I am about to start a claim for missold PPI on a loan I took out with Sainsbury's Bank in August 2002. I have the agreement number but not a copy of the agreement. I phoned Sainsbury's and asked for a copy but was told it had been destroyed as it was over 6 years old. Have since found out under S5. Limitation Act 1980 such documents should be kept for a period of 6 years after the date on which the cause of action accrued (end of the contract or date of final payment). The loan was repaid over a period of 3 years, the final payment made in October 2005.
Not sure where to go from here. Do I write and request a copy of the agreement? or send a SAR?
To update you with what has happened so far....and to encourage other people to make a claim
I sent a SAR but it was returned saying they could not identify the Agreement Number I had provided, could I provide the Account Number. I spoke to my bank and asked them for the reference number used by Sainsbury's Bank on the direct debit. It was the same as the Agreement Number. I phoned Sainsbury's and stated the Agreement Number was the same as my Account Number and was the reference they used to identify payments. They tried to fob me off with the over 6 years nonsense but I insisted it was 6 years after the date of the last payment. I was told to return the SAR request, which I did again by recorded delivery.
I received the SAR details, which were enlightening!!...not only had they mis-sold they had overcharged for the insurance...Joint Life cover instead of single life!!
I sent the letter complaining of mis-selling and have received a letter back saying they are investigating my claim and will come back to me.
Hi...yes I did. The SAR gave me details of the insurance premium together with the interest charged on the premium. I used this as a starting point and calculated 8% statutory interest up to the date I sent the letter of complaint. In the letter I set out each figure separately, then showed a total.