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Nat West Query


Maggie_moo
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My partner applied for a bank loan over 3 years ago and was turned down. When he asked why he was told he didn't have credit history (this was true as he hadn't had credit before) and also because he had a step account, which was certainly adequate at the time as we didn't require an overdraft. He was told if he opened an Advantage Gold account it would improve his chances and to obtain small amounts of credit, which he did. He then got a loan six months later after re-applying.

 

He has been paying fees for this account and we don't use the supposed benefits at all, so my question is, was it really necessary to open this account at all? We can't even switch back as we now have a large (well large for us :D) overdraft that we are constantly in. I know the fees are not a vast amount, but it does add up over the years!

 

Appreciate any replies :)

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My partner applied for a bank loan over 3 years ago and was turned down. When he asked why he was told he didn't have credit history (this was true as he hadn't had credit before) and also because he had a step account, which was certainly adequate at the time as we didn't require an overdraft. He was told if he opened an Advantage Gold account it would improve his chances and to obtain small amounts of credit, which he did. He then got a loan six months later after re-applying.

 

He has been paying fees for this account and we don't use the supposed benefits at all, so my question is, was it really necessary to open this account at all? Yes and No, personally it sounds like misselling to a point however he did benefit and does slightly from the reduced overdraft rate(it ain't that much)

We can't even switch back as we now have a large (well large for us :D) overdraft that we are constantly in.Current plus account is the downgrade so completely irrelevent if you have an overdraft.

I know the fees are not a vast amount, but it does add up over the years!

They're not claimable

Appreciate any replies :)

 

Hope the above helps. You can change back to a current plus account because that account allows an overdraft facility.

  • Haha 1

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FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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