Only partial refund from Natwest for Adv Gold acct

julieph66

Hi all. Today i received a letter from Natwest. They confirmed id had my acct from Dec 2007 to August 2012.
They agreed i had been missold the account but had only refunded my fees up to March 2010.
This was because i had apparently applied for an overdraft in March 2010 but was unsuccesful. Within 60 days after that date they say I should have converted to a fee free alternative account as id have realised the advantage gold wasnt providing what i wanted!
So they still owe me ( as i see it ) a further 15 months fees and interest.
Has anybody else had this from Natwest?
They have refunded approx 2 thirds of my fees plus 8% then taken off 20% for HMRC. A total of £493.

Should i re contact them or go to the ombudsman?

ceredigion

Be honest, were you mis-sold the account or did you not read and comprehend the T&C's when you signed up.

grumbler

julieph66 wrote: »

... then taken off 20% for HMRC. A total of £493

Since when the refund is taxable?
I guess the tax was charged on 8% interest only.

This was because i had apparently applied for an overdraft in March 2010 but was unsuccesful. Within 60 days after that date they say I should have converted to a fee free alternative account as id have realised the advantage gold wasnt providing what i wanted!

Just take them to FOS. This doesn't cost your anything and you have nothing to lose.

julieph66

Hi Ceredigion. Yes i do believe it was missold to me. I originally had a Step account with them after coming back to the UK from working abroad for years. Natwest said it would help my credit rating and help me to get a mortgage in future. I knew the benefits package it gave but thats not why I agreed to the account.
However Natwest have only refunded some of the fees because they say after being refused an overdraft in 2010 i should have realised the account wasnt for me.

abeckett

Hi

did you hear anything back about this. Natwest have agreed to refund me up to 2010 only as they sent out details regarding the charges after this so will not pay out 2010-2015?? Is that right or should I dispute this further?