Mis sold Packaged account/template letter

[nattie]

Re: Mis sold Packaged account/template letter

Di, the problem with the template from MSE is of concern because some accounts were "upgraded" from plain old current accounts and so therefore the letter will not help. I personally think you have to be more specific(so this is a critique of the template than of you personally). You need to point out that the benefits were not described to you in full and was therefore not sold in the manner that they should have been, ie AA/RAC/Green Flag breakdown and yet you continue to hold that product, or mobile phone insurance and you have already have or perhaps you have a product from another provider. There are cases where you have no passport and do not own a car, yet are given those types of products. You might find that you were not told of an additional premium for travel insurance that you may have needed after a certain age. You may have a medical condition that is not covered by the insurance rendering it useless. I would always include evidence of it all to back up the argument because then they cannot come back to you and claim that you did not provide sufficient evidence for a decision. I personally hate templated letters that are not personal to you and simply give wishy washy statements. With Packaged Accounts, each person is different and I think MSE's generalised template is not great necessarily.

I think the expectation of all fees back is another one to warn about. Depending on whether you COULD have benefitted then there is a possibility that the bank may only offer up to a maximum of 1 or 2 years fees which should be considered by the person reclaiming rather than simply rejecting it out of hand(that last bit with regards to rejecting any offer is merely my own personal opinion).

[Never-In-Doubt]

Re: Mis sold Packaged account/template letter

The following link contains the full guide --> Bank Charges Reclaiming: It's still possible to get £1,000s back...

[Never-In-Doubt]

Re: Mis sold Packaged account/template letter

Di, the problem with the template from MSE is of concern because some accounts were "upgraded" from plain old current accounts and so therefore the letter will not help. I personally think you have to be more specific(so this is a critique of the template than of you personally). You need to point out that the benefits were not described to you in full and was therefore not sold in the manner that they should have been, ie AA/RAC/Green Flag breakdown and yet you continue to hold that product, or mobile phone insurance and you have already have or perhaps you have a product from another provider. There are cases where you have no passport and do not own a car, yet are given those types of products. You might find that you were not told of an additional premium for travel insurance that you may have needed after a certain age. You may have a medical condition that is not covered by the insurance rendering it useless. I would always include evidence of it all to back up the argument because then they cannot come back to you and claim that you did not provide sufficient evidence for a decision. I personally hate templated letters that are not personal to you and simply give wishy washy statements. With Packaged Accounts, each person is different and I think MSE's generalised template is not great necessarily.

I think the expectation of all fees back is another one to warn about. Depending on whether you COULD have benefitted then there is a possibility that the bank may only offer up to a maximum of 1 or 2 years fees which should be considered by the person reclaiming rather than simply rejecting it out of hand(that last bit with regards to rejecting any offer is merely my own personal opinion).

Cheers, very valid points and totally correct IMO. You would need to try and specify an exact reason for missale, like if you already had travel policies, home insurance and mobile insurance then clearly the freebies offered within any packaged account would be totally not suitable and rise to a missale claim.

That said, they should still be refunding from the date of inception until the date you actually became aware of the misale. Not just a year or two, that would be so unfair cos my gran for example has used the same bank since the war and will always trust them, however she had a packaged account which was useless (she's in her 80's and owns her home and has ample insurance) - in that case she got 11 years of premiums back as the upgrade to the packaged account was entirely unsuitable to her.

(HBOS)

[nattie]

Re: Mis sold Packaged account/template letter

The following link contains the full guide --> Bank Charges Reclaiming: It's still possible to get £1,000s back...

On this thread, I think you are directing me here: Reclaim Packaged Bank Accounts - Money Saving Expert

I knew that they were doing this some time ago as I advocated this probably since about 2010 prior to their guide. In fact it was as a result of one the successes on that forum that my own outlook changed from one where I did not think you could reclaim them to one where I think reclaiming is appropriate but as I stated earlier on the thread which is the crux of the article. I would add that I do not believe that a templated letter is good enough to simply fill in and send off because it will differ from person to person but it might help focus the mind on what you need to include within a formal letter of complaint about packaged account fees.

The example I will give you is from 2010 cos that is when I wrote a guide on another forum with, to a degree, a basis on this thread from MSE:

I reclaimed LTSB account FEE's and GOT THEM - MoneySavingExpert.com Forums


EDIT: out posts crossed

[di30]

Re: Mis sold Packaged account/template letter

Complaint now allocated to the Adjudicator, all correspondence as requested by email.
Will update when I hear further news.

[di30]

Re: Mis sold Packaged account/template letter

Received an email earlier in the week, my complaint is assigned to an Adjudicator, who is now requesting more info from Lloyds as they did not send the info requested by the FOS, and I'm also to forward extra banking statements.

[di30]

Re: Mis sold Packaged account/template letter

There was some hiccups with this one, but it was reviewed and opinion was changed by the adjudicator after speaking to her senior colleague, so basically its now down to Lloyds to reject or accept etc, either one I dont mind, as its a good case really and I'm sure if it did go to the ombudsman they will probably agree with the adjudicators decision.

Email here after emailing asking for an update:

Dear Mr and Mrs

Thank you for your email.

I can confirm that having reviewed the evidence provided it did persuade me that you were under the impression that you had to pay a fee for your Lloyds TSB account.

I have written to Lloyds TSB explaining this and recommending that the complaint should be upheld. I am waiting to hear whether Lloyds TSB accept my recommendations - if it does not it may provide further information for me to review.

I will update you again once I have received a response from Lloyds TSB.

Thank you for your continued patience.

Yours sincerely


Adjudicator
Financial Ombudsman Service
South Quay Plaza | 183 Marsh Wall | London | E14 9SR
':
7:
*:

[di30]

Re: Mis sold Packaged account/template letter

Okay Lloyds do not agree with the Adjudicators decision (I expected this to be honest) because that is Lloyds for us! So the Adjudicator will be reviewing further info, and if she still agrees with her main decision to have it upheld and lloyds still do not agree, it will be moved on to the ombudsman......

Email here:

Dear Mr and Mrs

Thank you for your email. I can confirm that I have received Lloyds TSB's response to my recommendations this morning - it did not agree with my opinion that the complaint should be upheld and has provided further information for me to review.

I will review this and let you know if it changes my opinion on the complaint. If I remain of the opinion that your complaint should be upheld, Lloyds TSB may request an ombudsman's final decision on the matter.

Yours sincerely


Adjudicator
Financial Ombudsman Service
South Quay Plaza | 183 Marsh Wall | London | E14 9SR

[di30]

Re: Mis sold Packaged account/template letter

Found some of the sheers of the charges of the packages accounts, although I'm unable to find the first few, but the first missing ones were that of £8 a month and the account closed in about Nov 2009, these only go up to 2008. So the final account was a Premier £25 a month until closing.

[di30]

Re: Mis sold Packaged account/template letter

Email from our Adjudicator in regards of our complaint of mis selling of packaged bank accounts.

What do you think? Thanks. x
.................................................. ........................
Dear Mr and Mrs XXXXX

I am writing to update you on the progress of your complaint.

In the further information Lloyds provided, it made reference to the fact you have benefitted from a preferential rate on your overdraft and an interest free portion by holding the packaged accounts. I have asked Lloyds to calculate the benefit you received, in relation to the cost.

This complaint has been passed to a different case handler at Lloyds to review (the previous case handler has now moved to TSB). As such, I have asked the new case handler to provide me with these calculations, and I have also invited her to review my initial conclusions upholding your complaint.

I have asked Lloyds to provide me with the calculations by 8 October 2013. I am sorry for the delays but once I have received these calculations I will be in a better position to form an opinion on the complaint.

If you have any questions, please let me know.

Yours sincerely


Adjudicator