Help - Overdraft PPI?

[Cazzo]

Hi,

I need some advice and would be greatful for any help!

My Bank (Lloyds TSB) contacted me about 5 months ago via phone, they told me the account i was currently using is not my best option and they need me to come into branch to sign some forms and discuss a different account, they suggested an account with breakdown cover ect.....

I told them i was very happy with my account and wasnt interested in changing or upgrading my account and paying extra although thanked them for their offer.

However, over the last 3 months my bank have tried in vain to contact me, 3 calls a day, voicemails, letters, ringing the house phone. Again they suggest i need to upgrade my account and "get off the one i am currently using." I told them no again but the ridiculous chasing continues.

This rang out as a bit suspicious to me and i spoke to a friend.

I have an overdraft and am currently paying on average £25 a month for the privaledge, my friend suggest i look into the charges as they are obviously chasing me for a reason.

I found that i am only in fact paying £8.95 for my actual account and the charges come in 3 payments - Account Fee, Interest and Services.

I have no idea what services are for £10 a month.

I have been told that this may be a form of Overdraft Payment Protection Insurance which i never even knew about or agreed to.

Does this even exist, i have seen some examples on the net, would i be able to claim any of this back and also how would i go about doing this?

Thanks.

[di30]

Re: Help - Overdraft PPI?

Hi there and welcome

This is what you call a Bank Account product package as such, so whatever they offer, for example, mobile phone cover, car breakdown, travel insurance etc, all comes at a monthly price.
It will vary depending on what account you have.

However, this is apparently still clased as a bank account insurance.

The top one is that of Premier from what I am aware of.
When myself and hubby were automatically upgraded by the bank for this, this came in at £25 a month, so @ £300 a year.

You do have the right to make a complaint about this.
Below is a little more info for you to read........
http://www.bbc.co.uk/news/business-19011971

http://www.telegraph.co.uk/finance/p...-accounts.html

Even if the account did not cover you for absolutely everything they offer, you are entitled to complain.

They will however, still try to come back and state that you were still covered for this and that, and you did not have to use all the benefits.

I currently taken mine to the Financial ombudsman service (FOS) because the bank have rejected, even on me providing further information.
The bank in question is Lloyds TSB.

Do write to them if you believe you have reason to in regards of them selling you a product you do not require.

Good luck.