Ranked as one of the Top 10 Most Useless Financial Products by Which?, packaged bank accounts offer extra features that on the surface may look attractive, but lack the functionality to provide you with real savings.
In exchange for a monthly fee, that can range from as little as £6 per month to as much as £25 for much the same service, you are offered supposedly ‘Free’ benefits that can include:
1. Travel Insurance
2. Mobile Phone Insurance
3. Card Protection
4. Free ATM Withdrawals Abroad
5. Breakdown Cover
6. All included in your monthly plan.
These benefits sound great but in far too many cases consumers have discovered, too late, that they are paying vast sums for inflexible terms that don’t meet their needs. Horror stories include consumers who try to claim on travel insurance, only to find that their age disqualifies them. Banks have also been known to change their mind on terms, removing Road Assistance benefits when it suits them.
Most consumers would agree that Packaged Bank Accounts are incredibly difficult to judge as to whether they are offering value for money. A combination of pressuring sales advisors, confusing small print and on the surface exciting benefits have led to mis-sold packages with unsuitable cover.
At Enjay Claims we are able to advise customers on the value of their ‘Upgraded’ accounts, and whether Premium really means a benefit for you the consumer. We protect people against unscrupulous banks in the market for yet another profit.
If you want to know more, or think you have been mis-sold, call us today on 01708 854200
Well, you can take up the claim yourself directly with bank, and ultimately the Financial Ombudsman Service or use one of the many other claims management firms out there. Although we can’t guarantee to win your claim you will know that by appointing us you will be using an experienced claims firm that will be working hard for you to get you the compensation you may be entitled to. Remember, though, you don’t pay anything unless we win so you’ve got nothing to lose and potentially lots to gain!
If your PBA has been mis-sold then we can generally claim for the return of any PBA payments plus interest at 8%.
However, you will only be able to claim with us in the following
1. You only became aware within the last 3 years that you might be a victim of PBA mis-selling;
2. You didn’t cancel the PBA within 30 days of taking it out and receive a full refund;
3. You haven’t already tried to reclaim for mis-sold PBA; and
4. No-one else is dealing with your PBA claim for you.
Please note if you don’t have any paperwork we may only be able to help if your loan is current or has been paid off in the last 6 years. If your loan was paid off longer than 6 years ago, we may require proof.
Just take a look at our Terms of Business and if you’re happy with
everything all you need to do is complete our simple Claim Application and return it to us with your signed Letter of Authority. If you have any documents relating to your PBA, then it would be helpful if you can let us have copies. We’ll then write to the bank and submit your claim.
Firms are required to resolve complaints within 8 weeks so we will be pressing to get your case dealt with within this period. However, due the volumes of complaints the usual timescale is around 2-6 months. We may also have to refer your case to the Financial Ombudsman Service or if the firm is no longer trading then it will be referred to the Financial Services Compensation Scheme. Either of these routes may mean that your claim will take longer. Please note claims that proceed to the Financial Ombudsman Service can take up to 2 years.
If you are in an IVA or are declared bankrupt, you may need to consult your insolvency practitioner before you make a claim. Also, be aware that your compensation payment will likely be used to clear your debts so you may not actually see a penny of your compensation however you will reduce your outstanding debt sooner. Please let us if you are in a debt management plan as it may not be in your best interests to pursue a claim through us.
You may cancel your contract with Enjay Claims within 14 days of signing the Letter of Authority and you will have nothing to pay. If you wish to cancel please contact us using one of the contact methods below.
You can also complete our Cancellation Form and post or email it to us:
Well firstly you can be reassured that you won’t be paying us anything* unless we win your claim! If we are successful then you will pay us 25% of the total redress plus £50.00 Arrangement Fee (+VAT).
When we submit your claim to the adviser or insurance company, we may need to ask them to provide copies of any application forms, telephone recordings, sales scripts, policy documentation, etc., to help us with your claim.
*fee may be payable if claim withdrawn at client’s request.
Redress can be paid in a variety of ways. However your redress is paid, our fee is based on the total amount of redress that is applied, which includes cash
payments and amounts offset against any amounts owing to the bank.
Firstly, you may receive a cheque back for the amount of redress or it may be paid directly to your bank account. This is usually the way if your account has been repaid in full or there’s a refund due when you cancel the PBA. If your total redress was £1,000 then you would pay our fee (25%) plus £50.00 admin fee plus VAT which is £360 and you would receive £640 back in cash.
If your bank account is still in place with an outstanding balance then the lender may have to “restructure” your account. This means that the lender has to recalculate what your outstanding balance would have been if you had not been mis-sold the Packaged Bank Account. In this case, you will receive some redress as a cash payment and the remainder of the redress is “paid” against your loan.
|Of which amount “offset” against your loan balance||£200|
|Remaining amount paid as cash||£800|
|Our Fee 25% plus £50.00 Admin Fee Plus VAT which is based on the total redress of £1,000||£360|
|Net amount of redress received by you as cash (£800 less our fee of £360)||£440|
If you have arrears on your account then the lender can use the redress to pay those arrears before making payment to you. If you have been issued with a “default notice” and your account has been terminated then the lender can use the redress to pay towards your outstanding balance which may mean that you don’t receive any cash benefit back but you will still need to pay our fee. This is why it is important to tell us about any arrears you have in relation to the credit or loan accounts as it may not always be in your best interests to pursue a claim
We will help you with your claim right up to and including the Financial Ombudsman Service. We will not represent you in taking legal action. If you wish to take legal action you will have to arrange this separately and pay the costs yourself.
Yes, we will communicate with you via email, phone call or postal mail. We will keep you updated with your case at all relevant stages. If at any time you would like an update on your case, please contact us via the options below.
We make every effort to provide a professional and effective service at all times. However, in the event of a complaint, please contact us using the details below. If you are not satisfied with our response or we haven’t completed our
investigation within 8 weeks then you may refer the complaint to the Legal Ombudsman, whose contact details are: Legal Ombudsman, PO Box 6804, Wolverhampton, WV1 9WG. www.legalombudsman.org.uk/cmc
Email: firstname.lastname@example.org Call: 0300 555 0333
Enjay Claims Hall Farm Nursery Church Lane Upminster Essex RM14 3QH.
Please also refer to our Complaints Procedure: