How long are bank and loan statements kept?

[suekelly]

Hello,

 

A couple of questions:

 

1. How long do banks keep statements for bank accounts where the account is closed following Default but a debt is still outstanding from an overdraft?

 

2. If a consolidation loan taken out in 2005 (defaulted same year) replaces another loan and a credit card debt with the same company, will the bank have to produce details of all these accounts under a full SAR request?

 

I've been through tons of posts on the forum but there is so much conflicting information, it's difficult to know what is the true position.

 

Thanks in advance.

[BRIGADIER2JCS]

Banks have to keep records for 6 years after the account is closed.

 

Yes a SAR should produce details of ALL accounts held with the creditor.

[suekelly]

Hi Brigadier,

 

The point I'm still not clear about is.... I'm aware that banks have to keep details for six years. But, if it is over 6 years since the account was closed but there is still a debt outstanding that they're chasing, would they have to keep the details including statements of what the debt comprises?

 

Also, if the second loan (a consolidation loan) defaulted over 6 years ago which, when taken out, compromised of a previous loan and credit card debt from 2001, would they still have to keep this information too?

 

Can you see where I'm going with this?

 

Technically, all these accounts are over 6 years old so are you saying that the bank does not keep anything that dates back further than 6 years? In which case, how can they prove that the debt exists and that the amount they are chasing is correct?

 

Thanks.

[dx100uk]

then the account is not closed

they will hold details

 

as for the consol loan, might be iffy as they are well aware of the PPI reclaims going on.

 

name the bank

 

and tell us about the debt.

 

but, you'll never find out till you SAR them .

 

dx

[suekelly]

Thanks for your response DX100uk.

 

 

First one relates to Lloyds TSB. SAR'd them in June 2012.

 

Received a pile of papers at the beginning of October.

 

They sent me details of a loan and credit card I have with them but no information at all on the current account with the large unpaid overdraft.

I'm just writing to ask them them why not!

 

Wanted to know if they are likely to come back to me and tell me they don't have to provide this information as the default was served almost 7 years ago.

 

Also been paying a monthly amount to BLS since the beginning of 2006 - mostly a token payment of £1 but did pay £18 and £30 a month a certain times.

 

I stopped payments in Aug 2012 when my SAR request timed-out.

I've not re-started the payments.

 

In addition, I've not received any statements from either Lloyds or BLS since April 2006 when it was passed to BLS.

 

 

Second one related to Egg. I mentioned this in another post in answer to someone else experiencing problems with this bank - this is copied from that post:

 

I'm also experiencing the same problems with Egg. I sent them a full SAR in June for two loans and a credit card. They sent me the same letter you received stating that they didn't have to send me an executed copy of the credit agreement for the credit card only as the account was closed. In fact all the account are closed as far as I'm aware!

 

I'm sure this is their standard response to all SAR requests.

 

The credit card debt was in fact incorporated into the second loan (as was the outstanding balance on the first loan and PPI).

 

The second loan was taken out in 2005 after I called them to advise that I was struggling with payments of the first loan and credit card.

They responded by pushing this loan on me which admittedly had a lower APR but was for £15,000 more than I already owed.

 

Lots of issues here but the main point is that five months down the line, they have ignored all my follow-up requests regarding the SAR.

 

To complicate things, the debt was allegedly sold to Apex in 2010 (defaulted in 2005).

 

The first I knew about this was when Apex started chasing me.

I paid Apex a token payment for a couple of years but have stopped now - this was before I'd read all the information about DCA's on this site.

They sent me the "Assignment documentation" when I requested proof that they'd purchased it.

This consisted of a dodgy letter on Egg letter-headed paper and a letter from them - both dated 2010.

They are now threatening to go after a CCJ for non-payment.

 

I sent them a full SAR request too on the basis that as they'd bought the debt, Egg would have passed all the paperwork onto them.

Not the case apparently.

They advised me that they were only given enough information to chase the debt - whatever that means! I've since sent them a CCA request but they've ignored this.

 

I suppose the next step is to contact the ICO?

 

I'm also considering a claim with the Financial Ombudsmanicon for mis-selling the loan (lots of reasons why I think this might be worth doing).

 

Sue