Loyds Gold Account Reclaim?

rapidon

Hello MSE!

I'm writing on behalf of a friend who I suspect has been missold a packaged bank account. Being in his mid 70s he doesn't know how to use a computer for himself and is not very knowledgeable about financial services either. The account in question is a Loyds (at the time Loyds TSB) Gold account. As a new user I can't link the page detailing the account, but details of what it includes can easily be found by Googling 'Loyds Gold Account (no longer available)' (top result).

We're not exactly sure of the details of when he signed up as it was about 7-8 years ago now, but the account is still active so the bank should have it all on file. Since then he has been paying between £10-13 a month and he says he has never used a single service! He says he went to the bank all that time ago to check his card would work abroad when he was going to meet his family in New Zealand. Unfortunately a pushy young bank worker latched onto the situation and told him that he would need a Credit Card and a Gold Account.

He says he already had travel insurance for the trip at the time, but we're not sure if he still has the documents relating to the policy now. I think this could be useful in proving he was missold the account if we can find them. And since then he has only been abroad once. Also the length of the trip could be significant as if over 45 days the insurance wouldn't have covered it. And I'll try to find out if he had a mobile at the time or if he's ever used his overdraft.

I was wondering how else we might be able to prove he was missold the account and if anyone else had any advice to give before we get going? I will update this thread with any more information I can get on request or as we find it.

Of course in the morning I will start by cancelling the account.

Thanks for any input!

boo_star

The only thing you can go off is being told he would need to upgrade because he went abroad.

But, if it was face to face, there's very little evidence.

Go via the GOGW route is my advice.

rapidon

Yes, it's the lack of evidence which concerns me. On the MSE Reclaim Packaged Accounts page it says that "There's no difference if you signed up online or in a branch", but it seems like a significant difference to me. With an online sign-up it's clear exactly what information the customer was given. When recruited in branch however there's no record of what's been said and a salesman on commission could have said anything. In which case it's their word against the customer.

But to me it was definitely not the correct package for him regardless of what they told him. He already had travel insurance for that one trip, (which hopefully we'll find a document to prove) and he's by no means a frequent traveler having been away only twice in the 7/8 years since enrolling (the second for a term not covered by the package insurance).

Neither has he ever registered a car for breakdown cover, nor a phone for insurance, nor used his 'free' overdraft. So the only time in 7/8 years he was eligible for one of the services was that first trip for which he was already covered, and so certainly wasn't looking for an extra policy. And thats assuming the terms were the same at the time. By the way, does anyone know where we might be able to find out how the terms of the gold account might have changed over the years besides sifting through old paperwork? Not sure how much he has retained yet.

Tried to cancel it today but didn't have enough details of the account to hand, so it'll have to be tomorrow now.

jonesMUFCforever

The Gold account would cover him up to age of 80 - why was it not covered for the second trip?

Dobbibill

This is all the details of the Gold Account on Lloyds Bank website here http://www.lloydsbank.com/current-accounts/added-value-accounts/gold-account.asp?WT.ac=CAECGA

As jonesMUFCforever pointed out, he is still covered for the travel insurance up until he is 80, he would not need to register his vehicle to be covered for AA as it's the person that's covered not just the vehicle, he would also have sentinal card protection and does not need to register his mobile either.

If they don't need/use it any longer then by all means change the account but as it's not on sale any longer they would not be able to change their mind and opt to go back to the Gold Account.

If they feel it's been missold, they can log a complaint either in branch, phone, online or in writing.

Hope this helps

DB

rapidon

OK cheers guys. Yes I've seen now in the wording you didn't have to register. He wasn't covered for the second trip because it was over the 45 day limit at "about 3 months". The first trip was "about a month". Now, I've just realised that the 45 day limit has only been raised from 31 this year. So it could be that the first trip has exceeded that. I'm trying to get the old policy documents from the bank to see what the terms were originally.

Do you think if the original trip they used to recruit him wasn't covered because of duration and they told him he needed the gold account for it this would constitute "missold", without a record of the sales conversation?