paragon personal finance/unsecured loan

josephjohn_2

Hi wondering if anyone can help me out here,my daughters boyfriends dad died last year,leaving him his house,and a lot of debts,this was passed onto a Independt Trust Corporation,who took care of all bills,one of which was an unsecured loan to Paragon Personal Finance take out about 10/15 years ago for £7000 On the paperwork they are demanding £37,678 to pay off this loan, as far as we are aware there was never any demands for missed payment, or any baliffs at his dads house to try and get these payments,which you would think would have happenend after all this time, we cant understand how this amount was arrived at,and should we seek more advice before paying off this loan.

Dabooka

Do you think?

£37k for a £7k loan that's 15yrs old, I think I'd be wanting more proof than just a demand.

If they do pay up let me know and I'll whack a claim against his estate too; we'll go 50/50!

josephjohn_2

They only have about a week to decide to pay out this amount,then all the other bills he had get more interest onn them,ssems so unfair that they can charge such a larger amount for such a small initial outlay, going to see a lawyer friend 2mor see what we can do.

josephjohn_2

UPDATE.......We went to see an independant advisor who told us to pay off everything else except the amount to PPF, and to ask to see the paperwork concerning this loan,we contact ITC and advised them of this,they told us that they had "ALREADY PAID OUT TO EVERYOND CONCERNED ", we still had the paperwork asking us to SIGN so that they could do that, so we hadnt actually told or autherised any payments....they just said they had took it upon themselves to do this.......and that if we quired any payments ,they would withold whats over payable to us........

Fruit_and_Nut_Case

I've been having a look at Paragon and have found nothing but negative reviews. Their own web site doesn't even mention typical APR. Definitely one to avoid, not that that helps the OP.

cuminz

josephjohn wrote: »

Hi wondering if anyone can help me out here,my daughters boyfriends dad died last year,leaving him his house,and a lot of debts,this was passed onto a Independt Trust Corporation,who took care of all bills,one of which was an unsecured loan to Paragon Personal Finance take out about 10/15 years ago for £7000 On the paperwork they are demanding £37,678 to pay off this loan, as far as we are aware there was never any demands for missed payment, or any baliffs at his dads house to try and get these payments,which you would think would have happenend after all this time, we cant understand how this amount was arrived at,and should we seek more advice before paying off this loan.

Hi, just wanted to see how things are going? Hope your daughter is okay going through all this plus having to grieve over her partners death. Hope everything works out ok.

josephjohn_2

Thank you, yes could have done without this type of news, but still we have asked ITC to look into the loan for us,cos after 10 years you would have thought they would have been in touch b4 and not let it just go on and on...will let you know how things turn out