PPI Claim Against Paragon Finance

CSnoddon

Hi everyone I was contacted by a company in 2008 called Credit agreement Limited who asked us about details of a loan we had had and informed us that we were entitled to a PPI refund for a secured loan that we had taken out in 2004 and repayed in 2007 including the full PPI. Credit Agreement ltd took our £350 and referred us to a Solicitors in Crewe called Taylor Hollingshead and Co who started to progress our case. They initially encountered problems because the broker that arranged the loan had went out of business but still dealt with the loan company Paragon Finance at this stage. Its now August 2011 and my PPI is still not resolved. My Wife last spoke to Taylor Hollingshead in March and they informed her that because there was a broker involved that has now stopped trading they could not progress the claim. Taylor Hollingshead were informed by her that on advice from the lender Paragon (via a direct phone call to my wife)that a loan would not be provided unless myself or my wife took the payment protection which we eventually did. Taylor Hollingsheads correspondence is quite non existent now and I have a sneaking suspicion that they have let the case go statute barred. This Claim was started in Sept 2008, (loan was from 2004-2007 so I was advised that this should have fell within the applicable dates for claiming). I'm pretty aggrieved at the moment due to the fact when I remortgaged I paid £9000 payment protection back to Paragon for protection that should have lasted 20years but only did for 3(since we repaid early) and I have no claim even on this. Taylor Hollingshead stated that they would have to prove a breach of fiduciary duty on Paragons part with respect to the payment protection and that ,that could be extremely problematic. Anyone any thoughts on why this has not moved for ourselves? Apologies for the long winded post but felt i needed to state as much fact as possible.

Any assistance or thoughts would be greatly appreciated

di3004

CSnoddon wrote: »

Hi everyone I was contacted by a company in 2008 called Credit agreement Limited who asked us about details of a loan we had had and informed us that we were entitled to a PPI refund for a secured loan that we had taken out in 2004 and repayed in 2007 including the full PPI. Credit Agreement ltd took our £350 and referred us to a Solicitors in Crewe called Taylor Hollingshead and Co who started to progress our case. They initially encountered problems because the broker that arranged the loan had went out of business but still dealt with the loan company Paragon Finance at this stage. Its now August 2011 and my PPI is still not resolved. My Wife last spoke to Taylor Hollingshead in March and they informed her that because there was a broker involved that has now stopped trading they could not progress the claim. Taylor Hollingshead were informed by her that on advice from the lender Paragon (via a direct phone call to my wife)that a loan would not be provided unless myself or my wife took the payment protection which we eventually did. Taylor Hollingsheads correspondence is quite non existent now and I have a sneaking suspicion that they have let the case go statute barred. This Claim was started in Sept 2008, (loan was from 2004-2007 so I was advised that this should have fell within the applicable dates for claiming). I'm pretty aggrieved at the moment due to the fact when I remortgaged I paid £9000 payment protection back to Paragon for protection that should have lasted 20years but only did for 3(since we repaid early) and I have no claim even on this. Taylor Hollingshead stated that they would have to prove a breach of fiduciary duty on Paragons part with respect to the payment protection and that ,that could be extremely problematic. Anyone any thoughts on why this has not moved for ourselves? Apologies for the long winded post but felt i needed to state as much fact as possible.

Any assistance or thoughts would be greatly appreciated

Hi there

Sorry to hear this.
If the claims company cannot take this any further they should i understand refund your money back to you.
If your having problems with the claims company maybe you could contact claims regulation and see what they have to say.
http://www.justice.gov.uk/global/contacts/claims-management-regulation/index.htm

If this is the end of the road with the claims companies, then I would contact the Financial ombudsman service (FOS) who may suggest the underwriter/insurer avenue as these would have been regulated, do not worry about the time barring issue, because this is not your fault its taken so long and nothing came of it.
The FOS have suggested this direction to many where brokers who were not regulated have dissolved etc.
http://www.financial-ombudsman.org.uk/contact/index.html

Good luck and please let us know how you get on, cheers.

dunstonh

The broker is responsible for the sale of the PPI. Not the lender. Only if the broker is an agent of the lender are they responsible.

So, from day one, the focus should have been on the broker. As soon as the broker closed and was in default, the complaint should have been referred to the FSCS. Although the date involved may be a blocker. IF you signed the application before 31 October 2004 then the fSCS cannot get involved. If it was after this date, they can.

magpiecottage

dunstonh wrote: »

Although the date involved may be a blocker. IF you signed the application before 31 October 2004 then the fSCS cannot get involved. If it was after this date, they can.

That date is for residential mortgages. For general insurance advice/sales it is 14 January 2005 so that would seem to be a non-starter.

It may be possible to get a pro rata refund from the insurer, though.

magpiecottage

di3004 wrote: »

If this is the end of the road with the claims companies, then I would contact the Financial ombudsman service (FOS) who may suggest the underwriter/insurer avenue as these would have been regulated

That can only work if the insurer subscribed to the General Insurance Council's code of practice and the intermediary did not as you can then show the insurer breached the code by accepting business from a non-GISC intermediary.

CSnoddon

Thank you for your responses everyone they are very helpful. i will have a sit down and plan my next move now:undecided