Help pls ! - Paragon / Purple / M & G Direct

lizalexander

Hi
I had a secured loan which was taken out in 2001
We contacted PURPLE LOANS when we first made contact, the loan paperwork also said a GE MONEY COMPANY
The loan itself was with PARAGON
I have submitted a PPI claim to Paragon, who say that I need to contact the brokers - they say the brokers are M & G DIRECT LTD
I have contacted GE MONEY who say that there is no record of our loan on the databases, PURPLE do not seem to exist anymore and I cannot find any record of M & G DIRECT
Has anyone got any advise of where else I can go to progress this claim ?

Many thanks for your help

di3004

lizalexander wrote: »

Hi
I had a secured loan which was taken out in 2001
We contacted PURPLE LOANS when we first made contact, the loan paperwork also said a GE MONEY COMPANY
The loan itself was with PARAGON
I have submitted a PPI claim to Paragon, who say that I need to contact the brokers - they say the brokers are M & G DIRECT LTD
I have contacted GE MONEY who say that there is no record of our loan on the databases, PURPLE do not seem to exist anymore and I cannot find any record of M & G DIRECT
Has anyone got any advise of where else I can go to progress this claim ?

Many thanks for your help

Hi there

Its so frustrating when this happens.

You could try tracking companies down on Companies House here:
http://wck2.companieshouse.gov.uk/d7f412cb3a5b9300f3201b28463619f8/wcframe?name=accessCompanyInfo
Just write in the company name or the company number, this will confirm if any of them are active or not.

But say for instance a company dissolved or liquidised, you can check out with the Financial compensation scheme (FSCS) and contact them to ask if the company are registered with them, where if possible they will send you a form through the post, and if that company are in default or waiting to go into default after investigation have taken place, they will then look into investigating your case then compensate you.

But this depends if the company are registered with them or not.

Another way is to contact your local CAB who can try to help.

At least this way your ruling things out.
I know it seems like a bit of a wild chase, but then at least you may have an idea of where to take your case too.

Good luck and hopefully if anyone has had dealings with these, they will post up with further help for you, fingers crossed.;)

Unfortunately, your information should be kept on their systems up to 5 or 6 years, for more information, you can contact the Information Commissions Office (ICO), who should give you some ideas on this.
https://www.ico.gov.uk/Global/contact_us.aspx

petermb_2

lizalexander wrote: »

Hi
I had a secured loan which was taken out in 2001
We contacted PURPLE LOANS when we first made contact, the loan paperwork also said a GE MONEY COMPANY
The loan itself was with PARAGON
I have submitted a PPI claim to Paragon, who say that I need to contact the brokers - they say the brokers are M & G DIRECT LTD
I have contacted GE MONEY who say that there is no record of our loan on the databases, PURPLE do not seem to exist anymore and I cannot find any record of M & G DIRECT
Has anyone got any advise of where else I can go to progress this claim ?

Many thanks for your help

Lets clear your confusion.
Purple loans were a broker, owned by GE Money. However, your agreement is with Paragon. You need to be making a claim against Paragon.

marshallka

petermb wrote: »

Lets clear your confusion.
Purple loans were a broker, owned by GE Money. However, your agreement is with Paragon. You need to be making a claim against Paragon.

Peter, you have confused me now. I thought our complaints were against the person that actually sold the insurance. How would you get past the FOS with this one?

petermb_2

There has always been this confusion. The word "sold" is an interesting word where this subject is concerned. Let me explain what actually happens in the process. It may then become clearer.

You go to a broker and you complete the application form. Just before you get to the part where you sign the agreement, the broker then advises you that you should have PPI. For whatever reason he uses to convince you, he gets you to agree and he ticks the box on the agreement to say that you want the PPI.

He then sends the application to the lender who either accepts or rejects the application. Once accepted, the lender will then arrange the insurance with a third party insurer of their choice.

The lender will then normally receive a commission for arranging the insurance. Part of the commission will be used to enhance the payment made to your broker for arranging the loan and then ticking the ppi box.

In this situation who do you think is actually selling the insurance? Who do you think is making the most commission from the arrangement?

The FOS and the lender and Uncle Tom Cobbly and all will tell you to go after the broker but it is the lender who has actually acted as the main intermediary regarding ppi. The broker has simply acted as an introducer.

A wonderful scam that keeps the lenders out of the firing line, wherever possible. One that the world and his brother has fallen for over and over again.