Missold Natwest Account

HP1984

Hi. I am after some advice/guidance.
Basically in 2010 I took out a loan with Natwest. I was told as a precondition for the loan I would need to upgrade to a Advantage Private Account. Also that I would be able to get a free overdraft. Since then I have held a packaged account and made a claim once in 2014 for mobile phone.
I recently complained about having been missold and Natwest have only partially upheld my complaint. They say that in December 2011 my account was converted to a gold account and that a mailing was sent giving details of the fee and benefits etc. Therefore I was aware of the account.
My point is that I only ever changed to a fee paying account as was advised I needed to for the loan and an overdraft at the original point of sale in 2010. There have been no other discussions with Natwest and cannot see how they can class the December 2011 change to a gold account as a point of sale. My understanding was that the name of the account has changed simply over the years.
Thinking about it now maybe the private account that I was sold originally for which you had to have a salary of 100k per year was realised to have been set up for me incorrectly and therefore natwest changed without any input from me? At the time of the sale in 2010 I was nowhere near to the 100k salary mark!
Any help appreciated.

Kim_13

You can complain to the ombudsman. Are you within six months of the date of Natwest's response to your complaint to do this?

This section of the MSE reclaim article may help: https://www.moneysavingexpert.com/reclaim/reclaim-packaged-bank-accounts#step2

HP1984

Hi Kim_13. Thanks for your reply. Yes I am within 6 months of their reply. Only received last week. Basically they seem to be relying on subsequent mailings and annual statement send outs as evidence of me knowing about the type of account that I had and to ensure it was still suitable.
My point is that originally missold and I guess I just carried on with it as assumed had to have it for overdraft. My loan was paid off in 2014.
I will complain further but just wonder what my chances of success are.
From what I have heard Natwest are not as willing to refund missold fees and will try to get out of it compared to other banks.

Kim_13

HP1984 wrote: »

Hi Kim_13. Thanks for your reply. Yes I am within 6 months of their reply. Only received last week. Basically they seem to be relying on subsequent mailings and annual statement send outs as evidence of me knowing about the type of account that I had and to ensure it was still suitable.
My point is that originally missold and I guess I just carried on with it as assumed had to have it for overdraft. My loan was paid off in 2014.
I will complain further but just wonder what my chances of success are.
From what I have heard Natwest are not as willing to refund missold fees and will try to get out of it compared to other banks.

Did you downgrade the account as soon as the loan was paid off, as this may factor in the ombudsman's decision as the account was originally sold to you as a precondition for the loan?

There is a section in the article on how the accounts can quality as missold on the overdraft point.

As the article mentions, accounts can still qualify as missold if (as you have) a policy was claimed on, however it's something that may be picked up on.

Don't rush your complaint to the ombudsman (you have time on your side,) but do be aware of the six month time limit.

stclair

Previously if you had an advantage gold account account you would get preferential rates on loans and overdrafts.

Shakin_Steve

You may claim that you were made to pay these packages as a condition of your loan. But part of your claim is showing that they were unsuitable for you...and you have made a claim on the mobile phone insurance, so that part may prove problematic.