Mis-sold account and charges

shezzone

Basically I was mis-sold a bank account which had monthly fees. I was sold it because I had a basic account and this one would give me the overdraft plus other features for a monthly fee. I never used it and the fees pushed me into a cycle of unarranged overdraft charges, interest and and more charges. I eventually ended up having accrued £554 in charges and fees. At the time my marriage had broken down and I was relying on my sole income for myself and two children. The bank arranged for repayment from my tax credits of £25 per week until it was all repaid. It was put onto a ordinary current account with no fees and was given a goodwill payment of £112 at the time which didn't amount to the total fees i'd paid over the years and it hardly knocked a hole in the bank charges/overdraft, these were still accruing and the debt still rising. My argument is had I never been mis-sold in the first place I would never have got into that mess . The account goes back to 2006. I never used any of the features.
A) can I reclaim all the fees?
Can I reclaim the charges plus interest?
TIA

Nearlyold

I'm a bit confused, you say you were sold the packaged account as it included an overdraft facility, you never used it (the overdraft?) but the fees (which are typically around the £10 - £15 per month) pushed you into an unauthorised overdraft which must mean you had already used the authorised overdraft facility which you say you never used.


Could you clarify please

shezzone

They said there was an overdraft facility on the account but they wouldn't give me one because of my credit history. The overdraft I did have was unarranged.
The basic account I already had with them didn't allow any arranged or unarranged overdraft.

Nearlyold

Ah I see now, definitely complain about the package account fees then.

shezzone

Thanks I also never used the packaged features either... although when I visited them in 2009 they stopped the package and switched the account to just an ordinary current account...this still had no overdraft because by now my credit record with them was pretty much wrecked. They paid me £112 as a goodwill gesture (bearing in mind I'd had the account for about 3 years x £12.95 per month. That payment knocked a small hole in the overdraft and it went down to £306, they stopped the £12.95 fee but carried on charging me £28 a month plus interest. By the time it had reached £550 they threatened to close all my bank accounts: the original basic, current and empty savings account. So I had to repay £25 per week from Tax credits to pay it off. They stopped the charges by then but still charged me interest.

shezzone

It's a two-pronged problem. The first is reclaiming for being mis-sold the account, the second is claiming back the overdraft charges on it.

FitnessDad

Did you ever claim on any of the insurance? If so, you likely won't be able to make a claim.

YamahaSuperstar

hey, no matter if you have claimed on one of the benefits before, ie travel insurance, you can still reclaim for the monthly fees on that bank account, if you believe that you were mis-sold those benefits.

From what I've read, you can claim back all monthly bank fees plus interest. Have a look at this site: claimingbankfees.co.uk

I guess if you have any questions, give them a call or complete the form.

dunstonh

YamahaSuperstar wrote: »

hey, no matter if you have claimed on one of the benefits before, ie travel insurance, you can still reclaim for the monthly fees on that bank account, if you believe that you were mis-sold those benefits.

From what I've read, you can claim back all monthly bank fees plus interest. Have a look at this site: claimingbankfees.co.uk

I guess if you have any questions, give them a call or complete the form.

That is not correct.

Whilst you can still complain if you have used the benefits, it does reduce your chances of success. However, if they uphold the complaint they are allowed to take the cost of the benefit used and deduct it from the redress payable. So, you do not get back all your monthly fees plus interest in those cases.