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Lloyds just get worse with the hard sell
Comments
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noah271007 wrote: »I don't understand why you say travel insurance (for the account holder AND partner), mobile phone insurance and breakdown cover as well £100 INTEREST free overdraft and other benefits added like airmiles travel service costing £12 per month (£140 a year) would be a RIP OFF?? I am platinum account holder and are paying £17 a month (£200 a year), however i get £250 interest free overdraft (which is perfect for my needs in case of emergency) and all the above benefits including mobile phone insurance, travel insurance (plus family cover) travelling as much as I like to cover my family up to 45 days per trip. I found having a seperate travel insurance to cover my family of 4 would be in the region of £180-£250 plus. If anyone can tell me i am worse off then please enlighten me!!
I am pleased for you. The arrangement seems perfect for your circumstances. Problem is for most people it is a rip off. My friend had her account upgraded. She already had mobile insurance. And the breakdown cover was for a couple. Lloyds knew she was single and not in a partnership. They did not ask her if she already had mobile insurance. Ok, it was her fault as she should not have signed up and agreed to it - but it's the result of pressurised selling. And everyone is not ready to be 'hard sold' when all they want to do is pay in a cheque.0 -
I am pleased for you. The arrangement seems perfect for your circumstances. Problem is for most people it is a rip off. My friend had her account upgraded. She already had mobile insurance. And the breakdown cover was for a couple. Lloyds knew she was single and not in a partnership. They did not ask her if she already had mobile insurance. Ok, it was her fault as she should not have signed up and agreed to it - but it's the result of pressurised selling. And everyone is not ready to be 'hard sold' when all they want to do is pay in a cheque.
Well if she was going to use the other benefits then would it not have been better to just cancel the mobile phone insurance she already had? and in regards to the breakdown cover does this mean that it only applies to couples?? would it not have covered just her car?? and would this still no have saved her money?0 -
noah271007 wrote: »If anyone can tell me i am worse off then please enlighten me!!
I got my family travel insurance for £40 worldwide. There are 5 of us. If you need help shopping around, then try the main insurance boards. If you are getting quotes for£250 then you are for sure looking in the wrong place.
If your overdraft is only for emergencies only, then the interest that you would accrue on a standard overdraft is only a few quid (especially if you've only got an overdraft of £250).
A bank will package this all up and then call it "Platinum" and tell you that you are especially selected due to your credit rating (when the reality is that they're just trying to play on any mug punter who they think they can get some money out of them).
Breakdown cover cost me £25 this year (but that was for extra relay and homestart cover). If I'd just gone for breakdown, it would have cost £5 for the whole year.
If you think that you are not being ripped off then fine - keep telling yourself that. But I'm sorry to say the reality is that they've seen you coming, packaged it with a shiny silver-coloured piece of plastic and you've swallowed it - hook line and sinker."One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0 -
Well if she was going to use the other benefits then would it not have been better to just cancel the mobile phone insurance she already had? and in regards to the breakdown cover does this mean that it only applies to couples?? would it not have covered just her car?? and would this still no have saved her money?
No - it was a very bad deal for her personal circumstances. A lot of these 'value added accounts' are very good, depending on the circumstances. Lloyds should be more careful to determine these circumstances, and not bombard every customer that comes through it door.0 -
No - it was a very bad deal for her personal circumstances. A lot of these 'value added accounts' are very good, depending on the circumstances. Lloyds should be more careful to determine these circumstances, and not bombard every customer that comes through it door.
But unless they talk to you and ask you questions how would they know if it is suitable for you?? they aren't psychic. I don't know about lloyds but at natwest there is a form that has to be filled in which has each individual benefit listed and then the form is used to calculate potential savings for the individual customer so that it is not sold to someone who wouldn't save more than the account costs.....0 -
ok I went over this already in another thread. Although the bank is a business so is trying to make money it also tries to do this by helping customers, For example if you have £40k in your current account they may suggest a savings account.
If I leave these as my response your reply would be that there is a better savings account at bank x down the street.
Actually, no it wouldn't. The savings account would save the customer money. What bothers me is being asked by the bank if I want to "upgrade my account" (er no, because it's not an "upgrade" - just a way of making them money) or "when is your house insurance due" (er, none of your business - I'll shop around when the time comes thanks).
The problem is that many many of their customers are simply too ignorant to be able to sort out what is crap and what isn't. I've been through numerous SOAs for friends and family and it's absolutely scary to see what they have been sold by their banks. "Premium" accounts.....when they can't even afford their mortgage payment.......Mortgage Insurance, sold as something you "must" have, when that's obviosuly a complete lie, credit cards at 20% apr when the person in question is already stinking in so much debt that they've stopped opening their post.....I could go on, but you're getting the picture - right?"One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0 -
Actually, no it wouldn't. The savings account would save the customer money. What bothers me is being asked by the bank if I want to "upgrade my account" (er no, because it's not an "upgrade" - just a way of making them money) or "when is your house insurance due" (er, none of your business - I'll shop around when the time comes thanks).
The problem is that many many of their customers are simply too ignorant to be able to sort out what is crap and what isn't. I've been through numerous SOAs for friends and family and it's absolutely scary to see what they have been sold by their banks. "Premium" accounts.....when they can't even afford their mortgage payment.......Mortgage Insurance, sold as something you "must" have, when that's obviosuly a complete lie, credit cards at 20% apr when the person in question is already stinking in so much debt that they've stopped opening their post.....I could go on, but you're getting the picture - right?
I think you are confused a savings account would make a customer money (interest) A premium account/loan could save money (Less outgoings)
Many people don't look at changing their home insurance so what is wrong with a suggestion by the bank? Also if they have a deal to gurantee your current quote on a like for like basis then this would benefit you?? So why shouldn't the bank try and help their customers by recommending a review on certain products?0 -
How do you know that she doesn't travel a number of times a year and why can't she still have a car/mobile phone? I think there is some ageism going on here. The banks have to treat customers fairly as part of there licence so because someone is over a certain age doesn't mean they should be discriminated against or have assumptions made about them as this is not fair
My grandfather was mis-sold a similar product - he had no use for many of the benefits, and wasn't fit to travel abroad, but was lead to believe by the branch that it was worthwhile. We received a sizable payment after his death to reimburse the costs he had paid.
Always worth checking the terms of the travel policy - my father worked in insurance, and most of the policies have an upper age limit.0 -
Lloyds are a nightmare for this. I take my cheques into Nationwide now as they never bother me about anything.Not buying unnecessary toiletries 2024 26/53 UU, 25 IN0
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I think you are confused a savings account would make a customer money (interest) A premium account/loan could save money (Less outgoings)
Many people don't look at changing their home insurance so what is wrong with a suggestion by the bank? Also if they have a deal to gurantee your current quote on a like for like basis then this would benefit you?? So why shouldn't the bank try and help their customers by recommending a review on certain products?
Thanks, but I can assure you, I'm not getting confused.
Do you work for a bank by any chance?"One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0
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