Whilst dealing with Mr an Mrs B’s PPI complaint our expert team discovered a monthly charge on a Bank Account they held with Lloyds and knew this was a Gold Service Account (Packaged Bank Account). We contacted Mr and Mrs B about the account as they have often been found unsuitable. This account gave them a range of insurances such as travel insurance, car breakdown cover and mobile phone insurance. During our conversation with them, we established that Mr and Mrs B did not require these insurances and had never tried to claim on the insurance provided. Our experienced team explained that we could investigate the suitability of the account with the aim of reclaiming compensation for what we believed was an unsuitable product for their needs.
After sending out our claims forms and receiving them back on the 3rd December 2019 the team submitted a tailored complaint about the advice they received.
Our tailored complaint highlighted that Mr and Mrs B already had breakdown cover in place at the point of sale and that Lloyds had failed to establish previous medical conditions with the account holders. This was key as Mr B had suffered a heart attack seven years prior to taking out the Gold Service Account and in turn Lloyds would only cover him if he paid an additional £192 per Year. This made the Packaging Bank Account an ineffective way of insuring themselves, especially as they did not travel outside of the UK.
After submitting the complaint Lloyds agreed that the product was not suitable for the clients needs and upheld our complaint on the 6th January 2020, awarding the client £2831.00.
Unfortunately, thousands of people in the UK have been affected by Package Back Accounts. If you’ve taken out a Bank Account which charges a monthly fee and get a range of benefits such as
• Travel Insurance
• Car breakdown cover
• Mobile phone insurance
• Home contents insurance
• Any other ‘perk’
You may be eligible for compensation. To find out click the link below