Advice needed

FBM

I worked for the NHS and joined the sports and social club where I saved £50 per month for a number of years . Having left this employment in 2005 ,I'd  forgotten about my savings until recently  when I  found all my old pay slips showing deductions for said amount each month . After contacting the treasurer,  I have been offered a good will gesture of just £200 as a full and final payment . Obviously , for 2 years I'd paid in considerably more than this so not really happy with their decision . I understand that time has elapsed and records would be destroyed, but they have a.c. counts showing in 2013 that I made 2 withdrawals totalling £450. Since that date i had worked and paid another 2+ years into said savings club . How can i redeem what I've actually paid in please . Any advice gratefully recieved 

tacpot12

While I can see there is an argument that they don't have store all the transaction records from years ago, I don't see that they can argue that they had a right to destroy the records of the balance you held with them. If you paid money in and drew money out in 2013, they should still have a record of the balance that you have with them. Only if the withdrawals reduced the balance to zero would it be reasonable to delete a record of the balance. Most financial organisation would do this after 6 years, so it is reasonable that there is no record of the balance if it went to zero in 2013.

However, you know that you made deposits of at least £1200 after that time, and this balance should be on record. If it is not, the club is guilty of poor booking or worse, and I would be writing to the chairman threatening legal action; both civil and criminal. 

FBM

Apologies , the withdrawals made were in 2003 not 2013. ( typo error)
Would this make any difference please?

colsten

How much you can expect to get back depends on the terms and conditions under which you made the payments. “Sports and social club” doesn’t sound like a savings account to me, so it wouldn’t be surprising if you can’t get all your contributions back. Have you got the T&Cs, and what do they say?

FBM

No unfortunately,  I don't have the terms and conditions , but the interest was considerably more than the banks at the time . Membership was paid to join the sports and social club and their savings scheme .  I will see of I can get the it's and pc's.  Thank you for your reply

xylophone

https://www.moneysavingexpert.com/loans/credit-unions/
Was it some form of Credit Union?

FBM

Just a savings club.

colsten

FBM said:

No unfortunately,  I don't have the terms and conditions , but the interest was considerably more than the banks at the time . Membership was paid to join the sports and social club and their savings scheme .  I will see of I can get the it's and pc's.  Thank you for your reply

You could ask the club to send you a copy of the T&Cs.

masonic

FBM said:

Just a savings club.

If it is just a savings club, then to operate lawfully, either there must be no interest payable, or the money the savings club receives must not be repayable in full. Otherwise it is a regulated activity that could only be provided by a bank, building society or credit union. You would have more rights if this was regulated deposit taking, so worth making sure. Especially given your comments about the interest rate being relatively high, which suggests they were doing something with the money, such as making loans.