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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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Phoenix21

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I am the friend mentioned by Nontek above. I know the limit is 6 years, but what I am trying to find out is how the records over 6 year of age are removed, and if they are recoverable. Are they deleted but still on a hard drive somewhere, or completely removed beyond hope of recovery using something like Secure Delete? Are they perhaps stored in archives on microfiche somewhere? I am also trying to find out what the original instructions the FSA gave to the banks was regarding not keeping records over 6 years of age. Did they stipulate what form the deletion should take, etc..

When I took out the loan in question from my bank, it was to consolidate a number of debts I had including car finance, about 5 catalogue accounts, and 4 or 5 other smaller debts. I think it totalled around £7000.00 in all. They also mis-sold me insurance on this loan by telling me that I had to take out PPI as a condition of them lending me the money. They knew I was self employed, as I had been for the previous 20 odd years, and that therefore their redundancy/loss of employment insurance did not cover me.

When I first contacted the bank about this mis-sold PPI, they admitted that they had charged me PPI wrongly, but said that as the loan was now paid off, and it was over 6 years old, they had no record of the details, and that therefore they could not pay me unless I could provide them with written proof of the original loan. Unfortunately, I had moved house twice since paying off the loan and had not kept the paperwork. Next I put in a request for disclosure under the Data Protection Act but got the same result. I then contacted the Financial Ombudsman and he said that as they had admitted mis-selling me the PPI, they had to repay me. I have just received a letter from them offering me (in full and final settlement) £721.15.....£389.96 as a refund of protection premiums, plus interest at 8% on each of these premiums from the date it was paid up until the current time. I have recently claimed and received PPI on another loan with another bank, and they paid me all the premiums I had paid, all the PPI payments, plus 8% on the whole lot!

The strange thing is that that even though my bank claims to have no record of the loan, they admitted having given me a loan AND having mis-sold me PPI on it, and on the latest letter I have received from them, they have quoted the full FlexiLoan Protection Plan reference! How have they obtained this information if they have deleted all records of the loan??

Yesterday I contacted Equifax and obtained my Credit Report from them hoping it would give details for this loan, but their records only go back 6 years, too.

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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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Phoenix21

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My thanks to all of you. I will contact the Ombudsman tomorrow.

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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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