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  • FIRST POST
    • Bencoupland1
    • By Bencoupland1 10th Nov 18, 3:01 PM
    • 2Posts
    • 1Thanks
    Bencoupland1
    118118 Loans - Legal
    • #1
    • 10th Nov 18, 3:01 PM
    118118 Loans - Legal 10th Nov 18 at 3:01 PM
    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
Page 1
    • twhitehousescat
    • By twhitehousescat 10th Nov 18, 3:09 PM
    • 2,160 Posts
    • 2,619 Thanks
    twhitehousescat
    • #2
    • 10th Nov 18, 3:09 PM
    • #2
    • 10th Nov 18, 3:09 PM
    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
    Time pretending I was asleep whilst under his desk , has given me insight to this sordid world
    • zx81
    • By zx81 10th Nov 18, 3:10 PM
    • 19,383 Posts
    • 20,710 Thanks
    zx81
    • #3
    • 10th Nov 18, 3:10 PM
    • #3
    • 10th Nov 18, 3:10 PM
    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
    • By jonesMUFCforever 10th Nov 18, 3:18 PM
    • 25,318 Posts
    • 12,548 Thanks
    jonesMUFCforever
    • #4
    • 10th Nov 18, 3:18 PM
    • #4
    • 10th Nov 18, 3:18 PM
    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?
    What goes around - comes around
    give lots and you will always receive lots
    • Bencoupland1
    • By Bencoupland1 10th Nov 18, 3:44 PM
    • 2 Posts
    • 1 Thanks
    Bencoupland1
    • #5
    • 10th Nov 18, 3:44 PM
    • #5
    • 10th Nov 18, 3:44 PM
    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
    • By poppasmurf_bewdley 12th Nov 18, 9:45 AM
    • 5,307 Posts
    • 5,422 Thanks
    poppasmurf_bewdley
    • #6
    • 12th Nov 18, 9:45 AM
    • #6
    • 12th Nov 18, 9:45 AM
    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
    • By foxy-stoat 12th Nov 18, 1:57 PM
    • 3,041 Posts
    • 1,711 Thanks
    foxy-stoat
    • #7
    • 12th Nov 18, 1:57 PM
    • #7
    • 12th Nov 18, 1:57 PM
    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
    • By Exodi 12th Nov 18, 4:41 PM
    • 48 Posts
    • 45 Thanks
    Exodi
    • #8
    • 12th Nov 18, 4:41 PM
    • #8
    • 12th Nov 18, 4:41 PM
    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?
    • foxy-stoat
    • By foxy-stoat 13th Nov 18, 10:32 AM
    • 3,041 Posts
    • 1,711 Thanks
    foxy-stoat
    • #9
    • 13th Nov 18, 10:32 AM
    • #9
    • 13th Nov 18, 10:32 AM
    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?
    Originally posted by Exodi
    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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