Had to pay PPI payments for full term of secured loan

shenunn

Hi all - my husband and I took out a secured loan on our old flat ove 6 years ago with Paragon Finance but, when it came to selling the property we had to pay about £16,000 in PPI payments (to cover the full term of the re-paid loan) or else we couldn't complete the sale. Has anyone else come across this and is it legal, or can we claim this back?

It's 4.5 years since we completed the sale (30/01/05) and I'd like to re-claim this money if I can as its been on my mind for years - we both had to take out loans to cover the additional cost that we didn't expect and got into a whole heap of trouble because of it.

Thanks! shenunn

di3004

shenunn wrote: »

Hi all - my husband and I took out a secured loan on our old flat ove 6 years ago with Paragon Finance but, when it came to selling the property we had to pay about £16,000 in PPI payments (to cover the full term of the re-paid loan) or else we couldn't complete the sale. Has anyone else come across this and is it legal, or can we claim this back?

It's 4.5 years since we completed the sale (30/01/05) and I'd like to re-claim this money if I can as its been on my mind for years - we both had to take out loans to cover the additional cost that we didn't expect and got into a whole heap of trouble because of it.

Thanks! shenunn

Hello and welcome.;)

Give it a go hun, these are a rip off, almost all of us have been in this position on here and have reclaimed and still reclaiming on others, so with your reasons its worth a shot.

You may also have other reasons, so below check the link, which also has a checklist of mis selling reasons, and letter templates.
You can use them if you want to or as a guide with your own words, they have 8 weeks in full to respond, keep at them, until they resolve, or until they issue you with the final response, where they should if eligible enclose details of the financial ombudsman service (FOS) details as well.

Was it Paragon that sold you the loan/ppi, or was it arranged by someone else?
You actually write to the ones that arranged this for you, and do not worry about writing the amounts down at this time, but suggest to post by recorded delivery, this is your proof of posting.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Also to add that these type of policies, they must now stop selling with the loan, but please read the above link for more info and if anything else in the checklist occurs to you, write them in your letter as well.

Good luck and please let us know how you get on.;)

shenunn

Hi Di3004 - thanks for this information. It's good to know that we can reclaim these rip-off monies and I'll take a look at the link you provided. It was Paragon who provided us with the loan and not through a 3rd party.

Cheers again and I'll get on to it!

shenunn

:T

di3004

shenunn wrote: »

Hi Di3004 - thanks for this information. It's good to know that we can reclaim these rip-off monies and I'll take a look at the link you provided. It was Paragon who provided us with the loan and not through a 3rd party.

Cheers again and I'll get on to it!

shenunn

:T

Hi there
And your very welcome.;)
Wishing you luck and please let us know how you get on, and ask for help when required.