What to do if account is closed?

Louise1000

Hi

I am trying to reclaim on a couple of loans and several credit cards that date back around 10 years or so.

I have written to everyone using the template letter given here as my first step as I no longer have any of the paperwork associated with the credit cards as they are now all settled.

I have had varying degrees of success with regards to actually getting any info back from credit lenders.

The following response I have had from Capital One -

"Where there is no sum which is or will or may become payable under the credit agreement, then the obligation to provide documentation under section 78 of the consumer credit act 1974 does not apply. Therefore, on the basis of the above, we have no obligation to provide you with a copy of the documents that you have requested".

Does this actually mean that they really do not have to provide me with any of the information I have requested? - Im getting a bit confused as after sending the same template letter to other credit lenders some have freely sent me back the information I have requested - i.e a copy of my original credit agreement etc.

Does anybody have any ideas as to what to do next?

Many thanks

di3004

Hi and welcome

With closed accounts they do not have to oblige or may not hold that actual request, yet some will provide them if they hold them even when the accounts are closed/paid off.
That does not stop you from making a reclaim though, many on here have done so by using the account numbers and have been successful, they will send the breakdown of the refund.

However, if you requested for a subject access request in short called a SAR, they must comply by 40 calendar days with this request and send all data they may still hold on the accounts, going back at least the last 6 years, its known that sometimes the agreements appear in these requests, but if not there should be some details of any insurance if taken out.
Some will hold and send data prior to 6 years if they hold them on microfiche files etc.
There is a full SAR Template below if you want to do this but you enclose £10 cheque or postal order.
If though you've had a few loans with the same business then one SAR with one payment is sufficient as that should cover all data with that same business.
https://forums.moneysavingexpert.com/discussion/1475553

To make a reclaim you simply just complete the reclaim questionnaire as on step 3 below, send to the ones who set up and sold you the accounts, head office or complaints by signed for recorded delivery, and keep copies for yourself as well.

They usual is 8 weeks for a decision, then the FSA given extra time due to backlogs to 16 weeks, as from tomorrow its 12 weeks, then back to the 8 weeks from October.

Hope this helps and good luck.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

Derwent

It really depends on when the account was finally closed. Banks will wriggle out of it by saying by law they don't have to keep records for more than 6 years but they are being a bit economical with the truth. In actual fact they have to keep records for 6 years after the last transaction on the account. So for example, for a 5 year loan taken out 10 years ago but which was settled in 2006 they would still have the records. The loan may be from 2001 but the last transaction was in 2006 so would fall in the 6 year timescale that they have to keep the records for. However, this only applies to the transaction history and not the actual credit agreement documents.

Louise1000

Hi

Thanks to everyone who replied. Ive checked my credit file with Equifax and although the earliest that was settled was in late 2006 all still fall within the 6 year timescale etc for holding information on me.

A few replies I have received - Barclaycard being one in particular - although I definately know that I have had a credit card with them from 2000 - 2006 (late) they are insistent that I dont exist. An entry form them even appears twice on my credit file yet that cannot even find me once. I have even offered to send them copies of my credit file but they dont seem interested!! - Surely if I have never existed with them perhaps I could try and claim back all the money I have paid to them over the years everytime my statement arrived!!!

Even though all my creditors have had the same template letter - only one replied (RBOS) calling my request a Data Subject Access Request - and they sent me the info that I wanted for free!!

I think that I will pursue plan B - which is re-write to everyone who has not or will not reply together with a copy of their entry in my credit file and ask for a Data Subject Access Request.

If the answer still comes back as a no - i.e I still dont exist then i'm off to the financial ombusdsman for advice.

By the way - do not try this through a 'claims company' - somebody that I know did this, okay yes they did receive a refund of around £3000.00 but they also now have to fork out around £800.00 to the 'claims company' for their commission (its actually going to be taken direct out of their £300.00). And all for what - the cost of a few stamps and a few choice words in a letter...I dont think so!!

If anybody has any further advice they can share with me I would be very much appreciated.!!!!

Many thanks

:rotfl::rotfl::rotfl::rotfl:

dunstonh

"Where there is no sum which is or will or may become payable under the credit agreement, then the obligation to provide documentation under section 78 of the consumer credit act 1974 does not apply. Therefore, on the basis of the above, we have no obligation to provide you with a copy of the documents that you have requested".

Does this actually mean that they really do not have to provide me with any of the information I have requested? - Im getting a bit confused as after sending the same template letter to other credit lenders some have freely sent me back the information I have requested - i.e a copy of my original credit agreement etc.

Does anybody have any ideas as to what to do next?

It means you have used the wrong request. The £1 credit agreement request only applies to debts in force. Not debts repaid. So, they are correct in that they can refuse to supply it using that act. You need the £10 subject access request.