There will be times when you have to change your supplier. It may be your energy supplier, your broadband provider or your credit card. By law you are supposed to keep all your personal financial and household paperwork for up to six years. Many organisations advise keeping paperwork for longer than this.
Financial institutions are obliged to keep your personal records for six years. But there are circumstances in which you may be able to claim for issues going back in the past for more than six years. PPI mis-selling is an example of this.
Solution to the problem of paperwork
Maintaining a neat and tidy filing cabinet isn’t easy, and let’s face it, it’s a bit of a hassle. The solution is to store your files and data online in a secure cloud storage system, like Bills Dashboard. Our ‘Archive’ feature lets you move accounts from your Dashboard to your Archive, where you can forget about it, until the time comes that you may need it again.
An example: You decided to switch your energy account from E.ON to EDF. You then create a new energy account on your Dashboard with EDF, and archive your old E.ON account. You can then reference the old archived account if there are issues with closing the account, or to check final payment amounts.
A few years later, and there may be an issue where E.ON realised they’d over-billed customers and they are forced by the regulator to provide compensation to customers. Due to the fact that you’ve archived your old E.ON account, it is much easier to access documentation rather than if you’d binned your old agreements or energy statements.
This is of course, a hypothetical situation, but the procedures around reclaiming PPI protection demonstrates the usefulness of archiving accounts.