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Barclays current account
SaraD1980
Posts: 6 Forumite
Hi , last month I contacted Barclays regarding my current account and through conversation I requested that a fee of £12 a month be looked into as I wasn’t exactly sure what it covered. After a short while the advisor said it’s an insurance payment that I’ve been paying every month since 1998.
In 1998 I was studying at college and my account was changed from a teenage account to a full adult account as such .
She asked if I thought I was missold the insurance and I said I didn’t know it was an insurance , stupidly assuming it’s a bank fee.
Anyway she said she’d put in a complaint for me for which I have now received an acknowledgment saying they are investigating.
Has anyone else been in similar circs? What happened ?
In 1998 I was studying at college and my account was changed from a teenage account to a full adult account as such .
She asked if I thought I was missold the insurance and I said I didn’t know it was an insurance , stupidly assuming it’s a bank fee.
Anyway she said she’d put in a complaint for me for which I have now received an acknowledgment saying they are investigating.
Has anyone else been in similar circs? What happened ?
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Comments
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Others have been in similar circs. Some will receive refunds, many won't.
It depends on the precise nature of your case and available evidence as to whether there has been a mis sale.
Twenty years of paying it weakens your case.0 -
Dont forget PPI stands for payment protection insurance. So it may well be that which by all accounts was not explained to you at the time
Good luck, that will be a nice whack of money if it comes off.0 -
AnotherJoe wrote: »Dont forget PPI stands for payment protection insurance. So it may well be that which by all accounts was not explained to you at the time
Good luck, that will be a nice whack of money if it comes off.
PPI is a payment based on the balance on the card, typically 70-80p per £100 of debt, a fixed fee every month of £12 is not PPI.
As an example, I have £100 on a card, I pay 70p of PPI, the next month it's £200, I pay £1.40 of PPI. To have the same PPI fee every month would require some ridiculously unlikely set of circumstances where you somehow paid the exact amount every month to leave an identical amount on the card (regardless of spending and interest) so that the PPI would be charged on the same balance every month which is so close to impossible that it just isn't feasible. £12 a month will almost certainly be a packaged account fee or some sort of separate policySam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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I have looked at the acknowledgement letter from Barclays and it states it’s an overdraft PPI and has been £12 each and every month since 19980
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