A question about : Advantage Gold
I have a couple of questions about my NatWest Advantage Gold account.
In summer 2006, I applied for a loan by 'phone. During the conversation, I signed up for an Advantage Gold account. My recollection is that by signing up for the Advantage Gold, I was increasing my likelihood of being accepted for the loan. I was accepted for the loan.
I still have the Advantage Gold and the fee is now Ј15 per month. I know it used to be Ј12.95 and possibly it was less than that previously.
You will imagine that, over eight-and-a-half years, I have spent something like Ј1,500 on the account fees.
I think I used the travel insurance once during this period. By “used”, I mean that I did not buy a different travel insurance. I never made a claim. I have never used the other benefits.
I intend to write to NatWest and have the Advantage Gold downgraded to a bog-standard current account. However, it would be nice to have the fees refunded in full or, at least, in part.
On the one hand, there is a section of MSE devoted to the mis-selling of these kinds of packaged accounts. At the same time, there are threads which cast scepticism of those who are considering asking for the fees to be returned.
(I can't post links since I'm a new user).
From the first link:
MoneySaver Robert emailed us his story. He was promised an overdraft and an improvement on his credit score for taking out a packaged account with NatWest. He felt pressured into getting it, and never used any of the insurance policies. After complaining to NatWest he was refunded Ј739, including interest, within hours.
I was not promised an improvement on my credit score but the rest is the same except I wanted a loan not an overdraft.
My view is that I was mis-sold the Advantage Gold because a) it was sold to me at the exact time that I wanted a loan and b) I have only used it once in almost a decade (although that couldn't have been known at the time, I realise).
What do people think about my chances? Could it not be argued that it's my fault for not dealing with this years ago?
I have been with NatWest for about 15 years, have a credit card, and business bank account with them. I have never had any other issues. But, from reading MSE, it would appear that I may well have a claim.
Any advice would be appreciated. Many thanks.
Best answers:
- You can complain about it sure, you cannot prove a) so it's a waste of time to include that - just concentrate on facts - you haven't used any of the features, it's not suitable etc - be honest and see what they come back with - as you have never CLAIMED on the travel insurance, I wouldn't bother mentioning it - if you have evidence of cover / duplicate stuff (like say you already have car breakdown cover if it includes that) then include that
- OK. I'm going to cancel the account first then make a complaint.
NatWest have a Select account which has no monthly fee.
I'm wondering if anything negative could happen if I transfer from the Advantage Gold to the Select? I've got loads of direct debits based on the Advantage Gold. I hope I would be able to keep the same account number. - I made a complaint about Natwest AG in March 2014 and I have just been informed by FOS that Natwest have accepted mis - selling and are refunding me the whole fees for 8 years + 7 months.
Its taken a while but I did just as everyone else was making claims for package bank accounts.
My claim was based on not being offered a free account which is what I wanted, Not using any of the services that the bank account claims to offer.
Close the account mate and open a new one then make the claim.
Make sure you do it your self and not use a company as you will get done for a %.
First thing I did was send a letter to Natwest based on the generic letter from MSE. They sent me a S****y back saying I was wrong and that there was no basis for a claim. I then Went to FOS with all the info and ten months later jobs a guddun.
Bare in mind everyone is claiming these bank accounts now so it can be a bit of wait, like the PPI when that all kicked off.
Hope you sort it - I emailed Natwest on Monday to say I wanted to make a complaint for mis-selling as the account was not suitable for my circumstances. I can't drive and don't take holidays abroad and I never made use of any of the other features of the account. I had a letter on Friday to say they had upheld my complaint and refunded Ј1451 into my account!!
- This is interesting, I have an AG account and have for probably around 15 years, I have never used any of the features - I tried once to claim mobile phone insurance but was declined because I didn't have a receipt for the phone. In fact I believe the "upgrade" of the account was done when I had a personal loan as it offered a better APR ! (Idiot in my late teens) would I be able to claim?
Incidentally I have a 5k overdraft on the account of which I use maybe Ј200 of seldomly. Would closing the account be a wise move before I claim ? Where and how do I claim ? Thanks in advance !
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