Finance company can't find any record of my account for checking for DCA.

baldie_daz

I took out a car loan with Welcome Finance back in 2008. Coast then took over them and now Swift  Group have taken over Coast. I sent Swift the pre written email with a photo of the signed loan agreement to find out if the loan had DCA, with as much of the loan information on it. They couldn't find any record of my loan with Welcome Finance. I've emailed them again with a photo of one of my yearly statements from welcome I managed to find with my customer reference number, account number, date of when the loan was taken out, how much the loan was for and the interest being charged for over the 48 months total length of the loan and still they can't find my loan account, or to put it in their words "no record of this loan therefore are unable to assist". I know it's been many years since the loan started and finished and the times it's changed finance companies so no real surprise there what do I do now ?. Am I being fobbed off?, do I carry on?, do I give up?,  but most of all where do I go from here?.

DullGreyGuy

baldie_daz said:

I took out a car loan with Welcome Finance back in 2008. Coast then took over them and now Swift  Group have taken over Coast. I sent Swift the pre written email with a photo of the signed loan agreement to find out if the loan had DCA, with as much of the loan information on it. They couldn't find any record of my loan with Welcome Finance. I've emailed them again with a photo of one of my yearly statements from welcome I managed to find with my customer reference number, account number, date of when the loan was taken out, how much the loan was for and the interest being charged for over the 48 months total length of the loan and still they can't find my loan account, or to put it in their words "no record of this loan therefore are unable to assist". I know it's been many years since the loan started and finished and the times it's changed finance companies so no real surprise there what do I do now ?. I'm I being robbed off?, do I carry on?, do I give up?,  but most of all where do I go from here?.

Like everyone else, you should wait until the FCA complete their investigation, currently targeting end of September but may overrun. 

GDPR states they should not hold on to data unnecessarily, it is hard to justify holding onto data more than 6-7 years after a loan is paid off. The FCA have acknowledged they are finding a lack of data on older debts, they ultimately are going to have to decide what financial companies will have to do when records have been appropriated destroyed due to their age. 

Hoenir

Welcome Finance went into liquidation in 2019. There'd be no transfer of historic data to Coast. Coast only bought active loans at that time from the Company's Liquidators. This will be the only data that hold on their own account.