Data protection - RE: Loan Application

sumguy

I have applied for a loan and was told that I have been successful. I have been provided with a loan agreement reference number and I was informed that this loan agreement would be posted to me, for me to check it, sign it and returned it back to them.

I did my application online but at the end it informed to contact them by phone. I did just that immediately afterwards and was talked through my application. I informed them for one of the questions I was self employed and they asked if I had an accountant, which I confirmed I did yes, they highlighted they would take these details from me at the end of our conversation.

I have provided them with the accountants details but I wish to know what they would need this information for ?? Additionally, unless I am asked permission specifically, does the information that my accountant hold about me, even to the extent of confirming if I am even a client of his fall under 'Data Protection'??

Why have they taken the accountants details ?
What information can they demand ?
Without my consent surely they cant have any information ?

Im intruiged to know if anyone can answer these questions please.

Kind regards.

opinions4u

sumguy wrote: »

I have applied for a loan and was told that I have been successful. I have been provided with a loan agreement reference number and I was informed that this loan agreement would be posted to me, for me to check it, sign it and returned it back to them.

I did my application online but at the end it informed to contact them by phone. I did just that immediately afterwards and was talked through my application. I informed them for one of the questions I was self employed and they asked if I had an accountant, which I confirmed I did yes, they highlighted they would take these details from me at the end of our conversation.

I have provided them with the accountants details but I wish to know what they would need this information for ?? Additionally, unless I am asked permission specifically, does the information that my accountant hold about me, even to the extent of confirming if I am even a client of his fall under 'Data Protection'??

By applying for the loan you have almost certainly agreed for them to make whatever enquiries they see fit in the process of approving or declining your application.

Why have they taken the accountants details ?

To give them the option of verifying you're income, confirming that you're still trading, to check that you really exisit?

What information can they demand ?

They can't demand anything. They can request whatever the need to approve your application. If they don't get it, they could reasonably decline.

Without my consent surely they cant have any information ?

You will have given this consent by applying for the loan. Check out what it says on the website / application form etc. If the loan application doesn't include this consent, they will need to obtain it from you before approaching your accountant.

To me, you sound like you have something to hide.

sumguy

Theres nothing to hide.... it was merely curiosity as to why nothing was highlighted clearly... ie, we may approach your accountant to verify you are still trading as a sole trader, annual income, trading name if different etc (this was never mentioned)... but then it also raised the question as to how this would evolve... I would expect both the loan company to ask for permission clearly and also my accountant to confirm that I am happy for them to provide any such information to said company...

antrobus

sumguy wrote: »

Theres nothing to hide.... it was merely curiosity as to why nothing was highlighted clearly... ie, we may approach your accountant to verify you are still trading as a sole trader, annual income, trading name if different etc (this was never mentioned)... but then it also raised the question as to how this would evolve... I would expect both the loan company to ask for permission clearly and also my accountant to confirm that I am happy for them to provide any such information to said company...

Your accountant (assuming he's the kind of proper accountant that has a framed certificate on the wall to prove it) will be bound by rules of client confidentiality that go far beyond the requirements of the Data Protection Act. Your prospective lender can request whatever information they like from them - or indeed from anyone from that matter (I'm not sure that they need permission to ask questions) - but your accountant will only supply the information if they have your consent to do so.