Check You Have A Packaged Bank Account
Packaged accounts are where you pay a monthly fee for your account in return for benefits, most often bundled insurance policies, such as travel insurance, mobile phone insurance and car breakdown.
If you're unsure, the account fee will show up as a transaction on your statement, under the name of the account you're signed up to. Check current and old statements, or call your bank (you can ask for copies of old statements). If you find these transactions and don't remember signing up, that itself could be a sign you've got a complaint. If you discover a payment, collect as many statements as you can that contain them. You'll need the evidence.
The Financial Ombudsman Service, who makes the final decision on claims that are rejected by the bank, say:
"We sometimes hear from consumers who feel their account wasn't suitable for them, or that they weren't given a choice about taking the account"
Some have reclaimed thousands of pounds for mis-sold packaged bank accounts, so it is worth checking if this applies to you.
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You do not need to use a claims management company to make your complaint to your lender. If your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free.
Was My Packaged Bank Account Mis-sold?
If you have paid or are paying a monthly or annual fee for your bank account, you may be able to reclaim those fees plus interest if it was mis-sold. Whether you were told it was the only type of account available to you, charged for features you never wanted, or unaware of restrictions in the insurance cover, we can help you
Signs that your Packaged Bank Account was mis-sold includes:
They did not give you an option to take a free bank account with them
You were paying for benefits that you never needed (e.g. you might have already had the type of insurance that they were offering)
You were not told by the bank that you would not be entitled to make a claim for a particular
benefit on the account, for example, existing medical condition on travel insurance,
or does not cover certain activities
If you were told that having a packaged bank account would give you a better credit score
They generally did not advise you fully about the benefits and exclusions to the benefits
They did not assess with you whether you needed the benefits being offered, for example, you already have those benefits elsewhere
They did not properly assess whether you could afford the monthly account fees
They told you that you could not get the packaged bank account benefits cheaper elsewhere or give you the option to look elsewhere
They increased the price and didn't tell you
They Didn't tell you that you needed to register your phone or car to get the benefits
You were told you needed it to get a mortgage or overdraft
The above list is not exhaustive but an indication of likely misselling.
The bank has a clear duty to its customers to provide fair, concise, clear and unambiguous information to its customers to enable them to make informed decisions on whether the packaged bank account is needed, or not. Packaged Bank Accounts are now becoming one of the top complaints by customers against their
If any of the above statements describe your packaged bank account experience, you could be eligible to claim compensation. Start your claim below for professionals to guide you through the process.
Why Use The Claims Guide For My Claim?
Help Maximising Claims - We will go through your previous borrowing and help you claim from an extensive list of lenders. Other claims companies will more likely turn you away if you are not claiming against one of their few approved lenders.
Low Fees - Our rates are also competitive and lower than many other claims management companies. You pay nothing upfront and we work on a no win no fee basis. A breakdown of our fee structure can be seen here.
We Make It Easy - Claiming a refund can be a daunting task. We make it easy and ensure everything you need is included so you don't have to spend much time on it.
Professional - Each claim is different and specific circumstances that are relevant to the claim should be explained by a professional. The Financial Ombudsman has previously been unable to progress some complaints that involved a “template” or “standard letter”.
How Much Will I Receive If My Claim Is Successful?
If you successfully claim a refund from a lender, you can claim back the interest and charges on your loans, plus, typically, 8% statutory interest. For more information on how this is calculated click here.
What Information Do I Need to Provide?
You just need to provide the name of your lender and your personal details including the address that you lived at when registering with them. Once you have given these we can obtain details of any loans where a refund may be due.
How much will I be charged?
Claiming through us always works on a no win no fee basis, meaning you won't pay a thing unless you win compensation. You will have the right to cancel the agreement within 14 days with no penalty. If you cancel after 14 days you may be charged for work done up until the time of cancellation. We use multiple partners to ensure we are able to offer claims against all lenders, from whom we receive payments. The exact fee structure will depend on which lender you are claiming against, as this decides which of our partners is most suitable for your claim. A breakdown of our fee structure can be seen here. The fees for Diesel Emissions Claims are calculated differently due to it being a group action lawsuit.
How Do I Submit My Claim?
Simply complete our online application form by clicking on the "Get Started" button. This is the first stage of your complaint to the payday lender where you could receive compensation. For more information on the process please click here.