Nat-West Advantage Gold Account

Zebra

For a while now I've been helping my friend sort out her financial affairs.
Due to illness, she is on disability living allowance, and is struggling to cope.
Thanks to loads of advice on this site, we have just about turned the corner, most of the debts have been paid off, or made more manageable, and the future finance-wise looks a lot brighter.

Last week however, I was dismayed to see that a few months ago she was [STRIKE]mis-sold[/STRIKE] recommended an Advantage Gold account.
None of the so-called benefits are of any use to her whatsoever, and that would be clear to anyone but the most pig-headed salesperson :mad:.

Is it possible to insist that this account is reverted to a basic current account?
As I'm worried that should she have to close the account, that she would have difficulty opening another account elsewhere, due to her poor credit rating.

jiggy2

a few years back (wen I wasnew to the country) Natwest insisted that the
Advantage Gold was the only account i could open (with its monthly charge). Iopened the account, and then a few days later went in to branch (within the 3 months period they had at that time where you could downgrade without being charged anything) and downgraded to a fee-free current account.

I would have thought it should be possible to downgrade but not sure if they have a "minimum" subscription period e.g. 12 months

natweststaff

No tie in period with it you can downgrade at anytime at all...

PNPSUKNET

They dont have a tie in for the first 3 months, but after I was told in the pack that you are tied in for 6 months

Extant

Zebra wrote: »

Last week however, I was dismayed to see that a few months ago she was [STRIKE]mis-sold[/STRIKE] recommended an Advantage Gold account.
None of the so-called benefits are of any use to her whatsoever, and that would be clear to anyone but the most pig-headed salesperson :mad:.

They are non-advised products, they cannot be mis-sold.

BigAndy_79

BarclaysManager wrote: »

They are non-advised products, they cannot be mis-sold.

Well, not technically ! Unfortunately, from time to time, it may happen. The FSA are becoming increasingly tighter and what you say in and around selling these accounts is very tightly monitored these days.

Just write to them and explain the circumstance and I'm sure they'll be more than happy to re-designate back to a non-charge account...:money:

natweststaffmember

PNPSUKNET wrote: »

They dont have a tie in for the first 3 months, but after I was told in the pack that you are tied in for 6 months

That is advantage blue where you have have a 14 day option to cancel it otherwise minimum period is 6 months.

natweststaffmember

BarclaysManager wrote: »

They are non-advised products, they cannot be mis-sold.

Ok, they CAN be missold but the paperwork will not show that they were
For example, "you'll get a better interest rate"
"you will be more likely to get a better card/overdraft with this account"

2 live examples which I have come across when I worked for the bank but there was a ton more.

natweststaffmember

Zebra wrote: »

For a while now I've been helping my friend sort out her financial affairs.
Due to illness, she is on disability living allowance, and is struggling to cope.
Thanks to loads of advice on this site, we have just about turned the corner, most of the debts have been paid off, or made more manageable, and the future finance-wise looks a lot brighter.

Last week however, I was dismayed to see that a few months ago she was [STRIKE]mis-sold[/STRIKE] recommended an Advantage Gold account.
None of the so-called benefits are of any use to her whatsoever, and that would be clear to anyone but the most pig-headed salesperson :mad:.

Is it possible to insist that this account is reverted to a basic current account?
As I'm worried that should she have to close the account, that she would have difficulty opening another account elsewhere, due to her poor credit rating.

She can ask that the account be downgraded to a current plus account since, having reviewed the benefits of the account and her financial situation, it does not benefit her.
I would put this in writing.

BigAndy_79

natweststaffmember wrote: »

Ok, they CAN be missold but the paperwork will not show that they were
For example, "you'll get a better interest rate"
"you will be more likely to get a better card/overdraft with this account"

2 live examples which I have come across when I worked for the bank but there was a ton more.

Yeah, the scripting / use of words such as "potentionally", "could" and "may" are in effect..