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Tech Consumer Advice


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PPI question re old Bank Records


Nontek
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Bearing in mind the number of non-computer related questions put on these Forums, I think this particular Forum should not have the word Tech in its' title!! But that is just a thought.

My question, not computer related, is does anyone know how long Banks, Building Societies etc are obliged to hold/retain customers account details, (which I think is 6 Years) and what actually happens to these details after the six year point - would it be possible to recover/find out such details even after the six year point if the details had been destroyed/deleted - having in-mind that items on computers are not actually deleted in the normal run-of-things.

I am asking on behalf of a friend who has been told by the Bank that they no longer hold certain details relating to PPI claim, and as a result are only suggesting a very much smaller sum than was actually anticipated.

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HondaMan

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I suggest that you check the FSA site to see what the regulations say.

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Nontek

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HondaMan

Thank you, I have passed on your suggestion, with a link to FSA.

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spuds

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I would also suggest that you have a look at the Martin Lewis website http://www.moneysavingexpert.com he always seems to have quite a lot to say and suggestions on this subject.

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Woolwell

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There is some useful advice on the Financial Ombudsman site about PPI claims and what to do if you are unsatisfied with the amount offered.

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Woolwell

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Also from the Financial Ombudsman site: "Banks and building societies are not required to keep records indefinitely". But doesn't give a time scale as to what may be reasonable.

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wiz-king

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Seven full tax years seems to be the minimum, then they can be archived to the WPB or other department.

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Woolwell

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I suspect that how the old records are kept will vary from bank to bank. I also think that the chances of getting recovery of deleted data is remote.

I suggest that you go back to the Financial Ombudsman on the grounds that the settlement figure is unsatisfactory and see what they say.

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HondaMan

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It will be interesting to see how this develops with "lack of evidence".

You should know approximately when you took out the loan which may help in calculating the total amount paid which in turn may help in assessing their current offer.

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spuds

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Personally I would not take much notice what the bank states, and really more on what the Ombudsman or Martin Lewis as to say or recommends.

I have just had half an hour with my banks Asian customer services wanting to report a possible website breach, and I have come to the opinion "I just cannot get any sense out of them". Letter to the CEO en-route.

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spuds

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I would imagine: WPB= Waste Paper Bin?.

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