overdraft protection??

MillyM_2

Hi there

Having just received all my last six years' bank statements & other 'stuff' from barclays, i've realised i've been paying 'overdraft protection' on my current account for the last 11 years!!!

I always thought i had to pay a fee in order to have the overdraft facility...i never realised what i was actually paying was an insurance...i am livid:mad: !!! If this is something i agreed to (i really can't remember) then i know for sure that 11 years ago i no way would i have realised this was an insurance policy.

I was actually made redundant last year & had I realised i had this insurance i could have claimed on it. I'm furious that, in all the conversations i've had with barclays about my redundancy, no-one pointed out to me that i have the OD protection:mad:

I feel this is a definite case of mis-selling and intend to fight this one...just wondered if this had happened to anyone else & what are my chances of getting the premiums back? I can't ever remember signing anything for this...can't even remember verbally agreeing to it...whatsmore, i was a postgrad student 11 years ago, so didn't even have an income to 'lose'!!!

any advice appreciated!

Astaroth

Why do you feel it was miss selling? You even state you cannot remember what happened 11 years ago?

If you were made redundant you can most likely still put a claim in for that period

mrcow

Surely if there is some sort of insurance agreement in place then it would have to have been more than just a verbal agreement?

I'd start by asking for a copy of the agreement that you would surely have had to sign for this insurance policy.

My mother had a similar disagreement with Barclays last year. She was paying for a current account service that they had levied on her account which she had no use for (can't remember now, but it may well have been an overdraft insurance when she doesn't even have an overdraft?). It was over a five year period. She got the lot back, plus £50 plus a bunch of flowers delivered to her door.

MillyM_2

Astaroth wrote:

Why do you feel it was miss selling? You even state you cannot remember what happened 11 years ago?

Because I think I would surely know if I had taken an insurance policy out, even if it was 11 years ago....this is someone who doesn't even have house contents insurance so i sure as hell wouldn't knowingly take out insurance on a measly £200 (as was!) overdraft;)

MillyM_2

mrcrow, thanks, i will ask for a copy of the 'agreement'....I'll be amazed if they have one....but then barclays never cease to amaze me:))

Astaroth

PPI on things like overdrafts however tend to be rather silly in that they pay a fixed percentage of your outstanding overdraft off every month but there is nothing to stop you to continue to spend on it. I dont know what percentage barclay's is but for arguments sake if you said it was 25% then you would get £50 per month for the duration of your claim even on an OD as low as £200 as long as you keep spending the money.

Ellogg

MillyM

Searching the site found your post from, how did you get on with this situation, as I myself have just had a letter from Barclays informing me about changes to my overdraft protection?????? Anyway looks like I have had it since I had my overdraft and I can recall being told I need it to be accepted for the overdraft. I was going to cancel it and request a full refund can this be done on overdrafts?
Thanks in advance.
(Rewards are sweet, Revenge is sweeter)