Is my bank fobbing me off?

Jonny1972

Hi all,

I wrote to my bank to ask for a copy of my credit agreement under section 77 of the Consumer Credit Act 1974, to make a claim for my loan PPI.

A long awaited reply read "We regret to advise you that the loan agreement form has been misfiled and, despite searching our records, we have been unable to locate it. Our record of the setting up of the loan has insufficient detail to enable us to recreate the agreement with the required degree of certainty that is required."

Does this mean the loan is to be wrote off because they have no proof of an agreement?

I stopped paying my monthly installments because i believe the PPI owed to me is more than my existing debt.

I am no longer a customer with the associated bank and im unsure what to do next.

Any advise would be appreciated.
Thanks
Jonny

happy_bunny_2

Even if it is unenforceable they will trash your credit file for 6 years.
When did you take out the loan and who with?

Jonny1972

Hi,

It is with Natwest and the loan was taken out 3 years ago over a 5 year period. Although i have been on a financial hardship repayment for atleast half of that period.

happy_bunny_2

Hi

Don't know anything about ppi...

Sounds like your credit file may be harmed already.

Worth getting a copy of your file from one of the credit ref agencies, experian or equifax. Will cost you £2 and if you pay by card will be available online. This will help you determine the impact on what has been reported so far.

There is a forum for ppi reclaiming. Anyone help on the cca side?

Tixy

The loan won't be written off, but they may not decide to pursue you further for repayment.

Do you have any paperwork yourself about the PPI? If not then might be worth doing a subject access request (£10) for copies of everything they do have - which might give you some info on the PPI and whether you paid it and how much.

stclair

You can request a SAR by writing to the following address:

Data Protection Manager
Retail Regulatory Risk
2nd Floor
Business House B
GOGARBUREN
P.O.Box 1000
EDINBURGH
EH12 1HQ

For PPI queries/mis-selling please see the below link:

http://www.natwest.com/global/ppi.ashx

Jonny1972

Tixy wrote: »

The loan won't be written off, but they may not decide to pursue you further for repayment.

Do you have any paperwork yourself about the PPI? If not then might be worth doing a subject access request (£10) for copies of everything they do have - which might give you some info on the PPI and whether you paid it and how much.

Hi Tixey,

You say the loan won't be written off. They hav'nt pursued me yet but is there a time limit this would stay on my credit file or am i stuck with it for life.

Also i have loans dating back to 1990 with the Natwest, but i have no paperwork for them. is there any way i can ask for all my previous agreements in one go to make a multiple claim?

Thanks again
Jonny

Tixy

If there is no agreement then it won't be written off just because of this, and they are still allowed to report to the CRAs so it would be on your credit file for 6years from the date a default is filed originally with the credit reference agency. If there is no default and you cease payments then they will put one on, and it will be there for 6more years.

Reagrding PPI I would try asking on this section of the forum about how far back you can try to claim - Reclaim PPI & Other Insurance

timbstoke

If it's not in default and you don't want it to be, then your best bet is to use this as your bargaining point. They can't prove you took out the PPI correctly, so try and get that refunded on that basis. Make it clear in your letter that, while you don't wish for the account to fall into dispute, you'r'e sure they're aware that without a valid agreement, the debt is in fact unenforcable through the courts. However, in the interests of a fair resolution all round, you're be happy to continue repayments if the bank are prepared to refund all PPI payments made over the life of the loan.

If the PPI covers the amount of the loan, even better!