Package bank accounts - RBS

Phoenix777

Hello everyone, I would just first like to say Thankyou in advanced for your time and knowledge as it is much appreciated.

About 3 years ago I open a Gold account with Royal Bank of Scotland. It was £12.95 a month and by this point i was building up some debt. I had already messed up my gold account (that became a student account) when i was booted out of university and had no way pay back the O/D because no more student finance loans where coming in...

So in a attempt to regain some credit and financial help I spoke with the people at RBS who said that if I opened a Gold account with them I would get an over draft of up to X amount and all this insurance stuff that i did not need.

They told me cost and i said Ok. Once opened they said we cannot give you an overdraft yet coome back in 3 months. 3 months later I came back and they said sorry we cannot give you an overdraft come back again in a 1 month or 2. So i came back and again they told me sorry you cannot have an over draft. (This was the reason i said i would take the account since i only wanted a basic at first but the appeal of overdraft would of help me in my dire financial situation) (pps i never even used or applied for the insurance as i never needed it i was to poor to own stuff lol)

Around this time depression had kicked in and not being able to pay the £12.95 a month anymore i went in to the branch to close the account and was told "you have to write us a letter to close the account"

I was fuming! I can open it by mouth but close it by mouth. The thought of writing a dumb letter to somewhere just knocked me for six. A month later the £12.95 took my last few £££'s in bank and made me overdrawn. A month or to later the debt had turned into -£600

3 years later (18 months ago) I got myself back on my feet, Got back into work and once steady financially i started to pay back my debts bit by bit. I aprroached RBS almost 12 months ago to try and sort this debt out. They said we can bring the debt down to £196 and i agreed (not knowing about the account being missold in first place) and have been paying £5 ever since...

My question now what can i do about this issue?
Since my debt is due to the mis-selling of the Gold account can i claim this money back, the money spent in the gold package and added interest?

What are my rights?

Have i lost them due to agreeing to pay back £5 a month?


Thankyou for your time and help

p.s guys i have already ready the information about packaged bank accounts being mis-sold that is why i am asking because my situation has gone further.

Thanks

Phoenix777

Bump sorry guys im never gonna get an answer if my post is several pages away

Also when i looked under the thread of package bank accounts i know several people asking a very similar question about going overdrawn through packaged bank accounts

Phoenix777

Hey guys it seems no one can answer my questions and its really important that I send correspondence to royal bank of Scotland.

I would really appreciate it if anyone could tell me if i was mis-sold the packaged bank account and this account got me into debt with RBS do they have to pay back what i have paid towards the debt, the amount i paid for the packaged account and also wipe the debt created because of the packaged account?

(they told me i needed the packaged account for an overdraft)

Please can someone help i really need to know this information before i write the letter so i know i have the law on my side and have the conviction to fight for it

thankyou for your time

Archi_Bald

Did you read this: http://www.moneysavingexpert.com/reclaim/reclaim-packaged-bank-accounts?

stclair

In the olden days you would get preferential overdraft rates if you had an advantage gold account !!

chambta

Having a Royalties Gold account would not have many any difference whatsoever to the chances of getting an overdraft. If you had been approved for one it would have had a larger amount interest free and a slightly lower interest rate.

Phoenix777

Yeah ive read the link you posted. I know i have been mis sold, but the advantage gold got me into debt with RBS. I am wondering if they would have to wipe the debt and pay back what i have been paying monthly towards the debt due to being mis sold the account

3_off_the_tee

I have exactly the same question, I had a silver account I can never remember asking for this service I have read the Reclaim Packaged Accounts info martin has posted and i fall into a few of the categories, the one above for a start. second the price went up from £8 to £10 without me knowing. when i asked for an overdraft they suggested a silver/gold and i may get an overdraft , i replied i already had one so do I qualify for an overdraft and i did not get one also I tried to get out of it so many times but could not do it over the phone i and to make appointments once i waited over 45 mins during lunch, yeah they were at it. as a result i went into an unarranged overdraft so many times because of this payment fee i did never ask want for, I have so many charges because of this. The logical thing you would thing is YES to both of us because of the Gold/silver fees causing us to go in to debt they would have to refund it however they are not going to agree to this. I am going to write and ask for this, I think they would agree to pay back the fee of £8 and then £10 on my silver and your £12.95 they may compromise on this if we agree to waver the fees incurred because of this. I am guessing but as no one else seems to have answered, I finally got my account back down to select account but i think we have a case foe the refund at least of the monthly fee for however long it is. I just found out about this so I have got every letter. see what you think and let me know if you have heard any thing else since your last post, thanks for posting this thread i have just joined, i hope it is easier to get our money than it was to verify the image recognition to join the forum lol