Natwest Advantage Gold Packaged Account

edited 30 November -1 at 1:00AM in Reclaim Bank & Credit Card Charges
1 reply 840 views
MicroheadMicrohead Forumite
52 Posts
Fifth Anniversary 10 Posts
Hi all

I have been looking back through bank statements on behalf of a friend.

They had an Advantage Gold Account back in and around 2005/6, before it was changed to a Current Plus Account.

I've noticed a couple of things that could lead to a possible claim for a mis-sell of this product to them.

Car breakdown cover I believe was one of the insurances that came with this package. Well my friend doesn't drive and doesn't drive even today!
Also, it looks like the subscription went up from £10p/m to £12 p/m without informing my friend.

Is there a case here?

Replies

  • dunstonhdunstonh Forumite
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    I've noticed a couple of things that could lead to a possible claim for a mis-sell of this product to them.

    And one key thing that can prevent it.
    Is there a case here?

    Doesnt look like it for several reasons.

    1 - Packaged bank accounts do not require you to qualify for all parts of the package. So, not driving does not matter as there are other parts of the bundle. You need to be in a situation where most things available are unsuitable.

    2 - Timebar. This is the killer. You have 6 years from the purchase of the product and 3 years from being reasonably aware of an issue to raise a complaint. Both rules have to be met to allow a timebar. 6 years from sale is met. Change of account type is classed as triggering the 3 year rule. i.e. if the change to current plus was more than 3 years ago, then this complaint can be successfully timebared by Natwest.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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