How long do banks need to keep a record of loans?

cpol

Rang yorkshire bank enquiring about loans I have had with them because I think they had PPI. They said I have had 2 loans in the last ten years but they cannot provide me with any documentation because the only info they have is the loan number and date it was settled ( they said something about the loan numbers being assigned to other customers??!!? ).
The first loan was settled on 18/02/03 and the second loan was settled on 14/07/05.

I have contacted barclays about a loan from 2002 and black horse about loans from 2004 and both have provided me with copies of the loan agreements, which is making me wonder why the yorkshire bank is unable to.
Are they being honest ? Or just trying to fob me off?

Any comments/ advice much appreciated

dunstonh

How long do banks need to keep a record of loans?

There is no requirement for them to keep any records.

Common sense is that they keep records as long as the debt is in place but increasingly you are seeing 6 years being used (probably as it helps them avoid liability).

cpol

dunstonh wrote: »

There is no requirement for them to keep any records.

Common sense is that they keep records as long as the debt is in place but increasingly you are seeing 6 years being used (probably as it helps them avoid liability).

Cheers

So, in your opinion, would there be any point in me writing to yb and trying to pursue this or would any source of documentation/record be held at the branch which I took the loan ( and they have already said there is none )

marshallka

They have to keep records for tax purposes though?

cpol

marshallka wrote: »

They have to keep records for tax purposes though?

Thats what I would have thought.

Just been on the YB website and there is no mention of reclaiming missold PPI - which seems rather strange considering virtually every other bank is addressing the issue head on and has dedicated information/phone numbers etc.
Could it be that YB is just trying to evade the issue and hope people wont pursue any potential claims?

dunstonh

They have to keep records for tax purposes though?

Not for their taxes as that is done on bulk and not individual basis.

leezoeharley

I work in Finance and we have to keep all financial documnents for 6 years for audit purpose.

roonaldo

FSA says six years according to my IFS manual study material

cpol

UPDATE .... my local branch said all they had was the loan numbers and date they were repaid so I made a note of them then today I rang the contact centre to see if they could help.They said contact your branch, i explained they said they couldnt help and the bloke at the contact centre said he would get in touch with branch. From his tone I can only assume the branch have been less than helpful/honest with me. Anyway the branch should be ringing me soon and il post any developments