Is this about Packaged accounts(ie accounts with extras)?

[nattie]

If it is I most definitely have plenty to say about them cos I am 100% against packaged accounts and I believe that this is the next "big thing" on misselling. Useless accounts sold on the basis on one single benefit and a lot more difficult to reclaim since you are bound to be covered by at least one thing on their list.

Is it packaged accounts? Cos I most certainly can get stuck in to them.......

[oscar]

Re: Is this about Packaged accounts(ie accounts with extras)?

Think you are correct Nattie, I too have little time for them, and my bank still tries to enrol me,

[nattie]

Re: Is this about Packaged accounts(ie accounts with extras)?

Excellent news, I might bring a thread over from another forum on reclaiming some of the fees back

[jen_br]

Re: Is this about Packaged accounts(ie accounts with extras)?

Well actually I will have to disagree with you here-- I have a package just took it out we went through a demands and needs and the value of the service had to add up to what I was paying per year before the bank would give it to me.

I don't pay much for my account but for the Travel ins. and Roadside assistance alone (not to mention mobile phone) I feel like im getting a great deaL!

[charitynjw]

Re: Is this about Packaged accounts(ie accounts with extras)?

Similar to PPI, then. Brilliant for some, chocolate teapot for others!

[nattie]

Re: Is this about Packaged accounts(ie accounts with extras)?

Well actually I will have to disagree with you here-- I have a package just took it out we went through a demands and needs and the value of the service had to add up to what I was paying per year before the bank would give it to me.

I don't pay much for my account but for the Travel ins. and Roadside assistance alone (not to mention mobile phone) I feel like im getting a great deaL!

Apologies but do you ming me challenging you on this?
Can I ask for a ball park figure of what you pay a year?

Travel Insurance: I would check what is covered and what is not covered and then do a price comparison on travel insurance to see how much you would pay a year.
If you have roadside assistance with AA then I pay £28 a year for basic cover(they wanted me to pay £52.50 this year but they will price match with their online price)
Mobile phone insurance: http://www.talkcover.co.uk/
Talk cover starts from only £14.99 a month depending on the phone. Furthermore some home insurance providers will be able to add the mobile phone to your existing policy.
I'm not saying not to have it(well, I am) but packaged accounts are designed to make the bank money.


In the sad bad old days, people had loans that had to be "renegotiated" if the packaged account was downgraded which of course was utter nonsense.

[Never-In-Doubt]

Re: Is this about Packaged accounts(ie accounts with extras)?

As nattie says, You can ALWAYS get the same deals cheaper. I can get aa/rac for peanuts, mobile phone insurance starts low as does travel insurance.

Plus the clauses affect things, ie on travel insurance it's no use as a main cover; it's to be used in addition with your main plan!

Basically, it's a con and I'm taking the fight to HSBC with this exact thing. They told me I had to have a packaged account with them. So I've paid £12.95 for 3 years for nothing cos I was already adequately insured!!

I reclaimed £500 plus interest. They declined my claim so I'm preparing court papers. They really don't want to piss me off cos I'll win this. Point is ALL packaged accounts can be challenged and ALL are a waste of money!

Jen, list your bank or package and we'll prove the same things are cheaper by going direct - avoiding the bank!

[Never-In-Doubt]

Re: Is this about Packaged accounts(ie accounts with extras)?

Excellent news, I might bring a thread over from another forum on reclaiming some of the fees back

Please do Nattie

Formatting will work fine so if you copy & paste from there to here:; it's quite easy to do

[nattie]

Re: Is this about Packaged accounts(ie accounts with extras)?

As nattie says, You can ALWAYS get the same deals cheaper. I can get aa/rac for peanuts, mobile phone insurance starts low as does travel insurance.

Plus the clauses affect things, ie on travel insurance it's no use as a main cover; it's to be used in addition with your main plan!

Basically, it's a con and I'm taking the fight to HSBC with this exact thing. They told me I had to have a packaged account with them. So I've paid £12.95 for 3 years for nothing cos I was already adequately insured!!

I reclaimed £500 plus interest. They declined my claim so I'm preparing court papers. They really don't want to piss me off cos I'll win this. Point is ALL packaged accounts can be challenged and ALL are a waste of money!

Jen, list your bank or package and we'll prove the same things are cheaper by going direct - avoiding the bank!

I'm not sure that ALL fees can be claimed, ie every single penny, however, I do believe that you can show that, if for example, you couldn't use a lot of the services and had other cover elsewhere at the time the policy was taken out that you then rely on the bank to show how they ensured that you were aware of all the benefits. What idiot would have a packaged account that has roadside recovery if the person who sold it to you did not tell you and sold you it on the account of maybe a 1% discount on a loan, or on the basis that you would get a better card? In fact, why would you have two packaged account(one on the joint account and one on the sole account when you are equally covered?). Those examples are ones I came across whilst working in the bank. I'm not saying everyone can reclaim nor that I think you can succeed on it being refunded in full, however, I do think partial refunds can be made on the basis that they were missold.
Hang on I'll get the OFT report.

[nattie]

Re: Is this about Packaged accounts(ie accounts with extras)?

"• Packaged accounts may offer value for money for some consumers, but they may not benefit all;
consumers could be better off purchasing products individually or not at all."
And some may find that where the add-ons are insurance products, they do not provide the expected level of cover. The potential for consumer detriment, although not likely to impact any individual consumer
significantly, could occur across a large population; around 15% of UK adults have some form of
packaged account."

page 62
http://www.fsa.gov.uk/pubs/plan/fina...tlook_2010.pdf

[AnonymousA]

Re: Is this about Packaged accounts(ie accounts with extras)?

As nattie says, You can ALWAYS get the same deals cheaper. I can get aa/rac for peanuts, mobile phone insurance starts low as does travel insurance.

Plus the clauses affect things, ie on travel insurance it's no use as a main cover; it's to be used in addition with your main plan!

Basically, it's a con and I'm taking the fight to HSBC with this exact thing. They told me I had to have a packaged account with them. So I've paid £12.95 for 3 years for nothing cos I was already adequately insured!!

I reclaimed £500 plus interest. They declined my claim so I'm preparing court papers. They really don't want to piss me off cos I'll win this. Point is ALL packaged accounts can be challenged and ALL are a waste of money!

Jen, list your bank or package and we'll prove the same things are cheaper by going direct - avoiding the bank!

On travel insurance, that's not necessarily true. Back in 2004, I took out no additional travel insurance for my honeymoon to the Maldives, using the co-op bank. We were in the Tsunami, and even though some insurance companies refused to pay, Norwich Union (via the Co-operative Bank) paid out almost everything we'd spent and money for all our damaged and lost goods.

[jen_br]

Re: Is this about Packaged accounts(ie accounts with extras)?

My Package is as Follows:

12.00 a month I get:

Travel insurance incl Winter sports for my family (there is 4 of us) and its full coversage!
Breakdown cover for me personally so if im a driver or passenger in a car -- Incl Europe
Identity Theft
Card Theft
Passport Theft
Key Protection
Mobile Phone insurance

Those are the main things.. there is other wee stuff.

[Never-In-Doubt]

Re: Is this about Packaged accounts(ie accounts with extras)?

My Package is as Follows:

12.00 a month I get:

Travel insurance incl Winter sports for my family (there is 4 of us) and its full coversage!
Breakdown cover for me personally so if im a driver or passenger in a car -- Incl Europe
Identity Theft
Card Theft
Passport Theft
Key Protection
Mobile Phone insurance

Those are the main things.. there is other wee stuff.

Seems good, who is this with?

[jen_br]

Re: Is this about Packaged accounts(ie accounts with extras)?

Santandire to be fair.

[Never-In-Doubt]

Re: Is this about Packaged accounts(ie accounts with extras)?

Jesus. I wasn't expecting that as a reply lol

Impressive and probably a "good deal" in fairness! I take back some of my previous comments, good on Santander - shame everything else is bad about them! Just hope you don't ever lose your card eh? (google/search watchdog)!