Business bank account overdraft guarantees?

addedvaluebob

magpiecottage wrote: »

OED definition of unlikely "Not likely to be true or correct; improbable in respect of fact."


A DSAR will cost £10 (200 times 5 pence - a "bob" in old money).

It is unlikely to turn up any information after all this time.

In any case, FOS only has jurisdiction over a firm if, at the time of the events being complained of, it subscribed to a relevant predecessor scheme.

NatWest was a member of the old Banking Ombudsman - but it only started in 1986.

So it is unlikely that £10 would turn up anything at all and, even if it did, the bank would seem able to show that FOS has no jurisdiction.

It is up to the OP if they want to spend £10 on it but the odds of it producing any return seem extremely unfavourable.

The likelihood of there being information is based purely on your opinion nothing more or less you have no idea of the record keeping for this bank.

5 pence was never 'a bob' a shilling was a bob

The bank accept voluntary jurisdiction on pre-regulated cases in exactly the same way that they accepted mortgage endowment cases pre-88

dunstonh

5 pence was never 'a bob' a shilling was a bob

and a shilling is 5 pence.


The bottom line here is that the OP's father, can complain. However, there are issues to be aware of that have been highlighted on this thread. These issues may be easily overcome or may not even apply (given the lack of info). A summary of the issues are that the product, as described, doesnt sound like PPI but that could be down to the OP's description (PPI doenst pay a lump sum but the indication was a £75k payout which sounds like life assurance which banks commonly required for business debts in the 80s and 90s). If its life assurance then making a PPI complaint is pointless. Banks are allowed to insist on life assurance for security of a debt. The father may have been self employed or a partnership or may have been a limited company. The limited company may still be open or it may have ceased to exist. If it was limited and has ceased trading/closed then a complaint is complicated as the redress on a successful complaint belongs to the company. Timescale is a factor on a closed account. The records may no longer exist. Paying £10 for a DSAR may result in some info but it could result in little or nothing. Especially if the insurance was standalone (i.e. if it was a direct debit to the banks in-house life assurer then these were separate trading companies and another DSAR would have to be made to them)

Some of the above may not apply. However, these are things the OP needs to find out and be aware of as potential obstacles.