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PPI was just the begining!!!

ReenaReena Posts: 1,375 Wise Owl
Hey guys,
by now you all probably know about the Payment Protection Insurance (PPI) being mis- sold, and about claiming it back, but did you know there is a new mis- selling scandal? Package accounts such as Gold Advantage and Silver Select may have been mis- sold.
These package account deals come with benefits like travel insurance, breakdown cover, mobile phone insurance, even lovefilm.com membership. The point is that you actually spend more money than you save, hardly ever using the benefits.

Out of the blue I was cold- called by a company about possibly being mis- sold these packages, now I don't trust cold calls so I made my excuses and went to seek advice from a lawyer friend. After a friendly discussion he believed that under the circumstances at the time I should make a claim.
Using his advice and being persistent I claimed back all the charges I paid for the account plus interest.

I wanted to make everyone aware of this new mis- selling and warn you all (if you were thinking of using one of these companies), that they can charge up to 40% of what you claim back. It cost me £70 plus some cake for the legal advice, two recorded post, a couple of phone calls, bit of ink, and some time. The interest alone was more than the costs. I would strongly advise claiming yourself instead of through a company.

What I did: (if anyone wanted some hints)
- got some legal advice; I was told to gather as much evidence as possible e.g. original agreement, statements of every payment I made (you can request the statements you need from your bank, some banks will charge a small fee but not NatWest)
- we put the evidence together and stated clearly the facts in a letter (why I felt it was mis- sold to me), along with copies of my statements and signed agreement
- I was told to expect a letter disregarding my claim but that I shouldn't give up
- they wrote a response and told me I had no claim
- then I read their leaflet on Terms and Conditions of a Basic Account (I didn't need the benefit that persuaded me to purchase the package account, a basic account would have covered what I needed)
- I wrote a second letter myself and sent away all my new evidence to support my claim; I set out the letter in sections, kept it professional and clear, addressed every issue, referenced the evidence, gave a time limit of two months, said what I'd do next (go to the financial ombudsman) and stated what I expected / wanted
- I received two letters saying that they were still looking into it
- a final letter from the bank said I was entitled to all my money back

If thinking that putting in a claim will have an effect on the relationship between you and the bank, I can honestly say it hasn't with mine.
Hope this helps if you're looking to claim, just don't give in.
Good luck!
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