Mis Sold Bank Account Help !

Simpson2005

Hi guys
After seeing martins show I think I may have been mis sold on my bank account
Around 8 years ago I wanted to get a loan for a new car when I was younger and naive :rotfl:

I visited in branch I was told there was no point in getting a loan as the interest was so high with me being 18 and that I should get an agreed overdraft for £2000 and pay it back that way but the only way I could get an overdraft was to get a packaged bank account.

I ended up paying around £50 a month in overdraft interest plus the £9.95 fee for the account

Have I been mis sold in your opinion and would I be able to claim back the interest charges from the overdraft as these where incurred by poor advise given from the bank

Simpson2005

Since realising this I have switched banks to a non fee account

born_again

What was the O/D interest rate compared to a loan?
Have you ever used any of the services provided by the packaged account?

Simpson2005

Hi born again
I can’t remember off hand but I will try and get these
I think I may have used the mobile insurance

[Deleted User]

8 years?

It’s probably over the time limit now (usually 6 years).

Simpson2005

Hi Gary
I received a letter from tsb saying they had referred my claim to Lloyds as it was before the split in 2013 would they even refer it if it had gone past the cut off point ? Thanks

Terry_Towelling

Simpson2005 wrote: »

Hi Gary
I received a letter from tsb saying they had referred my claim to Lloyds as it was before the split in 2013 would they even refer it if it had gone past the cut off point ? Thanks

Yes, they would have referred it despite its age because it is not their place to tell you whether you do or don't have a case for mis-selling.

Ben8282

The advice that you say you were given regarding the loan and the overdraft was certainly very bad advice and of course the information that you had to have a fee paying account in order to have an overdraft was wrong.
However, I believe that you are grossly exaggerating the amount of overdraft interest that you were being charged each month unless you were given some sort of exceptionally high APR on the overdraft.
I don't of course know how you were using this account, but I assume that they wouldn't simply have given a £2000 overdraft without the necessary salary/wages being paid into the account regularly to support an overdraft of this amount, so surely the account was not continuously overdrawn by £2000.
Just out of interest, how long did it take you to repay the overdraft and for how long did you continue to pay the monthly packaged account fee?
After the Lloyds/TSB split did the account remain with Lloyds or was it transferred to TSB?
The fact that you have made a claim against the insurance provided by the packaged benefits shows that you were fully aware of what you were paying for and made use of the insurance provided.

Simpson2005

I struggled to pay back the overdraft
with the fees the interest was £31 the overdraft fee was £6 and the monthly fee £10.

I was transferred over to tsb In 2013
I have only just switched my bank.

I understand the comment about using the insurance but I wasn’t misled about the insurance part of the deal that was more of an perk to the fact that I had to pay to get the overdraft

sal_III

Looks like you have already made a claim, so just sit tight and wait for the response.

It's not that clear cut since you have taken advantage of the mobile phone insurance, so you were aware of some of the extras you are paying for.

Whether it was mis-sold as a replacement for a loan is another matter.