Packaged Bank Account Claim

MARTYM8`

Good luck to the OP.

But wouldn't it be nice if banks were required to offer bailouts and payouts to the prudent and not the stupid.

Why is it the banks fault anyone paid £10 (or £15) a month for years for travel insurance. mobile phone cover and car breakdown cover which was cheaper than buying those separately?

No one is that stupid - surely? Did you never go on holiday or think your car might break down or worry you might lose your phone - and how much might you have spent if you bought that cover separately? The fact you never claimed doesn't mean you didnt use the insurance or need it.

Those of us who are prudent have to suffer with woeful interest rates while others get money thrown at them for their stupidity? And we also get harassed with endless cold calling too.

I was mis-sold it - really?!

Pdoc77

Well 'MARTYM8' Banks are certainly 'stupid' enough to cause havoc and then expect bailouts from the tax paying British Public!! Rarely do they actually support the prudent among us. Has this somehow escaped your memory?!!

Do you understand the meaning of being mis-sold?, or understand the correct process to determine whether something is being sold correctly in meeting that persons demands and needs? Hmmm, Have you ever asked the banks how much commission they payed their packaged account sales persons?...and whether they were selling those packaged accounts with the interests and needs of the customer in mind or their own bonuses and commission cheques?

Before assumption and judgement (disguised in the from of a '?') is suggested perhaps time should be taken to discover the facts (Something that bank salespersons are also not very good at!).

Break down cover - If a car has not been owned does packaged bank account breakdown cover meet the customers needs?
Travel Insurance - If someone has separate long stay travel insurance does the Package account cover meet their needs?
If someone has a low range phone at around £60 - Does Package account phone cover really meet their needs?

I agree with you only in respect of one thing - yes the prudent, have suffered significantly with woeful interest rates over the last decade or so - but, in my opinion, one of the main causes of this is because the UK economy over the past decade or two has been one of soaring house prices and all that that entails (keeping interest rates low etc to achieve that).

Yes I believe I have been mis-sold and will escalate the case to the FOB - I do not expect any words of encouragement or understanding from you!!

bigadaj

The problem is the wrong people have benefitted across the whole process.

Many people who have received refunds weren't Mis sold, there wasn't just the evidence to prove that the sale was justified.

Similarly the commission from sales went to staff, and bonuses for management. The refunds are paid out of shareholder funds, many of whom are people with pensions and isas, so the general public really.

YorkshireBoy

Pdoc77 wrote: »

At the time I felt I had to go with the packaged account to be granted the loan.

So they never actually said/confirmed/insisted/held a gun against your head until you took the packaged account. You just had a 'feeling' that you should do? How about the following months and years since (I believe you said 10 years?)?...did this 'feeling' remain with you? Or are you claiming for the period 8-10 years ago only? Because surely when this 'feeling' eased/changed you cancelled it?...yes?

Never had any real use of any of the so called benefits in all those years.

Ah, so it is 10 years then? Even though you'd presumably paid off the loan many years ago? You either had use or no use...there's no inbetween is there?

Well I have to escalate now to the FOB.

Who are "the FOB"? Or did you mean the FOS?

Break down cover - If a car has not been owned does packaged bank account breakdown cover meet the customers needs?

The answer to that question is (almost certainly) yes, if you're a passenger. Or have you never been a passenger in a car over the last 10 years?

eskbanker

Pdoc77 wrote: »

Wish I had the same result from my 'tough' bank HSBC. After 8 weeks they have refused my claim.

I was mis-sold the Packaged account at the exact same time I applied for a loan about ten years ago. At the time I felt I had to go with the packaged account to be granted the loan. Never had any real use of any of the so called benefits in all those years.

Well I have to escalate now to the FOB.

May take many more months to resolve!

Did HSBC reject your claim on legitimate time-barring grounds, i.e. you were too late to complain (6 years after alleged missale or 3 years after being aware of it)? If so then FOS won't overrule them, regardless of the strength of your case, see https://www.handbook.fca.org.uk/handbook/DISP/2/8.html#D471.