Here below is a template (ok from over MSE) lol but just to give an idea and the template letter (wording can also be changed) if required but this gives an idea of what you can reclaim for basically.........




[insert name and
address of bank
you held your account with]


Dear Sir or Madam,


Account name: [insert account name]
Account number: [insert account number]


I have had the above account since [insert date] but believe it was mis-sold to me. [Insert reason for complaint - see below]

• I didn’t know I was paying and don’t remember ever agreeing to having this account.
• I was upgraded without my knowledge.
• I was told I would be eligible for travel insurance but later found out I wasn’t.
• I wasn’t told I wouldn’t be eligible for one or more of the insurance policies.
• I was told I had to get the account in order to take out a loan / overdraft / mortgage.
• I was told I wouldn’t be eligible for your fee-free accounts and had to get one.
• I wasn’t told there was an alternative, free account.
• I tried to cancel my account but was forced into keeping it.

I enclose copies of my statements dating back to when the first account fee was taken out and any related documents. I am writing to request a full refund of the fees I have paid plus any interest owed to me.

I look forward to your response within eight weeks, otherwise I won’t hesitate taking my complaint to the Financial Ombudsman Service.
Yours faithfully,


[insert your signature]


[Insert your name (printed)]

Re: Mis sold Packaged account/template letter

Excellent! Thanks for this Di :happy

Re: Mis sold Packaged account/template letter

Not a problem.
I can see this being the next biggie to be honest, so it's a start! ;)

Re: Mis sold Packaged account/template letter

Also to add, that some months ago, I did complain about being sold an account package where we did not fully qualify for all the products, 3 times they rejected, and its with the FOS now!

But with this type of complaint now starting to become more active since I complained, hopefully there will be some positive results when directly complaining to your bank(s).;)

Re: Mis sold Packaged account/template letter

It will also be interesting to see if anyone brings a claim over the LIBOR RATE scam

Re: Mis sold Packaged account/template letter

Yes that will also be very interesting PF. ;)

Re: Mis sold Packaged account/template letter

Some people could have lost thousands over this with higher mortgage and loan repayments.

Re: Mis sold Packaged account/template letter

I agree PF, this will become a biggie issue as well I think.

Re: Mis sold Packaged account/template letter

pompeyfaith;287731It will also be interesting to see if anyone brings a claim over the LIBOR RATE scam

There are very few people out there that have directly Libor linked mortgages/loans, but those who do tend to have either large or specialized loans/lending.

Re: Mis sold Packaged account/template letter

Mine is linked to the B of E base rate and it was that which was manipulated

Re: Mis sold Packaged account/template letter

pompeyfaith;287828Mine is linked to the B of E base rate and it was that which was manipulated

Sorry mate it wasn't , Libor is not the same and B of E base rate.

Banks can't manipulate B Of E base rate as it's set by the Bank of England.

Libor can be either higher or lower than B Of E base rate and varies on a day to day bases, also there are different libor rates depending on time of loan 1 day, 1 week, 3 months etc.

Re: Mis sold Packaged account/template letter

But is the B of E rate not set according to libor ?

Re: Mis sold Packaged account/template letter

pompeyfaith;287844But is the B of E rate not set according to libor ?

Nope.

http://en.wikipedia.org/wiki/Libor

http://en.wikipedia.org/wiki/Bank_of_England_base_rate

Re: Mis sold Packaged account/template letter

This is confusing because while you say this sky news is saying the opposite, that banks will be open to a flood of litigation claims for mortgages, car loans etc from customers.

Re: Mis sold Packaged account/template letter

pompeyfaith;287853This is confusing because while you say this sky news is saying the opposite, that banks will be open to a flood of litigation claims for mortgages, car loans etc from customers.

I think sky news are saying what ever gets the most coverage.

Libor does effect the base cost of money, which will feed though to the rest of the system, but we are talking fractions of a percent on the rate. The libor fixing only made real money when your trading 100's of millions, buy the time it may feed though to say credit cards it would only have the effect of a few pence or even nothing at all.

Re: Mis sold Packaged account/template letter

Di, the problem with the template from MSE is of concern because some accounts were "upgraded" from plain old current accounts and so therefore the letter will not help. I personally think you have to be more specific(so this is a critique of the template than of you personally). You need to point out that the benefits were not described to you in full and was therefore not sold in the manner that they should have been, ie AA/RAC/Green Flag breakdown and yet you continue to hold that product, or mobile phone insurance and you have already have or perhaps you have a product from another provider. There are cases where you have no passport and do not own a car, yet are given those types of products. You might find that you were not told of an additional premium for travel insurance that you may have needed after a certain age. You may have a medical condition that is not covered by the insurance rendering it useless. I would always include evidence of it all to back up the argument because then they cannot come back to you and claim that you did not provide sufficient evidence for a decision. I personally hate templated letters that are not personal to you and simply give wishy washy statements. With Packaged Accounts, each person is different and I think MSE's generalised template is not great necessarily.

I think the expectation of all fees back is another one to warn about. Depending on whether you COULD have benefitted then there is a possibility that the bank may only offer up to a maximum of 1 or 2 years fees which should be considered by the person reclaiming rather than simply rejecting it out of hand(that last bit with regards to rejecting any offer is merely my own personal opinion).

Re: Mis sold Packaged account/template letter

The following link contains the full guide --> Bank Charges Reclaiming: It's still possible to get £1,000s back...

Re: Mis sold Packaged account/template letter

nattie;298656Di, the problem with the template from MSE is of concern because some accounts were "upgraded" from plain old current accounts and so therefore the letter will not help. I personally think you have to be more specific(so this is a critique of the template than of you personally). You need to point out that the benefits were not described to you in full and was therefore not sold in the manner that they should have been, ie AA/RAC/Green Flag breakdown and yet you continue to hold that product, or mobile phone insurance and you have already have or perhaps you have a product from another provider. There are cases where you have no passport and do not own a car, yet are given those types of products. You might find that you were not told of an additional premium for travel insurance that you may have needed after a certain age. You may have a medical condition that is not covered by the insurance rendering it useless. I would always include evidence of it all to back up the argument because then they cannot come back to you and claim that you did not provide sufficient evidence for a decision. I personally hate templated letters that are not personal to you and simply give wishy washy statements. With Packaged Accounts, each person is different and I think MSE's generalised template is not great necessarily.

I think the expectation of all fees back is another one to warn about. Depending on whether you COULD have benefitted then there is a possibility that the bank may only offer up to a maximum of 1 or 2 years fees which should be considered by the person reclaiming rather than simply rejecting it out of hand(that last bit with regards to rejecting any offer is merely my own personal opinion).

Cheers, very valid points and totally correct IMO. You would need to try and specify an exact reason for missale, like if you already had travel policies, home insurance and mobile insurance then clearly the freebies offered within any packaged account would be totally not suitable and rise to a missale claim.

That said, they should still be refunding from the date of inception until the date you actually became aware of the misale. Not just a year or two, that would be so unfair cos my gran for example has used the same bank since the war and will always trust them, however she had a packaged account which was useless (she's in her 80's and owns her home and has ample insurance) - in that case she got 11 years of premiums back as the upgrade to the packaged account was entirely unsuitable to her.

(HBOS) :beer

Re: Mis sold Packaged account/template letter

Never-In-Doubt;298659The following link contains the full guide --> Bank Charges Reclaiming: It's still possible to get £1,000s back...

On this thread, I think you are directing me here: Reclaim Packaged Bank Accounts - Money Saving Expert

I knew that they were doing this some time ago as I advocated this probably since about 2010 prior to their guide. In fact it was as a result of one the successes on that forum that my own outlook changed from one where I did not think you could reclaim them to one where I think reclaiming is appropriate but as I stated earlier on the thread which is the crux of the article. I would add that I do not believe that a templated letter is good enough to simply fill in and send off because it will differ from person to person but it might help focus the mind on what you need to include within a formal letter of complaint about packaged account fees.

The example I will give you is from 2010 cos that is when I wrote a guide on another forum with, to a degree, a basis on this thread from MSE:

I reclaimed LTSB account FEE's and GOT THEM - MoneySavingExpert.com Forums


EDIT: out posts crossed :)

Re: Mis sold Packaged account/template letter

Complaint now allocated to the Adjudicator, all correspondence as requested by email.
Will update when I hear further news.;)