Proof of payments??

newwave19

Hi,


I recently came across an old loan policy from 2003 which I found out that PPI was sold on it, I was completely unaware of this, and I have started a claim. As its been over the 6 years, they had disposed of all the records of this loan, so I was able to send it all over to them. The problem is, they are saying that they will want bank statements as a proof of payments, which is a massive problem for me. I no longer use the bank that I was with back then, and after moving house a few times it would be impossible to know if I still had the statements from then, never mind finding them. My question is, do I have to prove this, or as I have a copy of the loan agreement, should the onus not be to them to prove that I didn't make the payments?

amersall

The loan agreement is not proof of PPI paid, you could have cancelled the PPI or not repaid the loan, this is why they need proof I am afraid.

newwave19

Thanks for your reply....looks like i'm gonna have to do some hunting around the house. Usually how many statements do they need, or if I found 1 from between the dates of the loan, would that do?

amersall

You are welcome, not sure if they would need all of them, again, any you find will only show what you have paid in a certain time frame, you could have made a claim on the PPI previously or after the statements, have a good hunt round and see what you can come up with, see if the bank will accept less statements, even if you had the last statement to show the loan paid in full, the reasons I have stated in this thread could have come into play, did you settle the loan early?.

newwave19

I just contacted my old bank and they have records going back to 2007, and the earliest statement they have shows a payment from the bank that give the loan, which leaves me to think that I might have paid it off early. The amount is about £30 more that what a monthly payment was, and it was about 6 months before the loan was due to finish.


Thanks again
Phil

amersall

What was the original loan term?.
The earliest statement you have, does it show the loan amount cleared?, if I have read correctly, the £30 extra cleared the balance?.

newwave19

It was a 48 month terms and the dates would put it at about 5-6 months early. I also rang the bank again to ask for a copy of the statement and confirmed it was actually about £63 extra to which the cost of the loan was.

amersall

What was the monthly payment originally?.

As you have the last payment you made on the loan term, settled early and also have statements going forward to show no loan payment, I would send copies of these to the bank and ask that they accept these as proof of the last loan payment, as on the agreement.
The extra amount was because it was settled a few months early and that no payments were taken going forward.

Ask your bank (unless you know) what the account number was for that last payment, to show it went to them.

This to me, proves you must have paid the loan previous because, why would you only make one loan payment in 4 years for a 4 year loan?.

Give this a try, you have nothing to lose, they may not accept this but you won't know until you try.

fragglefuzzball

Hi
You could try requesting copy statements from your original branch in writing. I did this for a 17 year old loan account at NatWest and because I did have an account number and a rough month that it was opened they supplied all the statements. Bingo, statement number one had PPI Premium specified. I used this in my claim after they originally denied the number ever existed.

newwave19

I'll give it a shot...thanks guys

newwave19

Just on the off chance does anyone know anything about this? I seen on a website that insurance details should be kept for 12 year, but it didn't give specifics...ie, whether that is insurance sales or a companies own insurance, or even if it is a legal requirement for that.