Hsbc/hfs/capital one help

Hi

After becoming quite good at claiming ppi (we had a lot of debt at the time they were mis-selling and we already had a separate income protection policy that would have covered us so we were mid-sold a lot) I've hit a snag.

Hsbc wrote confirming I did have an HFS secured homeowner loan. they've told me the start date (August 2004). They've also given me the account number. This did have PPI. However they've told me capital one homeowner loans sold it to me. I've complained to capital one and they've written back saying they have no records of any account in my name with those addresses and would have deleted any account records where there's no ppi if over 7 years ago.

There was PPI.

I tried to call yesterday but their lines are down.

What now?

Comments

  • dunstonh
    dunstonh Posts: 116,036
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    However they've told me capital one homeowner loans sold it to me.

    These were often sold by a broker. So, that is not a surprise.
    I've complained to capital one and they've written back saying they have no records of any account in my name with those addresses and would have deleted any account records where there's no ppi if over 7 years ago.

    This is not unexpected as you bought prior to regulation. So, there wouldnt be a need to hold on for pre-regulation records for that long.

    There are two conflicting things here. One that helps you. One that doesnt. They are required to use evidence/documentation supplied by you if they no longer hold records. However, with it being pre-regulation, they do not need to consider a complaint about the sale unless that particular company (not the group) was a member of the ABI.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • This loan would have been settled post regulation so I would have thought they would have had to keep the records.
  • [Deleted User]
    [Deleted User] Posts: 35,242
    First Anniversary Photogenic Name Dropper First Post
    Forumite
    This loan would have been settled post regulation so I would have thought they would have had to keep the records.

    No - they would have had no grounds to do so at the time.
  • No - they would have had no grounds to do so at the time.



    Even post regulation? Their letter suggests that they deleted any account details where there was NO PPI implying that they kept details where there was PPI.
  • [Deleted User]
    [Deleted User] Posts: 35,242
    First Anniversary Photogenic Name Dropper First Post
    Forumite
    Even post regulation.

    Data Protection regulations still need to be adhered to.
  • Even post regulation.

    Data Protection regulations still need to be adhered to.



    Ah yes - but there's no set timescale for deleting data. Records just have to be kept for the necessary amount of time. If they were expecting PPI claims as a result of the regulations then I'd argue they would have been in breach for deleting those records regardless. Companies should be holding onto such records until the deadline for claiming. Clydesdale got into trouble for deleting records. For example the company I work for keeps customer records on certain purchases for 20 years in case of product recall.


    I think we are getting away from the point of my post slightly. As the letter implies that they would have my details if the account had PPI, and HSBC have provided me with confirmation there was PPI and the account details but CO are denying holding my records where do I go from here? Do I request all the details HSBC hold (they obviously have records of the account) and send these into CO?
  • Nasqueron
    Nasqueron Posts: 8,631
    Name Dropper First Post First Anniversary Combo Breaker
    Forumite
    The general guidance on data protection is to keep records only as long as reasonably required, finance firms are typically advised 6 years (though some may choose to do longer).

    If you were sold a package pre-regulation, changes made later are not applicable and so the firm does not need to keep data. If the account was settled before July 2012 then there is no reason for them to retain any record of you should they make a commercial decision to delete it after say 6 years
  • [Deleted User]
    [Deleted User] Posts: 35,242
    First Anniversary Photogenic Name Dropper First Post
    Forumite
    Thee deadline for complaints was only recently announced, so that couldn't have been factored in all those years ago.

    You company are keeping records for 20 years because of the nature of the product. As you say, data is only held for as long as necessary and that varies by product.

    But regardless, if you think additional information may help them find it, then yes, submit whatever you have.
  • dunstonh
    dunstonh Posts: 116,036
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    This loan would have been settled post regulation so I would have thought they would have had to keep the records.

    The sale records were not post regulation though. And a missale complaint is about point of sale. Not many years later.

    Data protection also applies to regulation as much as pre-regulation.
    Ah yes - but there's no set timescale for deleting data.

    The FCA recommend 5-6 years after closure but its up to firms.
    Clydesdale got into trouble for deleting records.

    They got into trouble for actively deleting records about PPI outside of their normal data protection cleansing.
    For example the company I work for keeps customer records on certain purchases for 20 years in case of product recall.

    Ane the FCA recommend longer periods for certain transactions as well. Including some types that actually have to be held indefinitely. Insurance sales are not one of those though.
    As the letter implies that they would have my details if the account had PPI, and HSBC have provided me with confirmation there was PPI and the account details but CO are denying holding my records where do I go from here?

    Get the data from HSBC and provide it. However, the next hurdle will be a thank you for providing the data but as they were not regulated at the point sale, they do not have to consider the complaint (that is where most broker arranged loans with PPI end up when sold pre-regulation).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Nasqueron
    Nasqueron Posts: 8,631
    Name Dropper First Post First Anniversary Combo Breaker
    Forumite
    Ah yes - but there's no set timescale for deleting data. Records just have to be kept for the necessary amount of time. If they were expecting PPI claims as a result of the regulations then I'd argue they would have been in breach for deleting those records regardless. Companies should be holding onto such records until the deadline for claiming. Clydesdale got into trouble for deleting records. For example the company I work for keeps customer records on certain purchases for 20 years in case of product recall.

    Not at all, if they have a schedule of deletion every year they don't need to suddenly change that on the off chance of a complaint. They can't actively start deleting old records to avoid PPI complaints but if they have an proven record of annual deletion they can continue.

    Clydesdale got in trouble for lying about not having records (including falsifying records to show they didn't have them) when they did in fact have them
    I think we are getting away from the point of my post slightly. As the letter implies that they would have my details if the account had PPI, and HSBC have provided me with confirmation there was PPI and the account details but CO are denying holding my records where do I go from here? Do I request all the details HSBC hold (they obviously have records of the account) and send these into CO?

    You can send a SAR to HSBC and see what they have and then go back to CO and see if they accept this
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards