Advice needed re PPI rejection

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SWells
SWells Posts: 2 Newbie
edited 9 November 2017 at 12:56PM in Reclaim PPI & other insurance
Back in January I contacted Paragon Finance regarding a loan I had around 2004. They wrote back to me to say that as I had gone through a broker they are not responsible and therefore I should go back to the broker. As that broker is no longer trading they have said the case is closed.
Should I go back to them and fight? If not who else can I contact? Really not sure if I can take this forward.
Any advice greatly appreciated. Thanks

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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    They are correct. You can't fight them because it's not their battle.

    It means your complaint is over.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    SWells wrote: »
    If not who else can I contact?
    In normal circumstances, if the broker is no longer trading, you should be able to refer your complaint to FSCS.

    However, are you certain you had a PPI policy on a loan in 2014?

    Three years ago the PPI mis-selling scandal was already well known and all major lenders had long since ceased offering it.

    I therefore very much doubt you were mis-sold PPI in 2014.
  • dunstonh
    dunstonh Posts: 116,469 Forumite
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    Should I go back to them and fight?

    There is nothing to fight. They are correct. What you did was like complaining to Tesco about something you bought at ASDA. paragon didnt sell it to you. The broker did. So, paragon have no liability for the sale.

    Also, are you even sure you had PPI? 2014 is well past the date that PPI was generally considered missold. Most pulled out of the bad type of PPI between 2008-2011. Since then, you only had the better types of PPI available.

    You can complain to the FSCS as the broker is no longer trading.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • SWells
    SWells Posts: 2 Newbie
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    Thanks, it was a typo and should have read around 2004.
    Thanks for your advice
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    SWells wrote: »
    Thanks, it was a typo and should have read around 2004.
    That being the case, the sale is pre-regulation (2005) and FSCS is not available to you.

    As with post #2, your complaint is over.
  • dunstonh
    dunstonh Posts: 116,469 Forumite
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    only duplicating Moneyineptitude's reply because the new information means that my suggestion to try the FSCS is no longer available to you. The FSCS only consider complaints made on purchases after January 2005 (when regulation started)

    Its game over.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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