Paragon or Easy Loans?

mey

I got a large loan with Paragon through Easy Loans. They included PPI of about £7000 which totals over £12000 with interest. I have read through the terms and conditions and noticed the following. The PPI covers 120 months of the 180 months. Paragon included a PPI cash back letter but the terms and conditions state that they will refund the amount excluding interest if I do not miss payments. Although I am now up to date I did miss a payment in the past. I believe that I was mis-sold this PPI and will be reclaiming. I would appreciate any advice and would also like to know if anybody else has claimed PPI from Paragon or Easy Loans?

Thanks

russt2000

Well on the surface it looks like you will have a case for reclaiming, when was your loan taken out? so your loan was brokered through easy loans but your actual lender is paragon? and it was a single front loaded policy?
The process itself is not that hard , but it will take perserverence as they wont roll over easily, check the ppi guides first it explains and provides template letters go to home page and you'll see the links also look at the stickies.
It may be you will have a commission issue too, between broker /lender /insurer.
check your terms and conditions to see how many payments you can miss before forfitting claim.

di3004

mey wrote: »

I got a large loan with Paragon through Easy Loans. They included PPI of about £7000 which totals over £12000 with interest. I have read through the terms and conditions and noticed the following. The PPI covers 120 months of the 180 months. Paragon included a PPI cash back letter but the terms and conditions state that they will refund the amount excluding interest if I do not miss payments. Although I am now up to date I did miss a payment in the past. I believe that I was mis-sold this PPI and will be reclaiming. I would appreciate any advice and would also like to know if anybody else has claimed PPI from Paragon or Easy Loans?

Thanks

Hi there

As Russ says, it seems you have a case here, so go for it.

In regards of reclaiming the PPI, here is the link of useful information and the guidelines to reclaiming and template letters, obviously use your own reasons for you believe you were mis sold.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

They have 8 weeks to respond in full, another letter maybe required, as sometimes they give you the opportunity to write back with further information for them to reconsider - if they did not resolve this to your satisfaction the first time round.

In the final response if eligible they should give details of the Financial ombudsman service (FOS).

You write to the ones who arranged this finance for you, such as the broker and take it from there, and post all letters by recorded delivery, good luck.;)

mey

Thanks for the advise. The loan was taken out in November 2005. Easy loans got paid an arrangement fee of just over £1000. I have 2 issues though. Firstly, I have read that Easy Loans are no longer trading and that all claims must go through the FSA. Secondly, the terms and conditions state that the cash back offer will be void if I miss a payment. I have missed a payment in the past so there's no change on a cash back from them. Should I cancel the PPI with Paragon or should I just go ahead with my first letter?

dunstonh

single premium PPI is nearly always a mis-sale. Then adding it to the loan and being charged interest on it is just disgraceful. They could have done standalone monthly PPI which was cheaper and not paid interest on it.

I have read that Easy Loans are no longer trading and that all claims must go through the FSA.

The FSA do not handle consumer complaints. Do you mean the FSCS?

mey

Thanks and sorry it's the FSCS. The amount they charged me for PPI will make a huge difference in my life so I'll be sending them my first letter later today.

Once again, thanks for all the help.