My bank can't find my loan agreement and I'm disputing, it what can I do.

Clive_Woody

Derwent wrote: »

If they can't produce even a copy of the agreement I'd cancel the DD and stop paying it ! They can't enforce a contract that apparently doesn't exist ! I imagine if you stop paying they will find a copy pretty quickly.

This will trash the OP's credit history as any missed payment will be reported and stay on file for 6 years.

Until this is resolved the OP needs to keep making payments as normal. If refunds are due then he can invoke the DD guarantee and ask for immediate repayment of any overpayments.

~Brock~

AMILLIONDOLLARS wrote: »

The bank has to send you a copy of your loan agreement, write to them requesting a copy. How can they collect on a loan if they have no paperwork? They can't, contact the The Financial Conduct Authority, link below.

http://www.fca.org.uk/

Also bad advice...

1. The loan will be unregulated. The Consumer Credit Act does not apply and there is no obligation to supply further copies of the loan agreement.

2. The FCA don't regulate commercial lending. They won't even regulate consumer lending until April this year.....

Derwent

jacques_chirac wrote: »

Really bad advice - all that will do is screw up the OP's credit file.

OP, if they cannot produce the original loan agreement the likelihood is they will be able to produce a reconstituted version - this is sufficient for a court to enforce the debt. Request this in writing from them.

I was kind of being facetious, but a reconstituted version would not be sufficient to enforce the debt as the agreement is prior to 6th April 2007. For anything prior to that date they MUST produce a true copy of the original agreement.

~Brock~

Derwent wrote: »

I was kind of being facetious, but a reconstituted version would not be sufficient to enforce the debt as the agreement is prior to 6th April 2007. For anything prior to that date they MUST produce a true copy of the original agreement.

Good grief.....

Please read point 1 of my last post directly above yours.

The loan is unregulated, therefore please stop posting advice that, even if correct (which it isn't), only applies to CCA regulated debt.

jonesMUFCforever

OP why not SAR the bank??
Cost - £10


Any application for finance will have been noted on your computer file with the bank - this should confirm what you borrowed at what rate and over how many months/years. This would also show any arrangement fee etc.


On a last note - OP how can you not keep in a safe place such an important document??

freeisgood

Yes OP is it "shredded it 5 yrs ago" lost, or "somewhere in my flat but can't find it" lost?

Thrugelmir

Rob_1 wrote: »

Where do I stand, I've paid over what I thought I originally signed up to

Without your copy you have no proof. Thought has no legal value.

Have you asked the bank what the interest terms are on the account?

Presumably ever year you have received a statement detailing repayments and interest charged.

Rob_1

Hi,

Thanks to all for posting, a few clarifications, the loan is actually my wife's for her old business, she's not very good with paperwork hence the reason it is lost and when I say lost I mean for good. The business closed down five years ago and she threw away pretty much anything to do with it.

One more thing seeing as I am new to this what does OP mean?

Roberto.

Tixy

OP is opening post or opening poster, i.e. in this case you.

Has she not had/still got any statements?

If not then as suggested the next sensible step is to send a subject access request (SAR) under the data protection act.

Clive_Woody

OP = Original Poster (i.e. the person who started the thread/asked the original question).