Is this classed as PPI
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Terrysdelight
Posts: 1,202 Forumite
Hi
My husband was mis-sold a bank account - basically told he would lose his overdraft if he did not upgrade to their fee paying account.
Is this PPI. Can he still claim - the bank was Natwest.
My husband was mis-sold a bank account - basically told he would lose his overdraft if he did not upgrade to their fee paying account.
Is this PPI. Can he still claim - the bank was Natwest.
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Comments
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PPI is a kind of insurance and has nothing to do with allegedly being told that an overdraft could only be obtained by upgrading to a fee-paying account. How would this be a complaint about insurance?
In fact, if the overdraft was indeed dependent upon taking a fee-paying account then I can't see there is any complaint at all.0 -
Moneyineptitude wrote: »PPI is a kind of insurance and has nothing to do with allegedly being told that an overdraft could only be obtained by upgrading to a fee-paying account. How would this be a complaint about insurance?
In fact, if the overdraft was indeed dependent upon taking a fee-paying account then I can't see there is any complaint at all.
The overdraft wasn't dependent upon taking a fee-paying account, it was just a rue to force people to sign up to expensive accounts which included lots of things like holiday insurance. Again, insurance that would have been useless as didn't cover existing medical problems.0 -
The overdraft wasn't dependent upon taking a fee-paying account, it was just a rue to force people to sign up to expensive accounts which included lots of things like holiday insurance.
Although a lot of PBAs did have improved terms for borrowing on overdraft. Not all though.Again, insurance that would have been useless as didn't cover existing medical problems.
We are not talking about insurance though. And actually, many types of PPI will only refuse coverage on the condition in question and not on unrelated conditions. So, its not always useless.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Terrysdelight wrote: »The overdraft wasn't dependent upon taking a fee-paying account, it was just a rue to force people to sign up to expensive accounts which included lots of things like holiday insurance. Again, insurance that would have been useless as didn't cover existing medical problems.
Any "holiday insurance" was not PPI, of course, so I certainly wouldn't attempt to call it that in any complaint. Again, though, have you checked that the insurance would not have covered your own individual circumstance? No point complaining that it didn't cover existing medical conditions if you didn't actually suffer from any.
Your original question was if this can classed as PPI.
Clearly it's not Payment Protection Insurance.
Whether you have a valid mis-selling complaint about your fee paying account is a separate issue.0 -
Terrysdelight wrote: »Hi
My husband was mis-sold a bank account - basically told he would lose his overdraft if he did not upgrade to their fee paying account.
Is this PPI. Can he still claim - the bank was Natwest.Achieve FIRE/Mortgage Neutrality by mid 2030
1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
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3) CC £4.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
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5) FI Age 60 annual income target £13.7/30K 45.7%0 -
savingholmes wrote: »This was the grounds for my packaged bank account reclaim against Barclays - they paid out.0
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savingholmes wrote: »This was the grounds for my packaged bank account reclaim against Barclays - they paid out.
PPI stands for payment protection insurance. You cannot complain about a PPI sale if you didnt have PPI. PPI has its own issues.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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