Natwest Advantage Gold - Refund - £2256 !!!

[Deleted User]

JEANSP said:

I got paid out a fair number of years ago for a mis sold package bank account and I'm SURE that tax was taken from my payout, but I can't remember the amount - I was just happy to get the payout.  It seems now that I should NOT have had tax deducted from my payment? Any idea if I can get this tax paid from my payment back 

You would only be taxed on the interest element of any refund, tnot the refund itself. If your interest was under the annual tax free allowance then you claim it back via form R40 with the tax office. Depending on how long you are talking, this could well be out of time

matt691944

just had one of these conclusions  letters from NatWest stating that it took me more than 3 years from the time I applied for me to complain about my account is 3 years too long to consider taking any further with the ombudsman? 

brettcta

matt691944 said:

just had one of these conclusions  letters from NatWest stating that it took me more than 3 years from the time I applied for me to complain about my account is 3 years too long to consider taking any further with the ombudsman? 

No point, it looks like a correctly applied time bar which the FOS won’t overrule.

matt691944

Thanks for your speedy reply

dogand2kids

I have just been informed that my complaint against NatWest was upheld by an Ombudsman after being turned down by an adjudicator.   NatWest mis-sold me an Advantage Gold packaged bank account in 2001, I closed it in 2014.  They have been told to refund me all charges plus 8% simple interest.  I haven't received it yet but apparently they have 4 weeks to put things right. 
It is worth persevering if you know the details of how it was mis-sold.  I remember my situation clearly because I was so !!!!!! off with being forced onto AG at the time. 

10MT

When I tried raising a complaint like this with NatWest they would not investigate as it was outside of the time limits set by the FCA. Did NatWest do the same with you before you took your complaint to the Ombudsman?

[Deleted User]

10MT said:

When I tried raising a complaint like this with NatWest they would not investigate as it was outside of the time limits set by the FCA. Did NatWest do the same with you before you took your complaint to the Ombudsman?

If your complaint is correctly time barred then the ombudsman cannot do anything.
There are 2 rules (though they are FCA "laws" if you like) that must be met for a time bar to be applied
6 years from account being opened
3 years from when you knew, or could reasonably have known, you had cause for complaint.

If your account was opened before 2015 and the 3 year rule is met e.g. if the account was closed before 2018 or the bank has sent you an annual statement from 2018 or before explaining the costs and advising of free alternatives then your complaint can be time barred.

Whatever you may be told by the FOS (who are very customer friendly so they may give you an unrealistic impression of success), if the time bar is valid, they can only ask the firm to reconsider, but there is no requirement for this.

10MT

Thank you. 🙂