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Reclaim Mis-sold NatWest Advantage Gold Package Accounts – Successful Case Study

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  • #31
    Re: Reclaim Mis-sold NatWest Advantage Gold Package Accounts – Successful Case Study

    Advantage Blue never had a preferential loan rate so the 1% saving would not be applicable anyway.

    Are NatWest suggesting that the Advantage Blue account was a preferential account despite the fact that the 5* worldwide travel insurance was not on Advantage Blue since their insurance only covered destinations within the EU?

    That sounds a little silly to be honest.
    "Family means that no one gets forgotten or left behind"
    (quote from David Ogden Stiers)

    Comment


    • #32
      Re: Reclaim Mis-sold NatWest Advantage Gold Package Accounts – Successful Case Study

      Originally posted by loulouxx View Post
      Hi Leclerc, Long time no hear. not sure if it helps but I registered my phone on the insurance and I'm sure that I benefitted from the OD fees by £30 in 11yrs lol. If he wasn't told about the extra charge for the insurance and was told that he was covered but not at an extra charge that would be a mis sale? However if told about the charge then it wouldn't be as the info was given.

      Thats how I read it
      Am off and on here as it's the World Cup
      "Family means that no one gets forgotten or left behind"
      (quote from David Ogden Stiers)

      Comment


      • #33
        Re: Reclaim Mis-sold NatWest Advantage Gold Package Accounts – Successful Case Study

        hi tomag
        could you put up the sars address for natwest cheers

        Comment


        • #34
          Re: Reclaim Mis-sold NatWest Advantage Gold Package Accounts – Successful Case Study

          thanks eileen

          Comment


          • #35
            Re: Reclaim Mis-sold NatWest Advantage Gold Package Accounts – Successful Case Study

            Originally posted by loulouxx View Post
            Hi Leclerc, Long time no hear. not sure if it helps but I registered my phone on the insurance and I'm sure that I benefitted from the OD fees by £30 in 11yrs lol. If he wasn't told about the extra charge for the insurance and was told that he was covered but not at an extra charge that would be a mis sale? However if told about the charge then it wouldn't be as the info was given.

            Thats how I read it
            Hi

            I have been reading the forum posts and want to start my process.
            I had an AG account from 1999.
            I had finished uni and been with natwest all my life.
            they said to get credit card and loans I would get preferential rates etc
            didnt really look around as always been with natwest.
            Didnt need any of the benefits such as mobile insurance as I had one with my service provider. Also had aa cover when I bought my car.
            as time passed I took out loans and a mortgage.
            I hit some financial difficulties and started getting overdraft charges etc to a stage where I couldnt afford the account and got into a mess where the charges were killing me and the account went to default.
            Paying everything back currently through a third party.
            Should I say all this in letter? Also should I include the charges?
            Any help apprecitated.

            Comment


            • #36
              Re: Reclaim Mis-sold NatWest Advantage Gold Package Accounts – Successful Case Study

              Originally posted by amoamo55 View Post
              Hi

              I have been reading the forum posts and want to start my process.
              I had an AG account from 1999.
              I had finished uni and been with natwest all my life.
              they said to get credit card and loans I would get preferential rates etc
              didnt really look around as always been with natwest.
              Didnt need any of the benefits such as mobile insurance as I had one with my service provider. Also had aa cover when I bought my car.
              as time passed I took out loans and a mortgage.
              I hit some financial difficulties and started getting overdraft charges etc to a stage where I couldnt afford the account and got into a mess where the charges were killing me and the account went to default.
              Paying everything back currently through a third party.
              Should I say all this in letter? Also should I include the charges?
              Any help apprecitated.
              You realise that by your own admission you took out a mortgage(beneficial rate potentially as ADGD account holder), loans(in plural with a beneficial rate) plus a credit card(with beneficial rate). The problem is that it will be impossible to go back to 1999 to find the advisor who would remember a conversation on this topic.
              By all means argue the point but I am not sure whether this will reduce your debt by much if successful on the basis of loans and mortgagaes. Having said that, have you looked at whether any of the loans were with PPI and whether or not you needed the cover? That bit might prove to be more lucrative in reducing your overall indebtedness.....
              "Family means that no one gets forgotten or left behind"
              (quote from David Ogden Stiers)

              Comment


              • #37
                Re: Reclaim Mis-sold NatWest Advantage Gold Package Accounts – Successful Case Study

                Originally posted by leclerc View Post
                You realise that by your own admission you took out a mortgage(beneficial rate potentially as ADGD account holder), loans(in plural with a beneficial rate) plus a credit card(with beneficial rate). The problem is that it will be impossible to go back to 1999 to find the advisor who would remember a conversation on this topic.
                By all means argue the point but I am not sure whether this will reduce your debt by much if successful on the basis of loans and mortgagaes. Having said that, have you looked at whether any of the loans were with PPI and whether or not you needed the cover? That bit might prove to be more lucrative in reducing your overall indebtedness.....
                Hi
                thanks for reply.
                didnt have ppi with loans, wish I had lol
                sorry what I meant by it was I was told to get the AG account as it would unlock higher level loans ie would be able to borrow more as to get the account I had to show I was earning a certain amount. I had the credit card as they said it came with the account. Not sure if had preferencial loan rates guess will have to check. As for the mortgage I know I got the standard mortgage rate and it wasnt a preferential rate.
                the way it was told was that because I had a AG account it would boost my chances if getting the loan.

                Comment


                • #38
                  Re: Reclaim Mis-sold NatWest Advantage Gold Package Accounts – Successful Case Study

                  Credit card is optional btw. You did have preferential rates on the loans, of that I am 100%, the potential value of that may depend on how many loans you had and for how many years you had them. In fact, it might outweigh the value of the entire fees which would mean that whilst you might win on the basis of misselling, you would end up with nothing due to the benefits that the account afforded you on the loans.

                  The way you are explaining it does sound like misselling but as I have added above, the likelihood is that the benefits you actually received might be more than the amount of the account over the years. Personally I'm not sure it's worth the effort but if you are determined then you need to go through the loans because the bank will offset that gain against any payout. usually the preferential rate was about 1% off the loan rate.
                  "Family means that no one gets forgotten or left behind"
                  (quote from David Ogden Stiers)

                  Comment


                  • #39
                    Re: Reclaim Mis-sold NatWest Advantage Gold Package Accounts – Successful Case Study

                    Originally posted by leclerc View Post
                    Credit card is optional btw. You did have preferential rates on the loans, of that I am 100%, the potential value of that may depend on how many loans you had and for how many years you had them. In fact, it might outweigh the value of the entire fees which would mean that whilst you might win on the basis of misselling, you would end up with nothing due to the benefits that the account afforded you on the loans.

                    The way you are explaining it does sound like misselling but as I have added above, the likelihood is that the benefits you actually received might be more than the amount of the account over the years. Personally I'm not sure it's worth the effort but if you are determined then you need to go through the loans because the bank will offset that gain against any payout. usually the preferential rate was about 1% off the loan rate.

                    hi

                    thanks again.
                    I did some research and I have realised that I could have got a loan with the same rate elsewhere without having an account. for instance tesco offered the same rate.

                    Comment


                    • #40
                      Re: Reclaim Mis-sold NatWest Advantage Gold Package Accounts – Successful Case Study

                      Originally posted by amoamo55 View Post
                      hi

                      thanks again.
                      I did some research and I have realised that I could have got a loan with the same rate elsewhere without having an account. for instance tesco offered the same rate.
                      To be devil's advocate here: you didn't go elsewhere or look anywhere else so that point is a moot point because that does not form part of a ADGD reclaim.

                      I think you need to write in and see what they say and then we can go from there and see where our wriggle room is.
                      "Family means that no one gets forgotten or left behind"
                      (quote from David Ogden Stiers)

                      Comment


                      • #41
                        Re: Reclaim Mis-sold NatWest Advantage Gold Package Accounts – Successful Case Study

                        6 years refers to limitation when a claim becomes statute barred. Despite what they might claim banks DO keep records going back decades. They may be in storage but they do exist. In the case of Santander it was found their records went back to at least 1923 and were stored in Milton Keynes

                        Comment


                        • #42
                          Re: Reclaim Mis-sold NatWest Advantage Gold Package Accounts – Successful Case Study

                          Hi Folks. Just stumbled upon this thread and i am very grateful for all the information that it shares. My wife and i have had an advantage gold account with NatWest since 1999-2000 and i was cold called by a company called EMCAS recently who ,after asking many questions , suggested that we may be able to claim for being mis sold the account . We only really decided to sign up as we where told we could benefit from favorable low rates on our overdraft facility.
                          EMCAS sent me a claim form to fill in and return but i was rather put off by the amount of commission they asked for 39% of any claim (inc vat).
                          Should i fill in the form, sit back and wait to see what happens , then pay them the 39%, or is it worth my while taking on Natwest on my own?
                          Your comments, suggestions will be gratefully accepted :-)

                          Comment


                          • #43
                            Re: Reclaim Mis-sold NatWest Advantage Gold Package Accounts – Successful Case Study

                            We cannot advise you whether you should give your money to someone else to do the claim unless you can answer the question of how much work can you be bothered to do?

                            If you can be bothered to do the claim yourself then we can help. If not then sign the form and be gone
                            "Family means that no one gets forgotten or left behind"
                            (quote from David Ogden Stiers)

                            Comment


                            • #44
                              Re: Reclaim Mis-sold NatWest Advantage Gold Package Accounts – Successful Case Study

                              [QUOTE=Legal Beagles;418042]Category: Latest News

                              With thanks to loulouxx who won a refund of packaged account fees and associated interest of £8k from Natwest this week.


                              • Background

                              I took out a NatWest Advantage Gold Account in November 2001 in the Branch. This was my first experience of ‘Adult Banking’ as I was upgrading from an Under 18’s Basic Account.

                              • Complaint

                              That I was given incorrect information and no information at the branch. I was told that I had to take out a fee paying account to be able to get any form of credit and that it would boost my rating.
                              I never received any notifications of fee increases, I only noticed the increase from my bank statement and when I called to cancel I was told if I did I would lose my Credit card and Overdraft and would need to repay the debt within 30 days which would’ve put me in a difficult financial position, thus I had no choice but to keep the ‘packaged’ account open.
                              I also stated that the policies were inadequate and of no use to me as in some cases I had to take out a second policy.

                              • Steps taken before and during my claim


                              I gathered all my information that I still had for the Account. This included the welcome pack, fee increases and dates for when I took out the account and when the account closed.
                              I called NatWest Customer Services and filled in any gaps I had such as the fee increases.
                              I then researched using the way back machine archive to search for historical rates on cards, loan and overdrafts.
                              I also used review sites that were from the time I took out the account and of course Google.
                              Once I had everything together I then read all the information from my welcome pack.

                              First was my Travel insurance policy, I also had an old insurance policy I took out in 2003 with my travel agent. I compared both policies and found why I had to take out a second policy. Under AG travel insurance from 2001 it didn’t cover ‘Personal Money, Passport or Legal Expenses. These were all paid extras on the AG policy. They were covered under my 2nd policy.

                              I then looked at Mortgages, cover for white goods and household insurance discounts. This was no benefit to me as I didn’t own my own home and lived – still do – with my parents.

                              I then looked at Mobile insurance. I didn’t have any information for this so my first reason why I couldn’t use it was I didn’t know a phone needed to be registered or even that the insurance existed.

                              I also found that Break Down was a Benefit but I later found out that it was not added until 2008. This gave me 2 reasons firstly I don’t drive, nor hold a license or own a car and I never have the second was that I was never sent any changes in reference to the Packaged.

                              I sent off my letter on the 26/02/2014. Outlining the above and gave a detailed account of the sale and that I wanted all my fees I had paid plus the 8% interest.
                              I wanted to research the interests that I had received throughout having the account for a credit card, loan and an overdraft as I had a tariff that showed preferential rates for AG account holders.

                              I didn’t find anything comparable in regards to NatWest free accounts but I did find interest for 2001 for a free account at Nationwide, Barclays and Santander (was back then Abbey National) which showed that the rates I got were of no benefit and this also back up the fact that I was given no other option to compare the benefits vs a free account. This was also true for my loan and my overdraft.

                              I had received no acknowledgement or response to my letter so I sent an email to RBS CEO along with my letter and I also added the update info I had found in regards to rates and as I had all the information on what policies and the reasons plus more I restated each one listing and why I had no use for it. That was sent on the 05/03/2014 at around 11pm.

                              I received a phone call from the complaints team on 6/3/2014 asking me to clarify a few thing I was at my laptop so I opened up the email and went through each one at a time. By the end of the call I was told that my claim had been upheld and that they would pay back all my fees I had paid plus interest from 2001 – 2011.
                              I asked about an outstanding and she needed to confirm and readjust and come back to me by the latest on Tuesday with a settlement figure.

                              • Final outcome and reason behind the decision

                              I received a phone on Wednesday morning and was told that after calculating everything I was awarded the following;

                              • £1200 – Paid Account Fees from Nov 2001 until July 2011
                              • £4600 – Compensation for the total amount of lending charges that had been debited from my account Nov 2001 and Aug 2011
                              • £29 – Deducted for overdraft savings
                              • £2900 – Compensation for the lack of access I have had to above funds as well as the stress and inconvenience I suffered in the form of 8% on the above sum.

                              Everything I had stated was found to correct and I had in fact registered a phone on the insurance in 2010 but had not benefited from the Travel insurance or breakdown cover.

                              Their records showed that I had not been send a full welcome pack nor any notification on the changes or fee increases.

                              They were not able to tell my why only that they didn’t. I had also made a saving of £29 from the overdraft rates on the account and that was deducted.

                              In regards to my outstanding debt which had resulted in a default, they have cleared this and have arrange for the default to be removed.

                              • Useful information


                              • Make sure you have correct information this can be obtained either in the form of sending an SAR which does cost £10 but will give you all the information that hold on you, a welcome pack and bank statements
                              • Carefully studies the benefits and any limitations. Then in your letter list each one, with a reason why it was of no use to you, try to give an example and if at all possible any proof you have i.e. a second insurance policy or hospital letter that shows a pre – existing medical condition.
                              • Look at the rates for credit cards, loans, mortgages, overdraft for your account it also may be called a Tariff.
                              • Research other cases of mis sold package accounts as it can give an indication of what to expect but remember every account and claim is personal to that person but I can be used as a rough guide.
                              • Useful searches I found was Way Back When Machine Web Archive which has historical screen shots of websites from dates that can be as far back as the 90’s. Please note that some banking sites don’t work which I have been told could be down to security. From my experience NatWest work from 2007 but it was hard to get anything earlier and is the same with all except EGG and Nationwide. Google is another. Any customer review sites that have financial products. Ciao was one I used. Consumer forums are also a great source.
                              • Ask for help on the forums. I will say that some sites you may get feedback like you were mis sold you mis brought or that you should’ve read your terms and conditions and other along them lines. Please ignore these negative comments and don’t answer to prove otherwise because firstly you don’t have to and secondly if they have comment with responses like that then it’s normally based on option rather than fact. Genuine negative comments will ask questions first then if it still doesn’t seem like you have a strong case they will offer constructive criticism that is to guide and give advice. I’m maybe biased but LB from what I have found are helpful and I have never had any such negative comments.

                              • Conclusion


                              Reclaiming package account fees are a lot more in depth than PPI and it was only recently highlighted so banks will be very strict with finding any reasons that you benefited.

                              There are often many of these to take into consideration this is why you have to list each one in detail. What may also be used is that they charges were on your monthly statement so to say I did not know after a few years of charges is hard and won’t cut it. Also even though you were mis sold at the point of sale if you have claimed on a policy or you could’ve will be taken into consideration. But even though I was eligible for mobile insurance I showed that I was not eligible for the rest.

                              Also after sale like changes that is also looked at. So even if you didn't receive any information at the beginning if you did further down the line then they will question why did you not cancel? if you didn't. But that can also work the other way so if you received the information but no notifications of changes then that would also be a reason for mis-selling

                              More...

                              Hi Loulou I'm really glad it worked out for you. I wrote a similar letter as Natwest upgraded my non fee account to advantage gold without my permission. I got a similar amount and 8% interest less tax. I was curious what was £4600 lending charges for as I didnt get any refund for that or any compensation amount. And I had a deduction of £85 of savings on overdraft. Do you think I should follow on the complaint as they seem to be treating each customer differently. I'm half tempted to go straight to the FOS now that they have admitted there guilt. What do you think.

                              Kind regards
                              Steve

                              Comment


                              • #45
                                Re: Reclaim Mis-sold NatWest Advantage Gold Package Accounts – Successful Case Study

                                Hello loulou are you still here to help?

                                Comment

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