How long to keep paperwork ???

meadowlass

Listen to soemone in their fifties who has had periods of self employment and moved a lot. Definitely keep it for minimum of 20 years. I had a close shave with the DWP who claimed I had not paid National Insurance for a period some years back when I had. Luckily I still had the old bank statements to prove it. Keep property purchase and sale information and also pensions information and P60s keep for your entire working life. If you divorce you will need it. Keep any leaflets that made you promises that you based investment decisions on too. A final utility bill is enough once accounts are closed as it has all the companies need to trace your accounts and proves you have paid up. Pack papers away somewhere dry and rodent free but keep a detailed list of what is in each sealed box to save you time when you inevitably have to find something again.

Murtle

blimey - I've shredded the lot....my place just doesn't seem big enough for it all. Would scanned copies of everything be alright??

M

ZoeMarie_2

Hi all, the 7 years comes from the Statute of limitations Act, which means in most cases no one can claim against someone else after this.

If you want to know more precisely what you should keep, check out Staffordshire Council's retention schedule for financial records - technically its for business records, but the principles and relevant bits of legislation are the same.

http://www.staffordshire.gov.uk/NR/rdonlyres/1AF03F5E-52A5-4CAB-9B00-AFEA617D4FAB/21316/GRS1FINANCIALRECORDS.pdf

amosworks

I would say the minimum safe is 20 years as stated, but I would go with indefinite as an ideal solution. If you've got space, store it. If not, every year or so take a wonder to your nans with a new cardboard box full and shove it in her loft. Chances are you'll never need it but when you do, damn hell will you be glad you did that!

I think as mentioned previously, the chronological, indexed and securely stored (dry and rodent free) is essential or you're basically wasting your own time!

liewe_heksie

I scan all my paperwork into my computer and keep it on a disc, that way the paper doesn't take over the place and at least it's all on disc. I also have a backup of this disc just in case. It's not foolproof but at least I have two copies of everything. It's just a pain as I have to make sure once a month that I update all the discs. My sister used to keep hers on her harddrive but when that went she lost everything so I now have two spare discs, sad but I'm happy that it works.

:j :T :idea:

Adleys

liewe_heksie wrote: »

I scan all my paperwork into my computer and keep it on a disc, that way the paper doesn't take over the place and at least it's all on disc. I also have a backup of this disc just in case. It's not foolproof but at least I have two copies of everything. It's just a pain as I have to make sure once a month that I update all the discs. My sister used to keep hers on her harddrive but when that went she lost everything so I now have two spare discs, sad but I'm happy that it works.

:j :T :idea:

Thats a good idea. But remember that cd's have a shelf life. The better quality the disk the longer it will last.

Paper wins (as long as you dont hasve rotents)

thecornflake

Just came across this thread trying to find out how long to keep some of my stuff for. Wanted to add that in the case of bank statements etc, especially when they try to charge in the region of £5 per statement copy, you can do a Subject Access Request under the Data Protection Act. You can ask for all information a company holds about you which includes statements etc (as they have to keep copies of letters they've sent you) and you are only obliged to include an administration fee of £10 :money:

buteman

liewe_heksie wrote: »

I scan all my paperwork into my computer and keep it on a disc, that way the paper doesn't take over the place and at least it's all on disc. I also have a backup of this disc just in case. It's not foolproof but at least I have two copies of everything. It's just a pain as I have to make sure once a month that I update all the discs. My sister used to keep hers on her harddrive but when that went she lost everything so I now have two spare discs, sad but I'm happy that it works.

:j :T :idea:

Make sure you keep one disc away from your home. Keep it somewhere dark and replace it say every 2 years. When newer tech comes along you might end up not having anything which can read your disc so update your backups. ( remember floppy discs? )

gittel

I'd like to know how long to keep records from whenI was a trustee after I was no longer needed on the board due to a merger and restructure. thanks

skyshadow

I keep everything as had a nasty experience with the local council. Moved abroad and paid my council tax bill in cash and thought nothing more of it. Fast forward 18 months and they have obtained their mickey mouse liability order visiting my aunt threatening to take goods.

I forwarded my receipt showing I paid it from my overseas address and they confirmed (on the phone) its all resolved.

Fast forward 5 years and they start chasing me again for this 2k saying I never sent the receipt and that I owe them money. The liability order even tho incorrectly obtaoned still lets them chase the disputed paid bill.

I long binned any records to support this payment and have kicked up enough of a fuss to stop them trying to chase this but they won't agree its paid. I suspect one of the staff when I provided ID and said I was now living abroad (at the time not intending to return) trousered the cash somehow.

Thinking something is no longer needed is not a mistake I will make again without written proof to back it up