Reclaiming on a loan 14 years old!

vman_xnet

Ok, is it possible to claim on a load thats roughly 14 years old? I was 18 when I took out a loan for £1500 with the abbey National, I was only earning £5000 a year at the time and got into bad debt (took a credit card out to try and pay it off but that got out of control as well) I still have the paper work and it states PPI: YES

Do you think i can claim?

dunstonh

If the debt went bad then and was written off then if you complain and if you are successful, then you wont get the money as it will be used to offset the debt written off. This would include all debts with them. Only if there was a surplus at the end would you get anything.

Banks actively destroy documents after varying timescales. Some will hold data from that long ago, some will not.

ALIBOBSY

There are no limits on how far back claims can go. Depending on what happened at the end with the loan sometimes banks willtry to use the right of offset against the settlement.The rules are here.
http://www.financial-ombudsman.org.uk/publications/Ombudsman-news/40/40_setoff.htm

If the debt is still held and owned by the bank and was never settled ie. paid in full or made an agreed "full and final" settlement, they may well try to offset (I have seen a few cases where the banks paid up anyway-perhaps they didn't notice or forgot to check before sending out the cheque).

If the debt was sold to a third party such as a debt collector they CANNOT hold the refund against it-the rules are pretty clear see the link above. So it all depends on what info you hold, what they hold and what happened at the end of the loan.

Ali x

vman_xnet

I just wanted to say thank you to you both for replying to my question, There was a debt collection company involved at the end but this stretched accross about 10 years in the end.