Thousands of people have been mis-sold their PBA and could be owed compensation
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A packaged bank account is exactly what the name suggests, a bank account which has multiple extra products packaged into it. The difference between a normal bank account & a packaged bank account is that you usually pay a monthly fee for the extra benefits, in return you are given products such as travel insurance, breakdown cover and mobile phone insurance.
Packaged bank accounts aren’t necessarily a bad product, what they can offer you is a partially or fully covered insurance option with one provider, making it easier to manage your finances. If the providers that offered them would have sold them correctly, they wouldn’t have received a bad reputation.
If you pay a monthly fee for your bank account, there is a good chance you have a packaged bank account. If any of the above statements are relevant to you, there is a chance you have been mis-sold your packaged bank account and you should start your claim.
Start your packaged bank account claim yourself
You can start your packaged bank account claim against your provider today, with a bit of research and time spent writing a complaint letter outlining the reasons you think you were mis-sold.
Once you have sent your complaint letter to your provider, you will usually have a response within 8 weeks either giving you a final decision, asking you for more information about your complaint or just acknowledging the complaint.
If your packaged bank account complaint is rejected by your provider, you can escalate the claim to the Financial Ombudsman Service who will make a decision as to whether the provider had valid grounds to reject the claim. The decision that the Financial Ombudsman Service makes will have to be accepted by you and the provider, so it is worth escalating your complaint if you think you have valid grounds.
The disadvantage of making a packaged bank account claim yourself is the time it can take and also the expertise to navigate through the complaint process. Sometimes the packaged bank account providers will try and frustrate the claim process and even unjustly reject your complaint, but if you enjoy a challenge then making a claim yourself will save you any claims management fees if your complaint is successful.
Using a claims management company
The easiest way to make a packaged bank account claim is to use a Claims Management Company, also known as a CMC. With expertise in the industry, they can usually identify if you have valid grounds to make a complaint and how likely you are to be successful. A claims management company will handle your claim from start to finish, dealing with any correspondence with your provider regarding your packaged bank account claim. The only downside is that they will charge you a fee of any compensation you are awarded, but there is a positive to being charged this fee!
A claims management company will only be paid if they are successful with your claim, which means they will be reluctant to take on a mis-sold packaged bank account claim if they don’t believe you have valid grounds. If they do take on your claim, you can rest assured that they will fight tooth and nail to get you the compensation you are due, otherwise they don’t get paid!