Claiming PPI for an event 33 years ago!

[Snoopy1948]

In 1983 I remember taking out a personal bank loan over five years and I recollect that I was invited to accept PPI as a condition of granting the loan, or at least it was suggested so. However, the memory, admittedly, is not 100%!

I have never followed that up as I have retained no documentary evidence of the loan and I think most people wouldn't have done so either. However, with the latest announcement that PPI claims will soon be subject to a cut off date, and sensibly so, I wrote to my bank, HSBC, indicating that I recall the personal loan with the possibility of PPI attached.

They have provided a quick and comprehensive reply that they have indeed carried out an extensive search and their completed search found no evidence to confirm that PPI was attached to any products held with HSBC. They go on to say that due to the Data Protection Act, HSBC cannot keep records indefinitely and therefore for an PPI commenced more than six years ago, any records may have been destroyed. As such they cannot help me any further but gave me the opportunity to provide documentary evidence for the matter to be reviewed further.

I note on a recent Martin Lewis Money Show, his specific advice was to keep financial documentation 'for ever' to enable any later reference, such as PPI, to be debated with evidence.

Obviously I accept the initial findings of HSBC ( and I have no means to pursue this further I suggest ) but do we really need to be keeping any financial information 'for ever' and indeed do banks have the absolute right to destroy their own records after six years ?

I am sure that the PPI claims experience will continue to abate over time but how relevant are these questions in relation to any financial matter?

[Snoopy1948]

Re: Claiming PPI for an event 33 years ago!

Bump! .............

[R0b]

Re: Claiming PPI for an event 33 years ago!

In relation to the DPA holding records, it states that personal data should only be kept for as long as is neessary. I believe the banks have an obligation under financial legislation which means they must retain financial records for a minimum of 6 years from the date they are created, perhaps this is what they are referring to on this and I think this covers CCA agreements too although for CCA agreements it might be from the date of termination. Someone else with better knowledge on loans and PPI might be able to help on that front.

There should obviusly be certain things businesses should not destroy and legal documents is certainly one of them but hey ho

[Snoopy1948]

Re: Claiming PPI for an event 33 years ago!

Appreciate the response ....

It's all very well Martin Lewis encouraging normal folk to retain all financial paperwork 'for ever' but that would effectively mean to our grave. Bearing in mind modern living and the new 'minimalist' thinking, it's just not cricket, is it?

Mind you, I have my school reports from 1956! :stars:

[leclerc]

Re: Claiming PPI for an event 33 years ago!

Appreciate the response ....

It's all very well Martin Lewis encouraging normal folk to retain all financial paperwork 'for ever' but that would effectively mean to our grave. Bearing in mind modern living and the new 'minimalist' thinking, it's just not cricket, is it?

Mind you, I have my school reports from 1956! :stars:

This was about an insurance product so usually you wouldn't keep it that long. However, the bank does not keep paperwork indefinitely either so if you claim PPI and have no evidence of it and neither does the bank then there is no evidence to work with so the claim would have no chance of success. Unfortunately, you were not to know that years later that insurance might be reclaimable.

[EXC]

Re: Claiming PPI for an event 33 years ago!

An additional issue is that there was virtually no regulation on the sale of insurance at that time and they could reject a complaint on that basis.http://www.financial-ombudsman.org.u...les-codes.html

[robin-hood]

Re: Claiming PPI for an event 33 years ago!

Hello EXC. I see that you have written a number of posts focussing on regulation as the main factor for deciding PPI complaints. Regulation which started in Jan 2005 is just one factor that FOS use when assessing complaints. The FOS have the over-riding power to use their own discretion of what is "fair and reasonable". This power still applies prior to 2005 for periods where there were much slacker and informal complaint handling schemes in play.
So most cases have as much chance of winning pre-regulation as post-regulation (unless the reason for complaint hinges on a very specific regulatory issue whivh is rare). Most complaints are about general unfairness - Optionality, Compulsion or Eligibility.
I write this as I am concerned that your posts may deter pre-reg claimants who have valid claims.

[leclerc]

Re: Claiming PPI for an event 33 years ago!

Hello EXC. I see that you have written a number of posts focussing on regulation as the main factor for deciding PPI complaints. Regulation which started in Jan 2005 is just one factor that FOS use when assessing complaints. The FOS have the over-riding power to use their own discretion of what is "fair and reasonable". This power still applies prior to 2005 for periods where there were much slacker and informal complaint handling schemes in play.
So most cases have as much chance of winning pre-regulation as post-regulation (unless the reason for complaint hinges on a very specific regulatory issue whivh is rare). Most complaints are about general unfairness - Optionality, Compulsion or Eligibility.
I write this as I am concerned that your posts may deter pre-reg claimants who have valid claims.

On this thread there is NO documentary evidence so the FOS would definitely NOT invoke their own discretion...

[EXC]

Re: Claiming PPI for an event 33 years ago!

Hello EXC. I see that you have written a number of posts focussing on regulation as the main factor for deciding PPI complaints. Regulation which started in Jan 2005 is just one factor that FOS use when assessing complaints. The FOS have the over-riding power to use their own discretion of what is "fair and reasonable". This power still applies prior to 2005 for periods where there were much slacker and informal complaint handling schemes in play.
So most cases have as much chance of winning pre-regulation as post-regulation (unless the reason for complaint hinges on a very specific regulatory issue whivh is rare). Most complaints are about general unfairness - Optionality, Compulsion or Eligibility.
I write this as I am concerned that your posts may deter pre-reg claimants who have valid claims.

I'm not saying that regulation is the main factor but it is a factor that complainants should be aware of.

In considering complaints, we take into account the relevant regulatory, legal and other standards of the time of the sale

http://www.financial-ombudsman.org.u...derations.html

Although FOS ultimately determine complaints by what in their view is fair & reasonble it is not an over riding factor, rather, it is made up of constituent considerations including regulation.

The law requires us to decide each complaint on the basis of what we believe is fair and reasonable. In doing so, our rules require us to take account of the law, rules and good practice in the industry. This is the way in which parliament specifically intended us to operate.

[charitynjw]

Re: Claiming PPI for an event 33 years ago!



Dear Sir/Madam

Subject Access Request; Data Protection Act 1998


Your name:

I understand that you currently hold details of my personal and financial information within your internal record systems with regard to personal loan accounts And credit cards

Please supply me with a complete list of transaction and charges relating to my history with your organization, INCLUDING Loans credit cards, payment protection insurance and other products. Alternatively a complete set of statements for the accounts or associated accounts is acceptable. I would be grateful if you would provide the following for ALL accounts or associated accounts I have held with your organization:

-Full copies of all contracts which you believe exist or have existed between myself and your organization, including true copies of any documents you hold in support of the same.
- A complete list of all transactions or statements relating to ALL of my Loan Accounts and or credit card with your organization.
-Copies of all documents which include any of my personal information including copies of any contacts or invoices, emails or computer records containing my personal information, or any records which pertain to this information.
-Full copies or transcripts of any correspondence in postal, email or any other format which you have entered into with any individual, organization or third party which contains my personal or financial, or which pertains to me.
- Where any previous information or records held have been deleted or disposed of, the methods used to do so, including dates, certificates or references confirming details of destruction. Where you are unable to provide such certificates, please provide a declaration, signed by an authorised officer of your company, confirming the dates and methods of destruction of this data.
-Full hard copy print outs of my personal or financial information, held in a digital, magnetic or any other format which is held in any archives, backups or other storage devices / locations.

I enclose a cheque in the sum of £10 to cover your fee.

IF YOU UNABLE TO DEAL WITH THIS REQUEST, YOU SHOULD IMMEDIATELY FORWARD IT TO THE PERSON WITHIN YOUR ORGANISATION RESPONSIBLE FOR DATA PROTECTION.

I look forward to hearing from you in the first instance of receipt.

Yours faithfully

[robin-hood]

Re: Claiming PPI for an event 33 years ago!

Thanks EXC. Your last post about F&R is spot on. I think consumers should also be aware that provided they have good reason to believe that PPI was present (and not just fishing), it is often still worth making a full complaint and not losing heart if the bank say "no docs get stuffed". It may be the case that the bank do have an archive which shows you did have PPI but they just do not have any full transactional records. In cases like this, the bank can make goodwill offers based on what an average customer would receive for that type of product from that period. Lloyds do this a fair bit with older loans to the tune of £1600 and HSBC have been "looking that little bit harder" for older records since December 2013 after being persuaded to do so by the powers that be.
Snoopy1948 may be pleasantly surprised even though HSBC already said no records. Put your full complaint in and get your Final Response in writing so you have the option to go to FOS if you feel that HSBC are not being straight with you. All banks have Archives if not paper records.
Good Luck Snoopy!