Moorcroft and Lloyds

[benjamin brittan]

Hello all,

 

I have received a letter from Lloyds, this was in response to CCA request of Moorcroft, I had originally made the same request of Lloyds. In this letter I am told that I have not provided enough information for them to trace the account. I am also told that section 78 only applies for the lifetime of an agreement. I want to write back but I am unsure as to any possible way forward in doing so.

 

Any help as always would as always be greatly appreciated. It is my belief that they do not have the agreement and my preferred option is to write back and suggest that the matter now be considered closed.

 

Your Benjamin

[AndyOrch]

If they cant comply with your request then I suppose the matter is closed unless they litigate and try to enforce the agreement.

 

 

For information:-

 

 

Document Retention

According to sections 221 and 222 of the Companies Act 1985, a public companyis required to maintain records for a period of six years (section 222(5)(b).

 

As a loan agreement is active until the agreement is terminated, Iwould suggest that all the payment records (and other documents making up thefile - including the agreement/application etc) would be "live" untilthe account is paid, or terminated - thus, the full file should be retained forat least six years after that.

 

This interpretation fits in with Inland Revenue legislation that requiresprime documents to be retained for a period of six years - AFTER THE END OF THERELEVANT ACCOUNTING PERIOD. That would mean some files need to be retained forup to seven years. The relevant legislation is found in Schedule 18 of theFinance Act 1998 (paragraph 21) - of particular significance is sub-paragraph(6) which states:

 

"The duty to preserve records under this paragraph includes a duty topreserve all supporting documents relating to the items mentioned in sub-paragraph (5)(a) and(b)."

Finally, key documents/application forms etc must be kept until 5 years after that business relationship has ended. This is a requirement of The MoneyLaundering Regulations 1993, 2003 and 2007. “

 

Regards

 

Andy