Lost Loan Agreement

jonnyhinch

Hi,

I recently requested my loan agreement documentation from my bank to check if ive been paying PPI or not.

My bank how now come back to me saying they cannot find my loan agreement and so do not comply with section 77 (1) of the Act.

They go on to say that i should keep paying my loan or risk damaging my creedit rating etc.

Im just after a bit of advice regarding what to do next as i cant follow up my PPI claim as they havent got the paperwork. Is there a chance of not having to pay my loan? (might be a bit ambitious but thought it was worth a check)

Thanks

dunstonh

Im just after a bit of advice regarding what to do next as i cant follow up my PPI claim as they havent got the paperwork.

You dont need your loan agreement to claim or make a complaint. The fact it is missing is irrelevant.

Is there a chance of not having to pay my loan? (might be a bit ambitious but thought it was worth a check)

Without an agreement the lender may struggle enforcing it in a court of law should you not pay it. However, the lender is allowed to leave the debt on your credit file and show it in arrears/default. So, you would not be able to get credit for many years and would of course blacklist yourself with that company and any sister companies it has. So, totally pointless you not paying it.

jonnyhinch

Hi,

Thanks for your reply. I guessed that would be the case but wanted to know for sure.

The only reason i wanted my loan agreement was to check if i was actually paying any PPI, as the few bits of info i have dont say anything. Is there another way of checking if i dont have the load agreement?

Thanks

dunstonh

Ask them if you have it. That is the only way to find out if you dont have anything.