Advice in HSBC PPI

megan128a

I wondered if someone could clarify the situation I am experiencing with HSBC. I wrote to them asking for a breakdown of PPI charges for my loan which I took out in 2007. However, I received a reply stating that they have looked through my records and cannot find any PPI payments. However I know I did pay it.

Apparently they no longer have these records as it was 7 years ago and it is for data protection reasons. Does this seem correct to you?

I paid the loan off about 3 years ago, and last year I shredded all the documents thinking I wouldn't need it.

Hoping you can give me some advice. I thought that the banks had to keep records for a longer period of time than this and under the Consumer Credit Act, are they not obliged to send me them? (for a fee of course).

I've already successfully claimed with MBNA and Post Office so I am pretty sure any claim is watertight, although I know it differs from company to company.

Thank you

[Deleted User]

megan128a wrote: »

Apparently they no longer have these records as it was 7 years ago and it is for data protection reasons. Does this seem correct to you?

I paid the loan off about 3 years ago, and last year I shredded all the documents thinking I wouldn't need it.

If you no longer have records, and the Bank don't, then your complaint is over before it's begun.

You can send them a Subject Access Request (SAR) letter costing you £10 which should provide you with all information the Bank has kept on file for you.
Excellent template here;
https://forums.moneysavingexpert.com/discussion/1475553

antrobus

megan128a wrote: »

....Apparently they no longer have these records as it was 7 years ago and it is for data protection reasons. Does this seem correct to you?...

Yes.

megan128a wrote: »

... I thought that the banks had to keep records for a longer period of time than this and ...

6 years is the norm as per the Limitation Act.

megan128a wrote: »

..under the Consumer Credit Act, are they not obliged to send me them? (for a fee of course)....

S77 of the CCA 1974 - Duty to give information to debtor under fixed-sum credit agreement - doesn't apply once the loan is repaid and there is no debt

megan128a wrote: »

....I've already successfully claimed with MBNA and Post Office so I am pretty sure any claim is watertight, ...

If you've shredded your records and HSBC have destroyed theirs, then there is no claim. A SAR might motivate HSBC to produce something.

dunstonh

Apparently they no longer have these records as it was 7 years ago and it is for data protection reasons. Does this seem correct to you?

The regulator recommends 6 years. So, them saying it has been destroyed as it was 7 years ago does seem realistic.

I paid the loan off about 3 years ago, and last year I shredded all the documents thinking I wouldn't need it.

The bank would have taken the same view.

I thought that the banks had to keep records for a longer period of time than this and under the Consumer Credit Act, are they not obliged to send me them? (for a fee of course).

Once the loan is repaid, the requirements of the consumer credit act cease (that includes the £1 for agreement that you are referring to).

If you do not believe they are correct in what they are saying then spend £10 and do a data subject access request. If you get nothing on the loan then you know they were telling the truth. The DSAR can sometimes result in information that is not available on screen to staff members being given to you.

System

megan128a wrote: »

I wondered if someone could clarify the situation I am experiencing with HSBC. I wrote to them asking for a breakdown of PPI charges for my loan which I took out in 2007. However, I received a reply stating that they have looked through my records and cannot find any PPI payments. However I know I did pay it.

Apparently they no longer have these records as it was 7 years ago and it is for data protection reasons. Does this seem correct to you?

I paid the loan off about 3 years ago, and last year I shredded all the documents thinking I wouldn't need it.

Hoping you can give me some advice. I thought that the banks had to keep records for a longer period of time than this and under the Consumer Credit Act, are they not obliged to send me them? (for a fee of course).

I've already successfully claimed with MBNA and Post Office so I am pretty sure any claim is watertight, although I know it differs from company to company.

Thank you

I feel that this is weird, especially as I am currently processing a PPI loan claim (for two loans) with HSBC for 2006 where they quoted the loan agreement numbers in their first letter of correspondence.

You would imagine that they got rid of everything across the board up to X date, maybe they don't though?

I managed to find the details of my loans via online statements. Officially it wouldn't go back that far but I found that if I pressed next and previous enough times that it loaded for just long enough for me to open it, take a screenshot and it would close on me. After about 20 minutes fiddling online I managed to get the information I needed with regards to how much I paid and when.

Hope you manage to get something sorted