Paragon/Freedom/Bespoke - Pre FSA Regs - Big Problems!

HayleyJ_2

Dear All,

I am becoming increasingly concerned that my PPI reclaim is stuffed!

In July 2002 I took out a loan, via Freedom Finance, for £25k with PPI. The actual loan was provided by Paragon. The loan was settled in July 2003 and it was at this time that I discovered that I had missold a very dodgy PPI policy. I complained at the time but got nowhere.

In 2007, the notorious 7Marketing "tried" to get my money back but they were useless. I was referred to another agency (Credit Agreement Ltd) who are now trying to reclaim this amount, however, I do not believe that they are in a position to help, as the circumstances are not the normal run-of-the-mill "vanilla" kind.

Neither Freedom or Paragon fell under the FSA regs at the time of the loan, so the FOS are unable to help. They were, however, reg'd by the Finance & Leasing Assoc (FLA).

I believed that Freedom brokered the loan AND PPI and it was them who I corresponded with originally. However, I have now found out that Bespoke Finance were the providers of the PPI (although this was not to my knowledge) and they were not regulated by ANYONE!! They are reg'd in Gibraltar and I think that this basically means that they are not subject to any regs, so I think that I am stuffed.

Credit Agreement Ltd seem to be clueless as to what action to take, although I am waiting for their "legal person" to call me back to discuss. I am worried that I have A) wasted more time (another 3 months) and that they will be unable to help me at all.

I don't even know if I can go to court to get this money back. Its alot of money £8k+, without the accrual of interest over the last 6 years.

Does anyone know what I can do? My fear is that Freedom/Paragon/Bespoke get off scot-free with this and I am left thousands of pounds out of pocket

Cheers
Hayley

di3004

HayleyJ wrote: »

Dear All,

I am becoming increasingly concerned that my PPI reclaim is stuffed!

In July 2002 I took out a loan, via Freedom Finance, for £25k with PPI. The actual loan was provided by Paragon. The loan was settled in July 2003 and it was at this time that I discovered that I had missold a very dodgy PPI policy. I complained at the time but got nowhere.

In 2007, the notorious 7Marketing "tried" to get my money back but they were useless. I was referred to another agency (Credit Agreement Ltd) who are now trying to reclaim this amount, however, I do not believe that they are in a position to help, as the circumstances are not the normal run-of-the-mill "vanilla" kind.

Neither Freedom or Paragon fell under the FSA regs at the time of the loan, so the FOS are unable to help. They were, however, reg'd by the Finance & Leasing Assoc (FLA).

I believed that Freedom brokered the loan AND PPI and it was them who I corresponded with originally. However, I have now found out that Bespoke Finance were the providers of the PPI (although this was not to my knowledge) and they were not regulated by ANYONE!! They are reg'd in Gibraltar and I think that this basically means that they are not subject to any regs, so I think that I am stuffed.

Credit Agreement Ltd seem to be clueless as to what action to take, although I am waiting for their "legal person" to call me back to discuss. I am worried that I have A) wasted more time (another 3 months) and that they will be unable to help me at all.

I don't even know if I can go to court to get this money back. Its alot of money £8k+, without the accrual of interest over the last 6 years.

Does anyone know what I can do? My fear is that Freedom/Paragon/Bespoke get off scot-free with this and I am left thousands of pounds out of pocket

Cheers
Hayley

Hi Hayley

Do not give up on this yet.

I would try contacting the FOS about this on Monday, there are some posts on here that the FOS are considering investigating complaints prior Jan 2005, where some have had their's resumitted to the FOS.

There are also a few on here who have had dealings with Bespoke, based in Gabralta, the FOS should be able to guide you here.

Give them a call on Monday to ask if they can help in any way, good luck and please keep us posted.
Cheers;)
http://www.financial-ombudsman.org.uk/contact/index.html

Di

HayleyJ_2

I posted before I was finished! See above post for full info Di! Thanks

di3004

Just found one of Marshallka's post on this thread here in regards of Bespoke:
post number 2754 I think it is.;)
http://forums.moneysavingexpert.com/showthread.html?p=11990323

marshallka

di3004 wrote: »

Just found one of Marshallka's post on this thread here in regards of Bespoke:
post number 2754 I think it is.;)
http://forums.moneysavingexpert.com/showthread.html?p=11990323

Yes Di, Bespoke are a nightmare to deal with. I think its best for anyone (unless they are prepared for the courts route) to go to the FOS about the insurer. FOS realise what is going on and they have about 200 complaints of this kind and this is what they are trying to do now.

Unless the poster here can actually take this through the courts there really is nothing you can do to help yourself. If you are prepared for the courts then good luck. This does not mean however that making complaints to OFT, FSA and FOS will not help as it helps others on here.

By the way Di, thanks for bringing up my posts on this. What a fight I put up and still not got complete justice. :rolleyes:

Lets hope FOS helps in this one against the insurer unless like I say, the poster is prepared for the courts cause no-one else can help.

marshallka

di3004 wrote: »

They have a law of their own it seems:mad:

Many on here have struggled with these to what I remember, but think they managed to resolve in the end, I must find those posts to be sure.
Interesting that on fsc.gi.

Who has resolved against Bespoke Di.??? I know of no-one posting on here that has. I have just looked everywhere on here and no-one has actually posted winning.

Yeah find them and post them up for me.

HayleyJ_2

Dear Marshalka
Thanks a million for that really helpful information. I did a search for Bespoke related forum posts and found a great deal of helpful responses from yourself, which will help me hugely. I do not believe that anyone has been successful with them, as they are as slippery as snakes. I am resolute in taking this as far as I can go - even to court - as I find this whole situation incredibly unfair and unjust. I don't believe that Freedom & Paragon are entirely blameless in this situation - esp. Freedom - as they knowingly led their customers into binding, costly agreements with a financial institution that was not registered in the UK and therefore offered no protection towards consumers. They demonstrated no duty of care and that IS against the spirit of all the financial regulations that they were operating under. On that basis, I will be looking to them for compensation, as well as Bespoke.

I will be drafting letters today to OFT, FSA and FOS.

Thanks for your help again - I may need more of it!!

HayleyJ_2

p.s. I was never given a copy of the insurance documents!!

di3004

marshallka wrote: »

Who has resolved against Bespoke Di.??? I know of no-one posting on here that has. I have just looked everywhere on here and no-one has actually posted winning.

Yeah find them and post them up for me.

You know me Marshallka, I probably have the wrong business again......:o, sorry Hayley, but hope you do get luck with these.;)

marshallka

HayleyJ wrote: »

Dear Marshalka
Thanks a million for that really helpful information. I did a search for Bespoke related forum posts and found a great deal of helpful responses from yourself, which will help me hugely. I do not believe that anyone has been successful with them, as they are as slippery as snakes. I am resolute in taking this as far as I can go - even to court - as I find this whole situation incredibly unfair and unjust. I don't believe that Freedom & Paragon are entirely blameless in this situation - esp. Freedom - as they knowingly led their customers into binding, costly agreements with a financial institution that was not registered in the UK and therefore offered no protection towards consumers. They demonstrated no duty of care and that IS against the spirit of all the financial regulations that they were operating under. On that basis, I will be looking to them for compensation, as well as Bespoke.

I will be drafting letters today to OFT, FSA and FOS.

Thanks for your help again - I may need more of it!!

Fire away Hayley but I tell you, this will be a long battle. Please get back to FOS though as they are taking complaints like this one against the insurer now. Its all new and FOS are still in meetings etc but give them a call. I hope you win. I think Di will be back to post the posts of winners but I cannot find them. No-one to my knowledge has posted on here winning. I know a couple took Freedom to court (or were going to) and they paid up out of court. Also some were going for the lenders. I think that some actually went for the whole agreements unenforced or gave up and went for the unfair rebates. There are so many ways but as long as you get ALL that you entitled to back it does not matter which way you go. Extra good luck

di3004

I will keep looking but just in case I have got confused hayley, keep at them, and I wish you luck.

I will also check other sites as well, just in case.;)