Provider Response Legit?

sam_detroit

I'm at the start of following the process for claiming outlined on this site. Pre-Christmas I sent out the initial letters requesting copies of completed credit agreements and terms and conditions.

Today I've had a response from one of the credit card providers telling me that 'section 78 only applies during the lifetime of the agreement' and 'as the account has been closed there is no longer a regulated agreement between ourselves and so we are unable to provide you with the documentation as requested.'

I had the card until Oct 2007. My understanding is that financial institutions were obliged to keep appropriate records for 6 years. Am I mistaken? Is this a legitimate response or are they trying to throw me off the scent? How would you proceed from here?

Thanks in advance for your help.

McKneff

Just my thoughts but its maybe 6 years from the start of the agreement, not the closure.

sam_detroit

Thanks for your timely response. I've got quite a few cards that go way beyond that timescale, all the way back to 1987 in fact. So do I just send in the claim form regardless? I recall reading that it may be worth using claim handlers in these instances. Your thoughts? Thanks, once again, for your help.

DrSqueeze

I think they're referring to section 78 of the Consumer Credit Act, which I believe does only apply to active accounts.

However, if you know you had PPI and you feel it was missold, you can proceed and make a complaint without the paperwork. To give you an example, for one credit card all I had was an old cheque book with the card number written on the back of a stub.

[Deleted User]

You cannot request credit agreements for accounts which are closed.

If you want to complain about PPI, all you need are the account number(s) of the policies you have concerns about (as well as some valid complaint reasons, of course)

DrSqueeze

sam_detroit wrote: »

Thanks for your timely response. I've got quite a few cards that go way beyond that timescale, all the way back to 1987 in fact. So do I just send in the claim form regardless? I recall reading that it may be worth using claim handlers in these instances. Your thoughts? Thanks, once again, for your help.

Peronally, I'd be very wary of using claim handlers because of the very high fees they charge (25% to 40% of any refund is quite common).

[Deleted User]

sam_detroit wrote: »

I've got quite a few cards that go way beyond that timescale, all the way back to 1987 in fact. I recall reading that it may be worth using claim handlers in these instances. Your thoughts?

CMCs don't increase the chances of a successful complaint one iota. Any research is done by the complainant, not the Claims Management Company.
I fail to see a circumstance where it is EVER "worth" using a CMC.

dunstonh

I had the card until Oct 2007. My understanding is that financial institutions were obliged to keep appropriate records for 6 years. Am I mistaken? Is this a legitimate response or are they trying to throw me off the scent? How would you proceed from here?

Their response is correct. S77-79 of the consumer credit act only apply to debts outstanding. You used the wrong method. You needed to do the £10 data subject access request.

My understanding is that financial institutions were obliged to keep appropriate records for 6 years. Am I mistaken?

Yes, you are mistaken. There is no minimum timescale on how long documentation should be kept. They should hold documentation no longer than is necessary. The FSA recommend 6 years as a guide. Different companies will decide for themselves how long. The 6 years will often be a running 6 years as well. Credit card providers often only hold the last 6 years worth of statements. So, 6 years back from Dec 2012 would be December 2006. Chances they may only have less than a years worth of statements on file for you. As the account is closed, they may not even hold that now.

I recall reading that it may be worth using claim handlers in these instances.

Nope. Claims companies rely on you to tell them what cards you have and if you had PPI on them. All claims companies do is get you to fill out the form and post it to the same address you would if you did it yourself.

[Deleted User]

DrSqueeze wrote: »

some people may have complex financial affairs where some assistance can be useful.

What kind of "non-typical" CMC have you come across?
They all charge a huge proportion of any redress won and do absolutely nothing to increase the chances of a successful complaint.

DrSqueeze

I've deleted my comments, obviously got a muddled brain today.