chess123

chess123

Hi First time here in a nutshell took a loan in 2002 with a broker Loan Prossesing Centre was told had to take PPI or could not get loan was also told fully covered nothing about the ppi only covers for 5 years loan was for 8 years(only wanted it for 7 but was told had to be 8) the lender is Paragon was trying to claim on PPI in 2008 only to find I was not covered
and PPI was finished tryed to get the broker but they went into administation tried lender and they will not take anything to do with it.
Been intouch with FOS no luck as it was befor 2005 and they were not covered.
ANY HELP OUT THERE PLEASE

di3004

chess123 wrote: »

Hi First time here in a nutshell took a loan in 2002 with a broker Loan Prossesing Centre was told had to take PPI or could not get loan was also told fully covered nothing about the ppi only covers for 5 years loan was for 8 years(only wanted it for 7 but was told had to be 8) the lender is Paragon was trying to claim on PPI in 2008 only to find I was not covered
and PPI was finished tryed to get the broker but they went into administation tried lender and they will not take anything to do with it.
Been intouch with FOS no luck as it was befor 2005 and they were not covered.
ANY HELP OUT THERE PLEASE

Hello there and welcome.;)

Even if they have stated you cannot go to the FOS, I would ring the FOS anyway.

Not sure if you had the chance to browse through the threads, but even others in the same situation have contacted the FOS, and they ask for you to still send in your complaint, and they will take a look to see if it can still be investigated.

Give them a ring first, good luck and please let us know, because I'm sure many on here would be interested, thank you.
http://www.financial-ombudsman.org.uk/contact/index.html

chess123

Thanks di3004
Been to FOS can't help due to it been taken out in 2002

marshallka

chess123 wrote: »

Been to FOS can't help due to it been taken out in 2002

You could always try the courts if you are brave enough. Sometimes it never gets to court and they pay up at the last minute. Why did they add the extra year on then? Was it cause your PPI put the payments up and they worked out you could only afford a certain amount in repayments?

chess123

Hi
I dont even know why they did put a extra year just took it that was there term 8 years was only given one price was so stupid then just took them for their word.
(Not to good at this yet first time ever on anything like this)
don't know about court

marshallka

chess123 wrote: »

Hi
I dont even know why they did put a extra year just took it that was there term 8 years was only given one price was so stupid then just took them for their word.
(Not to good at this yet first time ever on anything like this)
don't know about court

I am no expert on the courts but seems like you have no other option if you have been to FOS and they have said they cannot help. Maybe someone will be along to tell you how to go about this but if you feel strongly then I would definately not give up. If you take a look through the older PPI reclaiming discussions then there were quite a few that used the courts and won. Its probably in parts two and three though as I have not seen anyone on lately. Its such a shame when things like this happen but like I say, try not to give up yet. There may be hope.

You say the broker is in administration, what about the FSCS (Financial Services Compensation Scheme) although I think this is for loans taken out since 2005 as I remember right. Again perhaps someone will confirm this.

How much was the PPI amount?

di3004

Sorry mis read on your first post about the FOS.

Shame that, but like Marshallka have said about the FSCS, you can always just contact them, but I also recall again that they deal with claims in regards of past 2005.

I am not sure on how the small claims court works, but have a little info here:
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/CourtClaimsAndBankruptcy/DG_10023133