A&L and (non) retention of loan agreements

[Fred_Funk]

It's like this...

I had a five-year loan with A&L which was paid up in 2005.

Subsequently, I became aware that the PPI may have been mis-sold and, with this in mind, made a CCA request in order to obtain a copy of my loan agreement.

I now understand that CCA requests aren't applicable in the case of paid-up loans and, that being the case, a request under the Data Protection Act 1998 (Section 7, sub section 7) would have been more appropriate.

No matter, that isn't the point. The point is that A&L maintain that up until last year they only retained the paperwork for a five-year loan for six years from the date when the loan was taken out and, that being the case, they can't help me.

I've told them, repeatedly, that this flies in the face of the Money Laundering Act 2003, which dictates that they must keep any such records for 'at least five years commencing with the date of completion', but they ain't much interested.

So, the question is, what should I do:

(1) To highlight A&L's failure to comply with the 2003 Money Laundering Regualtions? Remember, there must be thousands of other loan agreements they've failed to keep a copy of.

(2) To progress my claim for mis-sold PPI? While I'll have to guesstimate the figures involved (I only know my total monthly repayments on a 6k loan), am I right in thinking it's going to be all but impossible for A&L to dispute my claim if, contrary to UK law, they don't have any of the original paperwork.

Thanks in anticipation
Fred_Funk

[steven4064]

The trouble is is that the law says the onus is on you to prove your case - how are you going to do that with no paperwork? I suppose you done't have a copy of the agreement lying around? (down the back of the sofa, in the sock drawer?)

[Fred_Funk]

Originally Posted by steven4064

The trouble is is that the law says the onus is on you to prove your case - how are you going to do that with no paperwork? I suppose you done't have a copy of the agreement lying around? (down the back of the sofa, in the sock drawer?)

I appreciate that would normally be the case but, surely, if A&L have failed to comply with the Money Laundering Regulations 2003 - ie willfully disregarded the law - then it hardly seems fair that they can use this to their advantage.

Having already reclaimed PPI from a number of other sources, I'm 100 per cent certain A&L's was also mis-sold; I had no idea what I was buying into and had I been better informed I would not have purchased it.

I was keen to get hold of a copy of the loan agreement because it would have given me the precise figures for the PPI element - as it is, I will have to work backwards from my bank statements and make a best guesstimate.

As regards the mis-selling, it's entirely conceivable I ticked a box somewhere on the loan agreement, I'm not disputing that. However, I maintain that the PPI was mis-sold (for all the usual reasons) and would therefore like it back, with interest.

That being the case, while unhelpful, I can't see why not having a copy of my loan agreement should stop me from pursuing a claim.

Or is it a hopeless case? What do you think?

Fred_Funk

[steven4064]

I think without the agreement it is hopeless. You could try the money laundering angle and Subject access request to try and get it out of them