Thousands of people have fallen victim to the mis-selling of a packaged bank account (PBA). Whether you were mis-led or pressured into paying for a product that was either unsuitable or unwanted.
What is PBA?
A PBA is where customers pay a monthly fee to the bank, and in return are given a host of ‘free benefits’ to enjoy. This often includes mobile phone insurance, travel insurance and breakdown cover.
So how was it mis-sold?
- You were never given the option of a free alternative account at the point of sale.
- You were told your account was due an upgrade and not given any option but to agree to this.
- You were told you needed this account in order to qualify for another product with the bank (i.e. overdraft or loan).
- You were encouraged to sign up for ‘free benefits’ such as mobile insurance or travel insurance but did not qualify for one or more of the benefits.
- You were not sure what benefits were actually included with your account.
- You have only just become aware that you are paying a fee for your account.
What should I do if I think I was mis-sold a PBA?
You are not required to use a claims management company to make your complaint direct to your lender/bank and if unsuccessful to the Financial Ombudsman Service for free. Alternatively, if your lender/bank is no longer trading, you are able to submit your complaint, yourself, to the Financial Services Compensation Scheme for free.
You must be aware that if you have any outstanding liabilities with the lender they may off-set an offer of compensation/redress against this. You may need to pay any 3rd party fees from your own funds should this happen.
Conclusive can provide you with a comprehensive service that deals with the process from start to finish, relieving you from the pressure of having to make the claim yourself. As a Conclusive client, you will benefit from having a dedicated case handler who will take your claim through the entire journey. Get in touch today.
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01242 370 848
Last Updated: 1st April 2019