Statements

pinknico

I have a secured loan that was started in October 2007, should I be receiving statements and from when?
If I haven't received them when I should have ,what can I do about it?
Thanks:)

~Brock~

In order to comply with the Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007 an annual statement must be sent within 12 months of 1st October 2008.

Under the transitional arrangements, for accounts already opened by that date, there is no requirement to show transactions from before that date on the first statement.

pinknico

Thank you, so if I understand correctly I should get a statement by October 2009.

~Brock~

Yes, although the interim arrangements mean that it could be anytime between now and then. I guess that most lenders will use the anniversary of the account as the trigger date.