5,037 Thanks
    eskbanker
    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?
    Originally posted by TheElite
    While most of the discussion seems to have related to your first question, it's all somewhat moot given the second one!

    It's extremely likely that any attempt to claim mis-selling would be rejected by the bank on time-barring grounds, as you'd have had to claim within 6 years of the alleged mis-sale or 3 years after being aware of it (which you'd be held to be by virtue of cancelling).
    • Abbey1991
    • By Abbey1991 5th Jul 17, 6:18 PM
    • 53 Posts
    • 10 Thanks
    Abbey1991
    It's extremely likely that any attempt to claim mis-selling would be rejected by the bank on time-barring grounds, as you'd have had to claim within 6 years of the alleged mis-sale or 3 years after being aware of it (which you'd be held to be by virtue of cancelling).
    Originally posted by eskbanker
    I think that as the amount is quite small and if the OP is as polite as it seems from here, the bank will probably refund it anyway.
    • TheElite
    • By TheElite 12th Jul 17, 10:15 AM
    • 2 Posts
    • 0 Thanks
    TheElite
    Thanks for everyone's answers.

    I think the reason why this was still in some obscure part of my mind was that, in my opinion, the bank did intentionally give me wholly unsuitable products given my situation.

    I should have probably added in the first post that I wasn't working, and the only regular income was pocket money for uni and expenses from parents. So, given the situation, the bank was acting unethically in giving me a credit card and a premium account when I had no set income. I was a naive just-left-school student, they offered me something and I took it.

    I'm not going to do anything about it, and it's probably too late anyway. I just wanted some opinions.

    Thank you
    • ERICS MUM
    • By ERICS MUM 12th Jul 17, 10:31 AM
    • 3,416 Posts
    • 6,353 Thanks
    ERICS MUM
    How many cases claiming to be mis-sold are actually mis-bought ?
    • Abbey1991
    • By Abbey1991 12th Jul 17, 6:07 PM
    • 53 Posts
    • 10 Thanks
    Abbey1991
    How many cases claiming to be mis-sold are actually mis-bought ?
    Originally posted by ERICS MUM
    Dunno but as this is a "consumer revenge" site, best to give people the benefit of the doubt.
    • robber2
    • By robber2 12th Jul 17, 6:27 PM
    • 252 Posts
    • 194 Thanks
    robber2
    Dunno but as this is a "consumer revenge" site, best to give people the benefit of the doubt.
    Originally posted by Abbey1991
    Dont be silly, its a whole lot more than that. Theres a pretty big clue in the sites name.
    • pmartin86
    • By pmartin86 12th Jul 17, 10:26 PM
    • 434 Posts
    • 220 Thanks
    pmartin86
    "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!
    Originally posted by chattychappy
    God damn it! I very breifly got exited that I could make millions off Fosters Larger and the Local kebab shop before you said you couldn't claim!
    • eskbanker
    • By eskbanker 13th Jul 17, 12:51 AM
    • 5,282 Posts
    • 5,037 Thanks
    eskbanker
    God damn it! I very breifly got exited that I could make millions off Fosters Larger and the Local kebab shop before you said you couldn't claim!
    Originally posted by pmartin86
    One of the criteria for a section 75 claim is misrepresentation so you may have a viable case against Fosters for selling what appears to be feline urine but labelling it as 'lager'....

    Allegedly, of course.

    • chattychappy
    • By chattychappy 13th Jul 17, 9:17 AM
    • 6,242 Posts
    • 3,263 Thanks
    chattychappy
    One of the criteria for a section 75 claim is misrepresentation so you may have a viable case against Fosters for selling what appears to be feline urine but labelling it as 'lager'....

    Allegedly, of course.

    Originally posted by eskbanker
    Make sure you get charged £100/can first though!
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