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Packaged account - best course of action?


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It's bothered me for some time that I pay for a packaged account with Lloyds.

 

I've had more than my fair share of financial problems and one of the few plus points on my credit score is that I've had my bank account for a long time.

 

I was investigating "free" accounts and came across a number of sites claiming that packaged accounts may have been mis-sold, hence my visit here.

 

I originally signed up to a Gold account in the late 90s because I had asked for an overdraft increase (£2,000) and was told this was the way to get it.

 

I hadn't realised the full "benefits" of the package (probably still don't) although I did use the breakdown service a few times around 2005/6.

 

In 2009, after a period of unemployment and temp employment I went back to University to retrain as a teacher.

 

As the account I had was more expensive than a "student account" and the overdraft was long gone,

 

I applied to Lloyds to change the account to a student account but was told that because I hadn't got the best financial history (returned payments etc during unemployment period) they couldn't change my account. I was, therefore, trapped into continue to paying the £12pm.

 

Do I pursue this for the original mis-selling, or just from the 2009 point where I was trapped into the paying the increased amount?

Is there a 6 year limit on this?

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Of course they didn't want you to have a non fee charging account. Think of the penalties they could apply when you went over your agreed o/d and whilst to them £12.00 per month isn't mega .. when you add up how many people they have on those, it works out to a tidy sum for their coffers.

 

They should have at the very least been able to transfer you to a basic account. so their reference to you not having a good financial history is absolute rubbish.

 

Whether or not you would have recourse to claim mis sold I am not sure, however, I would definitely think that you would have a claim against them for not dealing with your complaint correctly.

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Go get the lot back

 

There are links here

But I can't post them at present

 

I'll do it later

 

Dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Really from day 1?

Wouldn't the 6 year limit be in play?

 

Had a read through that post and Salthouse the process looks quite lengthy, it's definitely helpful. Thank you.

 

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In 2009, after a period of unemployment and temp employment I went back to University to retrain as a teacher.

 

As the account I had was more expensive than a "student account" and the overdraft was long gone,

 

I applied to Lloyds to change the account to a student account but was told that because I hadn't got the best financial history (returned payments etc during unemployment period) they couldn't change my account. I was, therefore, trapped into continue to paying the £12pm.

 

Okay so you weren't eligible for a student account. Why didn't you ask to change to a different/free account which may have been more suitable for you?

 

Is there a 6 year limit on this?

 

Kind of. It's either six years after the event complained of OR (if later than this) three years from the date on which the complainant became aware (or ought reasonably to have become aware) that he had cause for complaint.

 

So basically 3 years from the date that you became/should've become aware you had been mis-sold your gold account.

 

Beyond those timescales, you can still complain but the bank would be within its rights not to consider your complaint.

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please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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no.......

 

What do you mean no?

 

as per usual like all your posts on CAG you side with the banks...urm.......

 

Did you even read my post? How exactly have I sided with the banks when all I did was answer stevep's specific question about the 6 year time bar?

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there are numerous cases of fees dating back into the 1990's and further being refunded

 

 

I myself got fees out of the co-op and Lloyds back to 1990's

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites
there are numerous cases of fees dating back into the 1990's and further being refunded

 

 

I myself got fees out of the co-op and Lloyds back to 1990's

 

So? Did I state anywhere in my post that this wasn't possible?

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I was asking to change to the cheapest account I believed they had available at the time - they declined my request due to poor history.

 

Okay so you weren't eligible for a student account. Why didn't you ask to change to a different/free account which may have been more suitable for you?

 

 

 

Kind of. It's either six years after the event complained of OR (if later than this) three years from the date on which the complainant became aware (or ought reasonably to have become aware) that he had cause for complaint.

 

So basically 3 years from the date that you became/should've become aware you had been mis-sold your gold account.

 

Beyond those timescales, you can still complain but the bank would be within its rights not to consider your complaint.

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there are numerous cases of fees dating back into the 1990's and further being refunded

 

 

I myself got fees out of the co-op and Lloyds back to 1990's

 

Thanks. I'll kick the process off and see where it leads.

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  • 2 weeks later...
  • 2 months later...

So far, so good.

 

I phoned Lloyds and enquired about my packaged account.

 

They didn't agree on all points, but to be fair, they were helpful and whilst they didn't refund all packaged account charges,

they did compromise in the absence of any proof either way and refund the difference between what I had paid

and what I would have paid for the lowest package for the 'benefits' I had used since I became aware of them in 2009

and originally asked for my account to be downgraded (request declined).

 

I then asked for that lower amount to be applied to my account at the time the payments were taken

as I had evidence that the inflated price had, by compound, taken me into and over my overdraft limit on occasion.

 

Lloyds have refused this, instead refunding just the charges where the account fee specifically took me over my limit

 

Was I making an unreasonable request?

 

Has anyone else successfully requested Lloyds to do this?

 

Let me know. Thanks.

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so they had you then....

 

 

you should have read that other thread and done it by letter only.

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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so they had you then....

 

 

you should have read that other thread and done it by letter only.

 

 

dx

 

You mean the link to the thread you didn't get round to posting (see above) ?

 

 

I'm not having a go, most/all of your previous replies have been helpful.

 

 

Tbh I just couldn't find a specific post in the haystack of useful information on this site

and was discussing another matter with the bank when the topic came up.

 

I opened my account pre-1997.

I only have evidence going back to 2000 and the bank only to 2001.

 

 

We AGREED to the refund of the difference in the absence of any hard evidence either way regarding 'mis-selling

'and my subsequent use of a number of benefits of packaged accounts.

 

My query remains,

has anyone successfully requested Lloyds to recalculate their account based on lower (or no) account fees being applied to their account?

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the one in post 4 my links were down sorry another mod posted it.

 

 

I'd query it via a letter,

 

 

did you do a spreadsheet?

 

 

how does the refund gauge against that?

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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the one in post 4 my links were down sorry another mod posted it.

 

 

I'd query it via a letter,

 

 

did you do a spreadsheet?

 

 

how does the refund gauge against that?

 

 

dx

 

Thanks

 

The refund of fees is obviously different to the spreadsheet due to them refunding the difference between gold and classic rather than full Gold as I have used some benefits (and therefore demonstrated awareness of the benefits).

 

The other refund is way out (25% of what I calculated), but they haven't put in the letter how they arrived at this figure. The only clue I had was in the telephone conversation where she said they went back and refunded OD usage and unauthorised borrowing where these events were directly attributable to the fees being taken.

 

I've had more of a detailed look through that link again and I'll send a letter asking them to look at it again - more for evidence of what I'd requested for the FOS than anything else. They've already invited me to take it to FOS if I'm not happy, but I've no evidence of what I'd asked them to do - their reply letters are quite carefully worded to just respond to the bits they wanted to respond to - surprise!

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I would write back asking for a detailed calculation and explanation as to how they have arrived at their offer

 

In the meantime I would also be sending a full SAR

 

Get all the facts before you go to the fos

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EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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