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  1. #1

    Why can't my bank trace my previous loans?

    Hi all,

    Sorry if this is a really stupid question, but I bank with HSBC and have had loans, paid them off, taken them out again, paid them off etc over the past ten years all personal loans with HSBC.

    I am interested in seeing if I can claim PPI, because I remember being asked the question a few years ago and can't remember if I took it out or not. There is a form online that you can fill in on the HSBC website which claims that they can look into this for you. I filled it out and two weeks later I received a letter from HSBC that simply said "sorry, we cannot find any records of your previous loans, therefore cannot look into this any further" or along the lines.

    It just find it amazing how referenceing agencies can see all of your credit history going back for at least six years when you apply for a mortgage (recently got accepted for my first mortgage and had all these checks, credit check etc to see how I have managed my credit in the past) yet the bank that the credit actually came from suddenly have no idea?!

    The problem I have is that I really would like to see if I am owed anything but I can't because I honestly can't remember the dates of my old loans, when they were taken out or what address I was living at at the time , I've moved house a LOT (army wife). I think as soon as I paid off all my loans I shredded all the documents stupidly and honestly just can't remember hardly anything, just that I've always had them.

    Are there any companies out there that will check for PPI and somehow help me trace the loans?

    Would I be able to go into the bank and ask them to give me my loan history with them? Surely they/someone must have this information somewhere? Like I said credit check agencies seem to know! So where is this info? I thought that banks had to archive your information for you for at least 6 years?

    Sorry if that was a really stupid question, don't judge I'm just confused and looking for a bit of advice please. Thank you

  2. #2
    If you cannot give any details about the loans like address, when it commenced but just your name then that is almost certainly not enough for the bank to look it up without getting false-positives, and that's a big no-no. Once you can figure out some dates and addresses they will almost certainly be able to locate them for you.

    And when you sign for credit report you have to provide a wealth of details, history of addresses, some details about open/past accounts etc.

  3. #3
    Thanks Arleen,

    But I still don't understand, I've only had the one bank account and every time I've moved I've changed address there with them. But surely changing your address won't alter the details of my account? Surely the historical accounts are still the same and haven't been changed?

  4. #4
    There are millions of these companies (only a slight exaggeration...). However they can't dig up any more information than you can yourself, so you ought to think twice about letting them take a hefty commission on any refunds to which you may be entitled. The PPI Reclaim guide on this very site shows you how to do it free of charge and is every bit as effective.

  5. #5
    That depends on inner workings of a bank, but loans and credit accounts are a separate product. They may be linked internally, they may be not, I am not that aware what's the default model in the UK, but it wouldn't surprise me it they rely on the credit report to provide the link between products.


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