118118 Loans - Legal

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Bencoupland1
Bencoupland1 Posts: 2 Newbie
in Loans
Hi all,
I've just applied for a 118 118 loan and after going through the application have realised that the interest will be too high, I've cancelled it but have been told they reserve the right to retain my account number and sort code for 12 months. Surely this can't be legal??? If I don't have a loan agreement with them, how do they reserve the right to hold my current account details.

Any advice on this would be appreciated.

Thanks in advance :j

Comments

  • twhitehousescat
    twhitehousescat Posts: 5,368 Forumite
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    your account number and sort code "could" be common knowledge to many people , so you remember cheques? they had your account and sort code written on them
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    It surely can be legal if they have a legal basis.

    Look at their privacy policy to see what this is. Once you understand that, you can decide whether to exercise your right to erasure
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    OP - Most lenders have a legal obligation to keep 'necessary' information on you for at least 6 years - so 12 months does not seem to bad.
    At the end of the day if you had not inputted the bank details you would not have been accepted for the loan BUT more importantly do YOU remember pressing the button to say YOU had read and understood their terms and conditions?
  • Bencoupland1
    Bencoupland1 Posts: 2 Newbie
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    Cheers for the answer mate, I know they're on other things such as cheques, I just believed they could only retain account information if I had an approved loan and at this stage, it was with the underwriters, it just baffled me as to firstly why they need the details at this stage and secondly they can retain if I'm not going through with it. My own fault for reading the T&C's I guess
  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,909 Forumite
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    Close your present account, open a new one, and hey presto they don't have your account details. Simples!
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    Take a look at their GDPR policy and apply to have your numbers removed....or change account number if you think they will use it improperly.
  • Exodi
    Exodi Posts: 2,874 Forumite
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    Companies have an obligation to keep certain data about people for a set period of time to comply with other industry specific legislation; waving GDPR in their faces does nothing because their legal obligations take precedence (confirmed this recently with one of them). I doubt there is any sinister reason for doing so and I don't see why you're opposed to it?
    Know what you don't
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    Exodi wrote: »
    Companies have an obligation to keep certain data about people for a set period of time to comply with other industry specific legislation; waving GDPR in their faces does nothing because their legal obligations take precedence (confirmed this recently with one of them). I doubt there is any sinister reason for doing so and I don't see why you're opposed to it?

    If your worried about your personal and account details being shared with their group companies in US and Philippines then get the bank to change your account number.

    There is probably nothing to worry about - you may end up getting more junk emails but that's about it. You should be checking all your statements at least monthly basis for any unusal activity.

    I had a load of odd transactions on one of my credit cards a few weeks ago and £1200 odd was taken from my account before the credit card company blocked further transactions - got all the credit back but only after I called them up.
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