Packaged Bank Accounts
What is a Packaged Bank Account?
Packaged Bank Accounts are paid for accounts that have additional features ranging from home, mobile phone and travel insurance to free overdrafts. They are sometimes referred to as “reward” or “value added” accounts and customers are typically charged between £5 and £25 a month for them.
Millions of people pay a monthly fee for their packaged bank account. You pay the fee to the bank and in return you are given a range of benefits which can include things such as mobile phone insurance, travel insurance and vehicle breakdown cover.
However what thousands of people are experiencing, is that they are in fact paying for something which they’ll never be able to actually use. Some people may not even be aware that they are being charged a fee, whilst some people were made to feel they had no choice of bank account other than these paid for accounts.
A Packaged Bank Account can provide good value, even for someone who isn't likely to use all of the features within the package. Unfortunately, they aren't for everyone, and many were mis-sold.
Who Can Claim?
You could be entitled to claim £1000s from your bank if it:
- Failed to tell you to register your mobile phone to qualify for mobile phone insurance.
- Failed to inform you that your car had to be registered to receive breakdown cover.
- Informed you it was the only way to get a mortgage/loan.
- Informed you it was the only way to get an overdraft.
- Failed to update you that some of the insurances may no longer cover you.
- Pressured you to keep the account when you wanted to cancel it.
- Added charges without your knowledge.
Can I start a claim?
No. As of August 29th 2019, we are no longer taking on any new claims. However, please contact us on 0800 355 0000 if you would like to discuss a claim that you started before that date.
Payment Protection Insurance
What is PPI?
Payment Protection Insurance was an insurance product that was added to financial agreements such as loans, credit cards and mortgages. The policy was designed to cover repayments if the customer suffered a loss of income due to accident, sickness or unemployment.
However, the insurance policy was grossly mis-sold and for over a decade We Fight Any Claim worked tirelessly to ensure those affected by the scandal were refunded. We have successfully recovered over £500,000,000 in compensation for over 170,000 customers and our success rate is something we are very proud of.
Can I start a claim?
From August 29th 2019, we have been unable to instigate new claims for mis-sold Payment Protection Insurance (PPI) and Packaged Bank Accounts. In October 2019, the Financial Conduct Authority announced a delay in the processing of PPI claims that were lodged to beat the deadline for these on August 29th. What this means is that lenders currently have up to three months after receiving a PPI complaint to acknowledge this. Receiving confirmation that a PPI complaint has been accepted may take longer than usual. In addition, lenders now have six months to investigate complaints and let customers know what the outcome of the complaint is. This means that it may take much longer for you to find out whether you are owed compensation or not. We apologise for this but we hope you understand that this is due to circumstances that We Fight Any Claim cannot control.
We would like to thank all our customers for choosing We Fight Any Claim to claim back money owed. For all our customers who started a claim before the August 2019 deadline, you can rest assured knowing that we will continue to fight on your behalf to recover compensation you may be owed.
I already have a claim, is this still ongoing?
All of those who have already started a claim with us can rest easy in the knowledge that we will continue to fight on your behalf to recover compensation you may be owed. You can track the status of your existing claims here.
Alternatively, if you would like to talk to a member of our team, you can call us on 01633 705081.