RBS Royalties Accounts

Mothershipa

In April 2007 I applied for a bank loan with RBS. I was in massive debt for my circumstances and felt taking out a 10k loan was my only hope.to clarify I was at my wits end and desperate.

The bank agreed to give me a loan if I upgraded to the royalties gold account £12.95 pm (as this would give me a better intrest rate and the loan would get passed), i took out an overdraft protection thing? £3.00 pm (still not sure what this was actually for but again it would help the loan get passed), a second life insurance policy £6.00 pm (they had sold me one 2years previously and it would help the loan get passed)and handed back my debit card.I was also told if I cancelled the gold account before the end of my loan term I would need to pay a higher interest rate as I would no longer be eligible for it.

I cancelled the package account in may 2013 after I payed off the loan and realised that I didn't use any of the features of the account.I wasn't aware untill recently I could claim these fees back as mis sold. I can access my online statements from may 2009.

Is there any way I can get statements prior to this date as I'm pretty sure I was on the package account below the gold account, again I think this may have been mis sold as I asked for a cheque book and ended up with an overdraft & debit card as I needed them to get a cheque book but that was so long ago I can't remember.

Sorry for the long post:o any help or advice would be much appreciated

mark_sykes

First of all, you dont need to get statements to complaint.

Secondly, not all packaged accounts were mis-sold, so it's not a case of just claiming back the fees.

Thirdly, if your complaint does succeed then the bank will deduct the amount you saved on your loan (due to the lower rate) from any refund. it's quite possible that this will be more than the amount you have paid in monthly fees.

Fourthly, you may well be time barred as you cancelled your account in 2013 as you realised it was unsuitable for you, but didnt make a complaint then. Not knowing about the ability to potentially reclaim any fees isn't a bar to making a complaint about something.

steveo1982

Mothershipa wrote: »

In April 2007 I applied for a bank loan with RBS. I was in massive debt for my circumstances and felt taking out a 10k loan was my only hope.to clarify I was at my wits end and desperate.

The bank agreed to give me a loan if I upgraded to the royalties gold account £12.95 pm (as this would give me a better intrest rate and the loan would get passed), i took out an overdraft protection thing? £3.00 pm (still not sure what this was actually for but again it would help the loan get passed), a second life insurance policy £6.00 pm (they had sold me one 2years previously and it would help the loan get passed)and handed back my debit card.I was also told if I cancelled the gold account before the end of my loan term I would need to pay a higher interest rate as I would no longer be eligible for it.

I cancelled the package account in may 2013 after I payed off the loan and realised that I didn't use any of the features of the account.I wasn't aware untill recently I could claim these fees back as mis sold. I can access my online statements from may 2009.

Is there any way I can get statements prior to this date as I'm pretty sure I was on the package account below the gold account, again I think this may have been mis sold as I asked for a cheque book and ended up with an overdraft & debit card as I needed them to get a cheque book but that was so long ago I can't remember.

Sorry for the long post:o any help or advice would be much appreciated

I am attempting something very similar.

I needed a large loan from RBS for a new car. I was told the same thing, upgrade your account and you get a better rate of interest. The benefits of the account were never explained to me at the time but I carried on with the account regardless.

After nearly 10 years of having the account they decided to put the monthly fee up and I am now at the stage that I dont want to pay a monthly fee for an account.

I filled in the online form, they accepted the claim and advised the usual time scales for investigation and that they will contact me as soon as they have an update.

I am not convinced I will get anything back but anything I do get will be used to pay back my overdraft anyway.

Good luck and hope you get the outcome you are looking for.

steveo1982

Just an update to this. I had a lengthy phone call with RBS a few weeks ago in regards to my complaint. I have just received £1300 refunded in to my account which was a mix of account charges and interest on that. It is possible to get a refund if you persist. I will be using my refund towards paying off outstanding debts.