Why can't my bank trace my previous loans?

FaithFay1992 · 14 December 2017 at 11:32AM

Hi all,

Sorry if this is a really stupid question, but I bank with HSBC and have had loans, paid them off, taken them out again, paid them off etc over the past ten years all personal loans with HSBC.

I am interested in seeing if I can claim PPI, because I remember being asked the question a few years ago and can't remember if I took it out or not. There is a form online that you can fill in on the HSBC website which claims that they can look into this for you. I filled it out and two weeks later I received a letter from HSBC that simply said "sorry, we cannot find any records of your previous loans, therefore cannot look into this any further" or along the lines.

It just find it amazing how referenceing agencies can see all of your credit history going back for at least six years when you apply for a mortgage (recently got accepted for my first mortgage and had all these checks, credit check etc to see how I have managed my credit in the past) yet the bank that the credit actually came from suddenly have no idea?!

The problem I have is that I really would like to see if I am owed anything but I can't because I honestly can't remember the dates of my old loans, when they were taken out or what address I was living at at the time , I've moved house a LOT (army wife). I think as soon as I paid off all my loans I shredded all the documents stupidly and honestly just can't remember hardly anything, just that I've always had them.

Are there any companies out there that will check for PPI and somehow help me trace the loans?

Would I be able to go into the bank and ask them to give me my loan history with them? Surely they/someone must have this information somewhere? Like I said credit check agencies seem to know! So where is this info? I thought that banks had to archive your information for you for at least 6 years?

Sorry if that was a really stupid question, don't judge I'm just confused and looking for a bit of advice please. Thank you

Arleen · 14 December 2017 at 11:51AM

If you cannot give any details about the loans like address, when it commenced but just your name then that is almost certainly not enough for the bank to look it up without getting false-positives, and that's a big no-no. Once you can figure out some dates and addresses they will almost certainly be able to locate them for you.

And when you sign for credit report you have to provide a wealth of details, history of addresses, some details about open/past accounts etc.

FaithFay1992 · 14 December 2017 at 11:55AM

Thanks Arleen,

But I still don't understand, I've only had the one bank account and every time I've moved I've changed address there with them. But surely changing your address won't alter the details of my account? Surely the historical accounts are still the same and haven't been changed?

National_Debtline · 14 December 2017 at 11:57AM

Hi FaithFay1992

FaithFay1992 wrote: »

Are there any companies out there that will check for PPI and somehow help me trace the loans?

There are millions of these companies (only a slight exaggeration...). However they can't dig up any more information than you can yourself, so you ought to think twice about letting them take a hefty commission on any refunds to which you may be entitled. The PPI Reclaim guide on this very site shows you how to do it free of charge and is every bit as effective.

FaithFay1992 wrote: »

Would I be able to go into the bank and ask them to give me my loan history with them? Surely they/someone must have this information somewhere? Like I said credit check agencies seem to know! So where is this info? I thought that banks had to archive your information for you for at least 6 years?

The bank's obligation is to retain information for six years - anything older than that may have been shredded. Of course, if your dealings with them are more recent then you should expect them to be able to oblige, and they may get in hot water with the Information Commissioner if it turns out they have disposed of paperwork prematurely. https://ico.org.uk/concerns/getting/

Good luck

Dennis
@natdebtline

Arleen · 14 December 2017 at 12:00PM

FaithFay1992 wrote: »

Thanks Arleen,

But I still don't understand, I've only had the one bank account and every time I've moved I've changed address there with them. But surely changing your address won't alter the details of my account? Surely the historical accounts are still the same and haven't been changed?

That depends on inner workings of a bank, but loans and credit accounts are a separate product. They may be linked internally, they may be not, I am not that aware what's the default model in the UK, but it wouldn't surprise me it they rely on the credit report to provide the link between products.

forgotmyname · 14 December 2017 at 12:03PM

I know someone that was a bit lazy and used one of the PPI companies, they got their money minus a hefty fee. But now they cannot answer the phone because of the PPI calls. We all may get a call every now and then but they get calls every couple of days.

FaithFay1992 · 14 December 2017 at 12:21PM

Thanks Dennis,

Really helpful.

I can't list my address history and that's about it. Will that be enough to follow through doing it on my own?

FaithFay1992 · 14 December 2017 at 12:23PM

Also yes, the loads I'm speaking of are all within the last 6 years. I still have one now with HSBC so for them to send me a letter saying hey have no information at all?

Might be best if I can just visit the bank in person.

wiseonesomeofthetime · 14 December 2017 at 1:11PM

I had a loan with Santander from 2004 to 2009.

They managed to locate it without any fuss.

And no, I hadn't ticked the box for PPI, so no refund due :-(

McKneff · 14 December 2017 at 1:22PM

Please remember. Until it is proved that you were miss sold and there has to be evidence to prove that, then they owe you nothing . You dont get ppi back just because you paid it.

It is a complaint, not a claim

National_Debtline · 14 December 2017 at 5:39PM

FaithFay1992 wrote: »

Thanks Dennis,

Really helpful.

I can't list my address history and that's about it. Will that be enough to follow through doing it on my own?

How far back does your recollection of your address history become patchy?

It shouldn't make it outright impossible for the bank to trace any old policies but it might certainly slow things down, I imagine.

Dennis
@natdebtline

Why can't my bank trace my previous loans?

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