Why Should I Make a PBA Claim?
Mis-selling or misrepresentation of information, facts and entire products or services is very common. Salespeople across industries tread down paths of misleading, overpromising and under-delivering or not delivering at all. If your bank has gone down this road and you have paid whatever sums of money over a period of time, then you are eligible for a reclaim. You can reclaim packaged accounts fees from your bank or financial service provider. You could claim anywhere from a few hundred to several thousand pounds.
To help you decide if you are eligible to reclaim packaged accounts, here are the grounds to determine if you were mis-sold.
- Every product that is sold by a bank or insurance provider, any financial institution for that matter, must be presented factually and there should be no false claims or promises. No misleading information should be given to you by the salespeople. A common misrepresentation of facts, for example is when you are told that you could get a mortgage if you optin for a packaged account. Mortgages are not associated or influenced by packaged accounts. There should be definite reasons to get a packaged account and you must be aware of the fees you are paying. Mortgages are a whole different territory that has nothing to do with conventional banking, other than the correlation of funds or savings and other investments.
- Many people are sold on associated insurance in packaged accounts and they get to know later that the insurance coverage doesn’t apply to them because they are old. Insurance has age limits. You may have been eligible at the time of signing up for the insurance and thus you may have made the payments or you could have been ineligible back then. Regardless of that, it is absolutely possible that you are not within the upper age limit at the time of making the claims. In such cases, the insurance claims would be denied. You would have paid all those premiums or the extra fees in your packaged accounts for no benefit. Banks often fail to convey that you are no longer eligible for insurance from a particular age and yet they keep charging the additional fee. Salespeople should be explicitly clear about these factors while signing you up. Else, you should stop paying those fees or you can reclaim packaged accounts. There could also be exemptions that make you ineligible for the coverage. You must be told of these before you are signed up for the additional fee and apparent promise under packaged accounts.
- Salespeople are often under a lot of pressure to sell packaged accounts. It is quite possible that you had no need whatsoever of a packaged account and that you were subjected to pressure tactics. If you had made the purchase under duress, because a salesperson wouldn’t take no for an answer or you were pushed to the brink where you simply wanted to get rid of the whole experience and hence went ahead to sign up, then you can reclaim packaged accounts. In many such cases, the salespeople don’t even explain the entire product or all the services. That is blatant underrepresentation or withholding of facts. Both are valid grounds to reclaim packaged accounts.
- There can be a ton of false promises or claims when you are sold a packaged account. The salesperson may have come across as offering a freebie or a special program for a select few. You may have been told that you were chosen or you are lucky. At times, associated services are sold as obvious integral features and not as add-ons. People often don’t get to know that they can opt for, that the additional liabilities are not obligatory. Even if one program has an obligatory additional feature, there can be another plan or product that doesn’t have such obligations and you have the right to know of such programs. You may be promised generous discounts and great deals on a plethora of financial products, from insurance to credit cards, which may be entirely false. Even if you were told of some limitations but you weren’t told of the full cost, you can reclaim packaged accounts.
- Some banks and financial institutions increase the fees, take away some features and make changes to the packaged accounts without informing you. It is legally binding on these organizations to let their customers know so they can decide what is best for them. Lack of correspondence or notification followed with a lack of your approval will enable you to reclaim packaged accounts fees.
- Many tall promises are made, add-on accounts are sold without properly notifying the customer and many people are enticed with overdrafts and other privileges and when enquired about the fees, the banks may even encourage you to keep paying the additional fee using some reason or the other. All such tactics are illicit and legally challengeable. You may be told that you would have your iPhone or iPad covered, you may have been promised good credit score and possibly a horde of other benefits of packaged accounts and the fee may have sounded justified but if none of those promises are delivered upon, then you can reclaim packaged accounts.
When you reclaim packaged accounts, you can get the entire money you have paid returned to you with interest. You can also claim additional compensation if you have been wronged and if the promises had caused additional financial damage or some kind of loss. There are instances where people have recouped three thousand pounds and more from their banks. Some banks try to offer a portion of the fees paid back immediately to do away with the claim. Don’t settle for such short gains when you reclaim packaged accounts. Get the most out of your claim!