Statements - do I still need to keep them?

loulou_1984

I have a mountain of credit card and bank statements, but with banks and credit card companies all offering paper statements, do I really need to hang on to these? I believe by law they have to provide me with statements for a small fee if I request them (unlikely), so can I shred this mountain of statements I have?

Thanks!

HannahIOW

I've always wondered this too! Hope someone replies for you soon

loulou_1984

Thanks! There are a fair few experts around here so fingers crossed someone knows!

binaryuniverse

Entirely up to you really. Keeping paperwork for at least a year is normally advisable. However, I have statements that go back years as I have a habit of not throwing anything away.
But they're all well organised and easy to find so its not much of an issue.

lisyloo

Well there isn't much point keeping anythimg more than 6 years old because there is a statute of limitations which says you can't be chased for debt after 6 years (unless land or property).

Personally I don't get any paper statements but I keep paper receipts if ever they are needed for either warranty or insurance.

Firstly is it really a huge issue? I cannot imagine anyone having a mountain, at most you should have 2 file boxes. Is this really a big issue?

Under the Data protection Act a company shoudl provide all your details and the max fee is £10.

I keep my receipts instead and now and again I go through ann have a clearout of oldd ones where the warranty will have expired.
I always keep receipts for jewelry as they would be required in an insurance claim.
Note that if you ever have an insurance claim then insurers will ask for receipts for EVERYTHING. This is crazy but it's worth being aware of.
Receipts are better than credit cards statements in my view.

superscaper

Why keep paper copies at all? There's no requirement that says they have to be in physical form. I scanned ALL my statements and shredded them ages ago. Surprising how much filing space that saves. Also I no longer get paper statements from my bank or credit card company anyway, so I'd also check whether your banks and credit card companies offer the option to stop receiving paper statements. Storing them digitally has the advantage that they can be searchable and they don't degrade/rip/fade over time.

choc_mouse

I have 12 bank accounts and credit cards in total - so if I kept the monthly statements for all of them, my room would turn into one giant financial archive.

Instead, I'm in the habit of switching on "paper-free" statements with my accounts and switching it back to paper every 4 months or so, for 1 month. Then I chuck (destroy) any that are older than 1 year as I can see at least 3 years in the past online anyway. This is because now and then you get people/organisations that require to see "recent" statements as proof of e.g. name, address, income; similar to how utility bills are useful despite not everyone receiving them.

Shred them - no need for paper in this digital world.

cos_2

If you think Revenues and Customs are after you then it could be wise to keep these documents. Also, some loan companies ask for original copies, but I wouldn't think they'd go back more than three months or so. If you're looking to sponsor someone coming into the UK on a visa the embassy will ask for a current bank statement. And so forth...

My advice is bin (or recycle!) them.

Zack1

I binned stuff to do with my phone when i moved to uni (along with a lot of statements). That caused some fun when it came to claiming for the phone I lost the other week!

But yea if you don't need them for insurance purposes I'd get rid. I've got paper ones at the moment, but thinking of turning that offs as it saves a lot of hassle with me moving and stuff

superscaper

Zack1 wrote: »

I binned stuff to do with my phone when i moved to uni (along with a lot of statements). That caused some fun when it came to claiming for the phone I lost the other week!

But yea if you don't need them for insurance purposes I'd get rid. I've got paper ones at the moment, but thinking of turning that offs as it saves a lot of hassle with me moving and stuff

If you scan everything then you haven't actually lost anything anyway by binning the paper. You still have digital copies and to be honest digital filing is much more manageable and versatile that physical filing.

superscaper

cos wrote: »

Also, some loan companies ask for original copies, but I wouldn't think they'd go back more than three months or so.

What would be considered "original copies" if you don't receive paper statements?