Old Loans and CCA requests.

pressandgo

is it correct that if the loan is finished and paid off then their is no legal requirement for the bank to supply them?

i am about to start a PPI claim - have no paperwork for two old loans going back to 2002 and have read that you rarely get the original CCA from a SAR request.

rizla_king

Yes, your right to a copy agreement under section 77 of the consumer credit act no longer applies when there is nothing left due to pay under the agreement.

rizla_king

http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/OFT1272.pdf

Sections 77, 78 and 79 set out a limited number of situations where the
duty to supply copies and statements does not apply.
•
It does not apply to an agreement under which no sum is, or will or
may become payable by the debtor or hirer. It will therefore not
apply where the agreement has been paid off and terminated. It will
also not apply where judgment has been obtained, unless there is an
interest-after-judgment clause in the agreement which the creditor or
owner has not expressly waived. Where, however, the agreement
has merely been terminated, but monies are or will or may be
payable under it by the debtor or hirer, the OFT considers that the
duty will still apply