Mis-sold Natwest Advantage Gold Account

Ezrolith

Hey all,

I am looking to see if anyone has an insight of my situation for requesting a refund of advantage gold charges with Natwest.

I took out a loan in November, and was told by the advisor to get a preferential rate (as I refused the rate they offered) they would sign me for advantage gold account for 3 months then cancel it for me, and refund all charges.

I agreed because I was pressured into repaying my overdraft so agreed, he filled in the "potential savings" for me and asked me to sign the agreement. I checked "so I will be refunded the gold charges after 3 months and can cancel it". He agreed, and advised me it was so I could get preferential rates and common procedure.

Anyway, it never happened, they took the fees and I didn't worry for first 3 months, then after that no staff members would help. 6 months on they've responded in writing, confirming they will downgrade my account, but still charge me for another 2 months??? because i've "enjoyed the benefits" i.e. the loan. I've never opened the pack they send as I don't use their benefits in any way.

I am trying to refund my fees since Nov (roughly £70) but I don't know where I stand. Surely I was missold the loan, under the pretence there wasn't an additional £12.95 charge for the loan (which if included in the APR, would be worse than the previous loan/interest rate combined).

Any comments, particularly from those in the banking industry?

Thanks for any constructive help!

natweststaffmember

Ezrolith wrote: »

Hey all,

I am looking to see if anyone has an insight of my situation for requesting a refund of advantage gold charges with Natwest.
I am going to comment but please be aware that I do not work for the bank anymore but saying that I do not have an axe to grind over my time when I was working for the bank so this post may not come accross as you may want it to be.
I took out a loan in November, and was told by the advisor to get a preferential rate (as I refused the rate they offered) they would sign me for advantage gold account for 3 months then cancel it for me, and refund all charges.
Did you sign anything to that effect as if it's not in writing then it is unlikely to happen. I still think that the Advantage Gold is missold and that the loan was missold because you signed up to membership of an account which provides benefits. It is not for you or the advisor to circumvent the system for a sale of a loan.
I agreed because I was pressured into repaying my overdraft so agreed, he filled in the "potential savings" for me and asked me to sign the agreement. I checked "so I will be refunded the gold charges after 3 months and can cancel it". He agreed, and advised me it was so I could get preferential rates and common procedure.
You have the right to say "I will think about it". To be blunt you didn't and trusted the advisor. Having said that, I still think you need to put this in writing to the manager of the branch specifically and then to customer relations unit of NatWest.
Anyway, it never happened, they took the fees and I didn't worry for first 3 months, then after that no staff members would help. 6 months on they've responded in writing, confirming they will downgrade my account, but still charge me for another 2 months??? because i've "enjoyed the benefits" i.e. the loan. I've never opened the pack they send as I don't use their benefits in any way.
..... but you received the pack, so what if you don't use the benefits. That is your choice to use or not use something you are paying for.
I am trying to refund my fees since Nov (roughly £70) but I don't know where I stand. Surely I was missold the loan, under the pretence there wasn't an additional £12.95 charge for the loan (which if included in the APR, would be worse than the previous loan/interest rate combined).
The loan was an additional charge, you received membership of a club and received a reduced rate as a result. Are you prepared to pay back the interest that you benefitted from the reduced rate?
Any comments, particularly from those in the banking industry?
I'm not part of the banking industry but I have responded being a former member for over a decade of the banking industry.
Thanks for any constructive help!

I have been blunt on the post. I wish I could say I have never had any personal experience of this kind of thing. I haven't. The advisor lied to you. The terms of refunding advantage gold fees is that you do not use any of the benefits. The reduced rate of the loan is a benefit and therefore you benefitted.
The way you investigate terms of misselling is the paperwork and not what was said. The paperwork for the loan is SIGNED, the paperwork for the Advantage Gold is SIGNED plus the benefits you can get. On simple paperwork, you haven't got a chance in hell. However, if you have complained to the branch already then take it up with Customer Relations, because if the customer advisor has more complaints on this point, the bank would look to take disciplinary action from the person who sold the advantage gold account. I doubt you will get the money back as everything was verbally and not in writing.
Arguing that the charges form part of the loan is totally ridiculous.

NickiMcJock

Hi

Again Natwest are owned by RBS so I suggest you write to their CRU (Customer Relations Unit) and explain the cirrcumstances surrounding your purchase ie told better loan rate if you signed up for account. You signed the illustrator (thats what the savings leaflet thingy you signed is called) as you were advised that it would save you on the loan. In your correspondence to CRU you need to say that you signed this for the loan discount only as you told the Advisor none of the other benefits were of interest to you.

I worked for RBS and they were always looking for ways to help customers. Please explain this as to be honest - these companies will not know their employees are misselling unless the masses complain!!

natweststaffmember

Nick, what other forms of misselling did you see or were aware of?

For example, was there the classic line, you'll get a better interest rate on that? ie from 0.1 to 0.2(not entirely enticing )