Is it worth it.

Gwenig3

I have had a packaged bank account for years with RBS gone from silver to gold on advice from adviser. Remember being told mortgage rate would be better if upgraded. Still have mortgage with RBS. Also have loan and worried if I cancel package account I will lose loan rate and or it will affect mortgage. Current charges are £19 per month and what is offered could be found cheaper.
A number of years ago when boiler cover was included I cancelled my British gas cover as told by advisor I was paying for this in package account so silly to may twice. Subsequently had to claim only to be told was not covered as boiler was 14 years old and only cover 10years. I made complaint at the time and received £900.00. I have used breakdown once in all the years I had the package account. Plan to phone customer services tomorrow to convert to standard account.

Would suspect had package account for at least 16years. Any advice would appreciated.

[Deleted User]

Gwenig3 wrote: »

had to claim only to be told was not covered as boiler was 14 years old and only cover 10years. I made complaint at the time and received £900.00. I have also used breakdown once in all the years

Do note that any redress awarded in the (unlikely) event this packaged account was deemed mis-sold would have the amounts you have already claimed subtracted from it.

dunstonh

hard to see how this would be classed as a missale.

1 - previous complaint about boiler could trigger the 3 year rule
2 - previous claim on the breakdown cover shows cover was known about, needed and used.

Gwenig3

What is the three year rule.

I know what was in the package account and had this because told I would get better mortgage loan allowance. With the side comment look what else you get.
What's offered now just isn't value for money.

Probably not clear but worried cancelling package account would affect mortgage and loan. Have not cancelled previously due to possible impact on both of these. Feel tied into it although not using full benefits.

Nasqueron

Gwenig3 wrote: »

What is the three year rule.

I know what was in the package account and had this because told I would get better mortgage loan allowance. With the side comment look what else you get.
What's offered now just isn't value for money.

Probably not clear but worried cancelling package account would affect mortgage and loan. Have not cancelled previously due to possible impact on both of these. Feel tied into it although not using full benefits.

3 year rule means you have 3 years from knowing or could reasonably have known you had a reason to complain about the product - which you did when you complained that the boiler cover was useless so bank could time bar that.


Did you get better rates from the package? On a mortgage, even saving .25% over 25 years would be substantial - as an example, a £150,000 mortgage at 3% pays back £213358, at 2.75% it's £207479 - saving £5879 which is £19.60 a month saving - more than the account costs! Add on the other benefits and hard to see how you'd say it was miss-sold

Bermonia

It would not impact on your mortgage or loan rates - your mortgage would’ve been a lower discounted rate at the time of taking and would have expired by now, your loan rate has already been agreed and would not be altered.

In terms of obtaining a refund you have no chance, all the bank has to do is demonstrate that you were aware of the benefits and had used at least some of them - from what you have said this is clearly the case and can be easily demonstrated by the bank.

So cancel the account if your not using the benefits, but don’t hold out hope for any redress.