Natwest Advantage Gold Mis-Sold

lodgertotenant

Hi,

Just wanted to share my story with you and gather some opinion/advice.

I've just logged a complaint with Natwest on their website as I'm trying to claim a refund/compensation for an Advantage Gold account. I took out a Loan with Natwest in Dec 2006 when I was 19 for £3k to buy my first car - I was also mis-sold PPI when taking out this loan which, to be fair to Natwest they have compensated me for this a couple of years ago. It just so happens that when I had my bank meeting for my loan, I was told I'd need to take out an Advantage Gold Account to lower the APR on the loan they would offer me - so I did.

Until reading on MSE website today, I didn't realise that this was me essentially being mis-sold this account - unless I'm wrong? I started paying for that Advantage Gold account at the same time I was awarded the loan and continued paying £12.95 for it up until Dec 2013 when I switched to a Silver Account. I switched to a Silver Account when I had an account review and said that I wasn't using any of the perks that came with the Advantage Gold account.

Am I right in saying that I was mis-sold the account? I was told by someone on Natwest Online Chat today that the quickest way to complain was via their website's complain form, which is why I haven't used a letter template or resolver.

I'm just concerned that because this goes all the way back to 2006 that I won't be eligible to complain/be compensated?

Has anyone else had dealing with Natwest with this type of Bank Account/getting refunded?

Be nice to gather any opinions.

Thanks!

lodgertotenant

Anyone?
Bump?

takman

I very much doubt you can claim anything back because you could have cancelled the monthly fee account as soon as you got accepted for the loan. It was your choice to keep paying for an account when you didn't use any of its features.
I remember opening an account with Natwest in 2009 and chose the monthly fee account for some benefit. But after 2 months I said I didn't want to pay the fee anymore and they refunded what I had already paid.

dunstonh

I was told I'd need to take out an Advantage Gold Account to lower the APR on the loan they would offer me - so I did.

That seems to be a valid reason for changing the account.

Packaged accounts give a range of benefits. If you utilise the benefits and know why you took it out then its hard to say it has been mis-sold.

I switched to a Silver Account when I had an account review and said that I wasn't using any of the perks that came with the Advantage Gold account.

You used on of the "perks". The lower interest rate on the loan.

Until reading on MSE website today, I didn't realise that this was me essentially being mis-sold this account - unless I'm wrong?

Why do you think it is wrong?

Trying to second guess a complaint outcome with limited info and against a bank (who respond to complaints with the consistency of outcomes a scud missile has) is impossible. Generically, on what you have said, it is hard to see a valid reason for complaint as you entered into the contract knowing the terms and why you were doing it (cheaper loan). And you cancelled it once the loan was repaid when the benefit was no longer required.

Mersey_2

Yes, that could count that you were mis-sold the Adv Gold account.


Was it made clear to you that switching would incur a monthly fee?


I received all monthly fees refunded, plus 8% interest and a small amount of compensation for being mis-sold this account.


You can email your complaint to: [EMAIL="customer.relations@natwest.com"]customer.relations@natwest.com[/EMAIL]