Advantage Gold Account Natwest Fee recharging

louloubxx

Hi Everyone,


I sent off a letter to NatWest after seeing the email by MSE about the package Accounts that could've been missold. To be honest I was really unhappy since 2011 but after the whole bank charges I just kept quiet.


I had an Advantage Gold account from Nov 2001. I had a under 18's account and went into the branch 5 days after my 18th wanting to start building my credit rating with a credit card. I went in there totally blind (not a money savvy 18yr old) The advisor gave me one option and that was the advantage gold and was told that this was the only account that would give my credit rating a help and I would also be able to get credit. The fee and benefits were briefly explained and I wasn't asked about my circumstances at all. I was sent a welcome pack which included my travel insurance policy, credit tariff and terms and conditions. I still have these and I have also found a travel insurance policy I took out in 2003 with my travel agent. Looking at the 2 side by side it is easy to see why I went for extra cover because with AG you are not covered for any personal money, legal expenses nor can I see any reference to covering a passport. All these are covered by the travel insurance I took out with the travel agent. The mobile phone insurance I cant be sure about but going by the wayback when search there was a £50 excess which the phone I own back then up to 2009 wasn't even worth that lol. Now from that I can also see that I would've had breakdown cover...I've never owned a car or have a licence. The credit tariffs from what I can see are high. 18% rate on a Credit card in 2003 with AG and 19.9%apr on a personal loan!! I did take out a credit card but I wasn't even aware that these rate were lowered. I also had an overdraft for a few years which I can see at being 16.06%apr! In September 2003 the charges went up to £9 pm and when I questioned NW they said that it was down to costs. I asked to cancel and was told that if I cancelled I would lose my overdraft and credit card and with that information I decided to carry on as cancelling and have to pay back both would've put me in financial difficulty. Now I know that was incorrect! I have put the claim through but after finding the other insurance should I send that also as it shows the AG insurance was inadequate? Also just out of interest does any have any idea what the NW credit card, overdraft and Loan rates were back then? I took out a loan to pay my overdraft off and they gave me a small £50 instead this was in 2009 and the rate for that was over 20%! I have an outstanding debt with NW I was overdrawn by £100 but within months it was £900 this is mostly Fees for the AG account and then charges.

yasmup

louloubxx wrote: »

Hi Everyone,


I sent off a letter to NatWest after seeing the email by MSE about the package Accounts that could've been missold. To be honest I was really unhappy since 2011 but after the whole bank charges I just kept quiet.


I had an Advantage Gold account from Nov 2001. I had a under 18's account and went into the branch 5 days after my 18th wanting to start building my credit rating with a credit card. I went in there totally blind (not a money savvy 18yr old) The advisor gave me one option and that was the advantage gold and was told that this was the only account that would give my credit rating a help and I would also be able to get credit. The fee and benefits were briefly explained and I wasn't asked about my circumstances at all. I was sent a welcome pack which included my travel insurance policy, credit tariff and terms and conditions. I still have these and I have also found a travel insurance policy I took out in 2003 with my travel agent. Looking at the 2 side by side it is easy to see why I went for extra cover because with AG you are not covered for any personal money, legal expenses nor can I see any reference to covering a passport. All these are covered by the travel insurance I took out with the travel agent. The mobile phone insurance I cant be sure about but going by the wayback when search there was a £50 excess which the phone I own back then up to 2009 wasn't even worth that lol. Now from that I can also see that I would've had breakdown cover...I've never owned a car or have a licence. The credit tariffs from what I can see are high. 18% rate on a Credit card in 2003 with AG and 19.9%apr on a personal loan!! I did take out a credit card but I wasn't even aware that these rate were lowered. I also had an overdraft for a few years which I can see at being 16.06%apr! In September 2003 the charges went up to £9 pm and when I questioned NW they said that it was down to costs. I asked to cancel and was told that if I cancelled I would lose my overdraft and credit card and with that information I decided to carry on as cancelling and have to pay back both would've put me in financial difficulty. Now I know that was incorrect! I have put the claim through but after finding the other insurance should I send that also as it shows the AG insurance was inadequate? Also just out of interest does any have any idea what the NW credit card, overdraft and Loan rates were back then? I took out a loan to pay my overdraft off and they gave me a small £50 instead this was in 2009 and the rate for that was over 20%! I have an outstanding debt with NW I was overdrawn by £100 but within months it was £900 this is mostly Fees for the AG account and then charges.

You could always write a supplementary letter referencing your claim if you wish to provide more/alternative evidence of mis-selling.

If you were to do that, it would suggest to me that you were unsure of the original grounds of complaint. So maybe wait to see what response you get to the claim you have already made before firing any more ammunition at them?

Whichever approach you decide upon, the bank will review how the product was originally sold to you and if they agree it was mis-sold, then I expect you will be getting some form of refund

Good luck

louloubxx

yasmup wrote: »

You could always write a supplementary letter referencing your claim if you wish to provide more/alternative evidence of mis-selling.

If you were to do that, it would suggest to me that you were unsure of the original grounds of complaint. So maybe wait to see what response you get to the claim you have already made before firing any more ammunition at them?

Whichever approach you decide upon, the bank will review how the product was originally sold to you and if they agree it was mis-sold, then I expect you will be getting some form of refund

Good luck

Just to update I found the CEO email and fired off an email with my complaints and the added information at midnight on the 06/03 and got a call yesterday at 5PM about the AG claim and was told that they were upholding it and accepted full responsibility and I would be receiving full refund of all my charges and interest. The outstanding debt wasn't mentioned but I did as I don't want any nasty surprises but the lady was confused as the account had been credited and closed so as far as she could see nothing was outstanding. Absolutely amazed and happy.

Broomy

Hi,
I was sold a Natwest AD Gold account in 2004 in pretty much the same circumstances. I had only had a business account before and when I was sold the account it was sold as the only one on offer to me due to credit rating but it does come with benefits.
Tried to use mobile insurance but was refused due to not registering handset.
House insurance premiums were more expensive than most other providers with better cover.
Travel insurance was more expensive also
Overdraft was available only on this account.
Full on mis-sell
I stopped having my salary paid into the account in 2012 and the fee went out taking me into an un-authorised overdraft, as with the OP £900 + in 5 months of charges. They kindly reduced them to £500 but they are still outstanding to this day. Had plenty of threatening letters until the day I made the claim against the monthly fees.
Natwest sent me a proper nasty letter back in response to my initial contact regarding the mis-selling.
Currently with FOS adjudicator. I estimate approx £1249 bank fees are owed to me plus 8% and removal of the bank charges which were caused due to the monthly fee, minus £100 I owe Natwest for the £100 overdraft I was in at the time.
They initially give it the limitations act jargon which is the only thing they have got in their defence. Don,t understand how they can play that card when people including me have claimed for loans,cards etc that were started in the 90s
Will keep you updated
Currently with FOS adjudicator