How long must the Halifax keep a closed mortgage account details?

Badbadger_2

Hi all,I sent a letter to the Halifax asking for my account details for an old mortgage that was paid of back in 2007, so I could check to see if I had PPI.
They have written back to me saying they can't find the account details.
I thought they were obliged to hold the information for six years.
Is this the case?

Any help would be great,

Regards

Badbadger

magpiecottage

There is no such requirement.

The FSA requires records of certain sales to be kept for six years but by definition when a loan is paid off will be some time after it is sold.

Pink1808

Hi, don't know if this helps but, I have just received my paperwork from my credit card from 1996 - 2002 from the Halifax. they told me they couldn't find my details so I sent them a copy of a statement and they found all paperwork
Have you any paperwork at all with account numbers/ address on maybe you could send them a copy of that and see if they can find anything then?

dunstonh

The other reasons they may not find details is that there is nothing to find. MPPI is usually standalone. It could have been arranged post sale or via a broker and Halifax wouldnt know.

Mortgage insurance is very different to loan and credit card which is in part why it gets fewer complaints and fewer upheld.

Starbabe

I was mis-sold ppi in 1996 when I took out a mortgage. I actually questioned the legality of making it a condition of offering me the mortgage. My employment was such that I could not be made redundant and my pay was secure in the event of illness etc. I have no paperwork and I know that the building society, which has been taken over since are not likely to have any record. All I have is the address of the property and the dates I bought and sold it. Do I have any chance of finding out more details from another source? Any help would be gratefully received.

dunstonh

I actually questioned the legality of making it a condition of offering me the mortgage.

There are no rules or laws preventing any lender making insurance a condition of the lending. In the mid 90s, many lenders offered deals with special rates as long as you bought an insurance policy at the same time. That was allowed and still is.

My employment was such that I could not be made redundant and my pay was secure in the event of illness etc.

The only occupation that cannot be made redundant is the police. Was that your occupation?

Do I have any chance of finding out more details from another source?

MPPI doesnt appear in the mortgage documentation. So, that wouldnt help you anyway. One of the reasons MPPI has a lower success rate on complaints is that it is a standalone product and nearly always set up exactly how all types of PPI should have been set up.

How long ago did you stop paying the MPPI? Timescale is an issue with regards to document retention.

Starbabe

Dunstonh - Yes, I was a police officer. I only had the MPPI for two years, I realise that causes a problem.

dunstonh

Being a police officer is normally a strong complaint reason. However, if the lending deal did require the insurance to get it (typically for 12-24 months before you could cancel it - although they rarely enforced it as they didnt have the systems in place to know if you cancelled it) then it would be a tough call.

You can make your complaint to the lender and see what they have. If they turn around and say no record then there is little that can be done. However, you never know, they may have it.

Starbabe

Thank you for your help.