R
But what you are saying then is that banks were ignoring in 2004 legislation that was there since 1995 telling them send out copy reports?
I left banking in 2009 and for a long long time before that valuation reports were sent out, it was definitely not just a few years.
Out of curiosity I just checked my own loan offer from 2001 and the copy valuation is with it.
Now this doesn't excuse the bank losing it but it does happen as poster above says, files are brown folders and not sealed so things can fall out and end up in another file or even be misfiled in the first place, similar names etc. What is your friend trying to check on the valuation? The info may be on the bank system in another format if it is insurance values/property value/comments.
Banks regularly request back boxes of files from storage, it's no big deal, there is no reason to believe the bank just can't be bothered to look, they probably have got back the relevant box of files covering your friends name and the valuation is not in it, it happens.
For many years, the banks had an embargo on the destruction of paper records due to various tribunals. That has now been lifted and all of the banks are going through a destruction phase and it is possible that the report has gone as part of that. In many cases, the banks are only obliged to hold records for 6-7 years, depending on the record. Storing all that paper was a massive cost, for example, most banks were holding almost every cheque and piece of paper that had come across their counter for the last 15 years. That ran to 100s of millions of items.
Banks are only now starting to invest in digital archives, but much of it is for new records without any bank scanning. I've been in the store rooms of banks and branches in the past, usually they can be a bit of a mess. I wouldn't say it is deliberate in this case that they can't find the item in question, more a case of human error or it may have been destroyed[/QUOTE ]
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?