Loan statement

Madone13

A little bit of background - I took out a loan in 2008 which has subsequently twice being increased.

After reading around on this site I have decided that the company I took the loan out with might not be reputable and as such I have decided that I would like a breakdown of all my payments over the last 2 1/2 years - all the interest charged and my balance. I have rung up today and they have claimed that this is impossible given that once I took out a new loan (or as they phrased it at the time "an extenstion") the account has been closed.

I would be grateful if anyone could offer any advice as to what I am entitled to ask for in the way of details around my loan and whether I am entitled to ask for these details without incurring a fee.

Many thanks

Apples2

Why would they not be reputable?

Have they given you three loans successfully or not?

You can send an SAR request to them but it there is a cost.

Madone13

They have given me three loans and so far I have no reason to complain about them so I have not named the company - however I have seen posts on this site that have given me cause for concern. Hence I want to check that everything has been as it should be.

Please could you expand on what an SAR request is and what the cost may be.

paddyrg

They are saying you didn't have one loan with extensions, but a new loan each time, which paid off the old loans. They closed the file on those old loans, they're either in deep archive or the bin by now. The current loan should be simple enough though.

Apples2

An SAR is a Subject Access Request. It is a written request for the company in question to disclose all the information they hold on you. This will include all details of your loan(s) and payments made.

http://forums.moneysavingexpert.com/showthread.html?p=12547639#post12547639

From the link above there are two examples. They are entitiled to charge for this (£10 is normal).

Dear

Re: Account number:

In the first part under the Data Protection Act 1998:

Under the Data Protection Act 1984 and 1998, and including the right of subject access under these acts, please supply me with a complete list of transactions and charges relating to the above accounts held with you since they were opened.

Additionally where there has been any event in my account history over this period which has required manual intervention by any member of your staff or any other person, I require disclosure of any indication or notes which have either caused or resulted in that manual intervention or other evidence of that manual intervention in relation to my business with you.

If you are unable to supply data relating to manual intervention because there has been no such manual intervention then please be kind as to confirm this in your response to this request.


For the avoidance of any and all doubt, I reiterate:

I hereby request that you supply me with any and all historical data in your possession which, in any way appertains to me, including (but not exhaustively) a copy of the original signed executed agreement; statements of account; duplicate statements and/or print outs of all account transactions; all internal and external correspondence sent or received by you including memo’s, logs, notes, screen prints and transcripts; notes of manual interventions such as telephone attendants' notes, copies of stored telephone conversations, internal and external emails; any other information held on any/all types of media in any relevant filing system (microfiche included).

If you have disclosed any information to a third party (with or without my express permission), will you please include details of this in your reply, along with notes of any legal action passed or pending (to include a true copy of default notices, court orders and the like).

Where any information that you provide includes any charges, for example returned payments, late payment fees, and so forth, would you please advise your breakdown of actual costs (liquidated damages) incurred for each charge, and the Term or Condition on which you rely upon to claim such a charge.





I also require that you forward, within the above mentioned time scale, a true copy of the Terms and Conditions that were in force at the time my account was opened, and any subsequent amendments to those Terms and Conditions.

I enclose the statutory maximum fee of £10.00 to access ALL data held by XXXXX about myself. You should be fully aware of your statutory obligations under the Data Protection Act and that any failure to comply with this request will involve a complaint to the ICO as well as potential legal action.

You have 40 days in which to comply with this request.

This communication has been sent Recorded Delivery so I can ensure compliance on these issues within the legislative timeframes.

Yours Sincerely






Enc:
Postal Order for £10. Specifically for DPA/SAR request – not to be credited to any account

SUBJECT ACCESS REQUEST UNDER THE DATA PROTECTION ACT

Dear Sir/ Madam

Please supply me with a copy of all information your company hold on me including a list of accounts and details of payments.

Under the Data Protection Act 1984 and 1998, and including the right of subject access under these acts, I hereby request that you supply me with any and all historical data in your possession which relates to me and am entitled to under section 7(1) of the Act.

If you store any of the older records on microfiche, please be aware that the Information Commissioner deems this to be a relevant filing system under the Act. As such, any microfiche data must be sent to me in fully legible and comprehensible form.

Additionally, where there has been any event in my account history over this period which has required manual intervention by any member of your staff, or any other person, I require disclosure of any indication or notes which have either caused or resulted in that manual intervention, or other evidence of that manual intervention in relation to my business with you.

If you are unable to supply this data because there has been no such manual intervention, then please be so kind as to confirm this in your response.

I enclose the statutory maximum fee of £10. You have 40 days in which to comply. Furthermore, if I discover that you have levied disproportionate penalties against me or collected monies to which you were not entitled, then I shall be reclaiming them and also the enclosed £10 Data Protection Act subject access request fee.


Yours sincerely

Madone13

Thank you for the replies above.

I have dug out a statement on my 2nd loan which goes to March 2010 - I then took out my 3rd loan in November 2010. From this and using the interest rate of my second loan I have calculated how much I should have owed when I took out the 3rd loan. (Working the interest accrual out on a daily basis). I think that I may be have been done out of almost £200 when I took out the third loan.

Can anyone offer any advice as to what my next step should be?

zppp

Have you included the early settlement penalites in your figures?