Is this a current account, loan or credit card??

MiniMetalElf

I took out a Bank of scotland preferance account at the same time as a loan and want to claim the charges back on this, but I'm not sure if it is considered a loan, bank account or a credit card.

I had a switch card and cheque book for it which is kind of like a bank account, but everything else was the same as a credit card (credit limit, min monthly payment, extortionate interest etc). It wasn't linked to my bank account at all, and anything I used was borrowed if that makes sense.

It was taken out at the same time as the loan (kind of like ppi where you tick the box if you want it, and being young and daft I didn't consider the 30 odd percent interest ).

If I ask the bank I reckon they'll tell me it's classed as a bank account so I can't claim the charges back.

Any suggestions??

Dave_the_Ginger_Cat

MiniMetalElf wrote: »

I took out a Bank of scotland preferance account at the same time as a loan and want to claim the charges back on this, but I'm not sure if it is considered a loan, bank account or a credit card.

I had a switch card and cheque book for it which is kind of like a bank account, but everything else was the same as a credit card (credit limit, min monthly payment, extortionate interest etc). It wasn't linked to my bank account at all, and anything I used was borrowed if that makes sense.

It was taken out at the same time as the loan (kind of like ppi where you tick the box if you want it, and being young and daft I didn't consider the 30 odd percent interest ).

If I ask the bank I reckon they'll tell me it's classed as a bank account so I can't claim the charges back.

Any suggestions??

From what you describe, it sounds like a revolving current account which make it come under the current account rules.

So far as I'm aware, it is the means by which you transact and the legal agreement that determine what the account is rather than the payment calcuations and billing. If you can find your agreement it will probably tell you. Failing that, Bank of Scotland will tell you. Whilst I'm sure they're keen to keep their refunds down, I'm sure as a high street bank, they would not deliberately give a customer false information.

HFC used to offer one called the current account plus. I worked there years ago and that was covered by current account rules, and the features were very similar.

HTH.

MiniMetalElf

Thanks for that. I did manage to find the agreement but it doesn't say.

Maybe I'm just being cynical about the bank telling porkies but their customer service was bad enough before and since they merged with halifax it's got even worse.

Think I'll maybe ask them in writing. At least then if they do tell fibs (sorry, but I just do not trust them. Had too many bad experiences with them in the past), I've got proof later.