Paragon

Mrsrobinson_2

Hi - I am new to this PPI lark and I have just started the process with Paragon. I borrowed £25,000 from them in September 2004 and was charged £4,200 PPI which was added to the loan. Interestingly the loan was in joint names of my then partner and I yet the insurance was only in my name(?). I settled the loan in July 2007 and in the final statement was charged all sorts of settlement fees etc but received a rebate of almost £300 PPI premium.

I have written my first letter stating that the premium should not have been added to the loan and also informing them that I had not been asked about exisiting health matters to inform the insurers. I have received a letter from Paragon - very patronising stating that they are 'concerned that I feel I have been mis-sold premium protection Insurance'. They then inform me that my application was submitted by Loanmakers Limited??? All my dealings were with paragon - I have no paperwork from Loanmakers.

Should I continue to pursue this with Paragon?

I would be grateful for any help from anyone on the forum... you all seem very experienced in this. Thanks in advance

maxdp

Mrsrobinson wrote: »

Hi - I am new to this PPI lark and I have just started the process with Paragon. I borrowed £25,000 from them in September 2004 and was charged £4,200 PPI which was added to the loan. Interestingly the loan was in joint names of my then partner and I yet the insurance was only in my name(?). I settled the loan in July 2007 and in the final statement was charged all sorts of settlement fees etc but received a rebate of almost £300 PPI premium.

I have written my first letter stating that the premium should not have been added to the loan and also informing them that I had not been asked about exisiting health matters to inform the insurers. I have received a letter from Paragon - very patronising stating that they are 'concerned that I feel I have been mis-sold premium protection Insurance'. They then inform me that my application was submitted by Loanmakers Limited??? All my dealings were with paragon - I have no paperwork from Loanmakers.

Should I continue to pursue this with Paragon?

I would be grateful for any help from anyone on the forum... you all seem very experienced in this. Thanks in advance

Hi There do you have the original paperwork. If not you could very nicely ask Paragon how you could get that, If they will not send it then send a SAR letter plus £10.00 and give them 40 days to reply. They should then send you all iformation they hold on file for you. These companies do try and wriggle out and blame others. Were Loanmakers the people who are supposedly meant to have underwritten your PPI?

Mrsrobinson_2

Thanks for replying so quickly Max.

I have the original Unregulated Credit Agreement from Paragon signed by me and a signature on behalf of Paragon personal Finance Limited.

maxdp

Mrsrobinson wrote: »

Thanks for replying so quickly Max.

I have the original Unregulated Credit Agreement from Paragon signed by me and a signature on behalf of Paragon personal Finance Limited.

OK so that is the lender you need to claim back from it was probably underwritten by the other people. You should go to the people who sold the loan policy which was obviously Paragon. Tell them that you will take it to the FOS. Let us know their response.

Mrsrobinson_2

OK - so I should now write letter two saying - 'no; the agreement is with Paragon and if I don't get a satisfactory response I shall report Paragon to the FOS?

di3004

Mrsrobinson wrote: »

Hi - I am new to this PPI lark and I have just started the process with Paragon. I borrowed £25,000 from them in September 2004 and was charged £4,200 PPI which was added to the loan. Interestingly the loan was in joint names of my then partner and I yet the insurance was only in my name(?). I settled the loan in July 2007 and in the final statement was charged all sorts of settlement fees etc but received a rebate of almost £300 PPI premium.

I have written my first letter stating that the premium should not have been added to the loan and also informing them that I had not been asked about exisiting health matters to inform the insurers. I have received a letter from Paragon - very patronising stating that they are 'concerned that I feel I have been mis-sold premium protection Insurance'. They then inform me that my application was submitted by Loanmakers Limited??? All my dealings were with paragon - I have no paperwork from Loanmakers.

Should I continue to pursue this with Paragon?

I would be grateful for any help from anyone on the forum... you all seem very experienced in this. Thanks in advance

Hi there

Link here to the reclaiming:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You can request for a SAR (subject access request) by using the template on this site here:
http://forums.moneysavingexpert.com/showthread.html?t=1475553

You write to the ones who sold and arranged your loan, if you require any help with any of this, please post up.;)

Mrsrobinson_2

Thanks Di:

I have looked at the reclaiming insurance link and I have already started with the first letter simply stating I think I have been missold and can I have my money back please. They responded by stating I needed to get in touch with the broker. I wanted to clarify with those members of the forum who know about such things that this is not the case.

So I sould ask for full disclosure (SAR) before threatening the FOS? OK - I will send that letter today.

Thanks again for your help - I shall keep you posted!!!

di3004

Mrsrobinson wrote: »

Thanks Di:

I have looked at the reclaiming insurance link and I have already started with the first letter simply stating I think I have been missold and can I have my money back please. They responded by stating I needed to get in touch with the broker. I wanted to clarify with those members of the forum who know about such things that this is not the case.

So I sould ask for full disclosure (SAR) before threatening the FOS? OK - I will send that letter today.

Thanks again for your help - I shall keep you posted!!!

Your welcome hun.

Sorry I did not get the chance to read right through your first post.

But yes you do this and in regards of the SAR, it can be useful, something may come back to help support your case, worth requesting this.
You can then enclose supporting evidence to the FOS if you end up going this direction to support your complaint.

So write to the broker, if you were told that by the lender, also enclose a copy of that response with the reclaim letter to the broker, they will be aware you have already taken this direction where it confirms they told you to take it to the broker, and they have 8 weeks in full to investigate.

If however, they do not resolve this in your favour, write back until they give you the go ahead for the FOS, they should give you details in their final response.
Hopefully though they will resolve this for you, and you will not have to go to the FOS then.

They may try to deny liability but offer you a gesture of goodwill, which can be very low compared to the true amount of PPI and the interest as well.
If they do this, then write back and tell them you still believe you were mis sold and am requesting for the full refund plus the interest.
Or ask for a more reasonable amount, either way, good luck.;)

Mrsrobinson_2

I have just 'googled' Loanmakers and they are in administration since February 2009. You know, I have no memory of contacting loanmakers at all - the name is totally unfamiliar to me. I am wondering if Paragon are directing complainants to Brokers who are in administration hoping this will stop further investigation? I think I will go down the SAR route and see where Loanmakers feature in this matter - if at all!!!

I have really got the bit between my teeth now!

di3004

Mrsrobinson wrote: »

I have just 'googled' Loanmakers and they are in administration since February 2009. You know, I have no memory of contacting loanmakers at all - the name is totally unfamiliar to me. I am wondering if Paragon are directing complainants to Brokers who are in administration hoping this will stop further investigation? I think I will go down the SAR route and see where Loanmakers feature in this matter - if at all!!!

I have really got the bit between my teeth now!

Sorry to hear this.
Just came back to me now, if anyone has a claim with loanmakers, you have to register your case with the finanical compensation scheme, known as the FSCS, I have a claim with them in regards of another company.

I would email or ring the FSCS to ask them to arrange to send you a claim form here:
http://www.fscs.org.uk/contacts/
As soon as they are declared in default the FSCS will investigate your case for you.;)

Mrsrobinson_2

My loan and all the paperwork is with Paragon so I am going to pursue them - I have sent of my SAR by recorded delivery together with the cheque for £10.