Urgent Help Needed

scorpio04

My sister took out a secured loan for £37,500 with Paragon Home Loans in August 2004. She is now remortgaging and has been told that she took out an insurance policy with the loan at the upfront cost of £10,000 which she will lose when she redeems the loan. This sounds so utterly preposterous and unethical that I can't believe it. Albeit that she should have read the policy more closely, she did not have the implications of this policy explained to her by the broker, Central Capital and I feel that the policy has been miss sold as she is a nurse and he works for British Rail - both have 52 weeks sick pay.

Can anyone offer advice or shed any light on what she should do?

dotty_dotty

hi i am the sister and would really love some help, what we were not told was that we would get no refund on the PPI when we took out the loan we have been offered £500 rebate meaning that for two and a half years cover we have paid £9500, although we have paid these people £14000 with redemption fee they are say we oe more than we borrowed any ideas where to go now would be greatly apreciated, we have always taken payment protection on the belief that we ould not get the loan if we did not. Thanks in advance

regularsaver1

PPI does not only cover sickness remember - also includes life cover and unemployment cover. What is this sort of cover?

No one's job is safe

What sort of insurance policy was it?

dotty_dotty

I am alays happy to pay payment protection but would not have even taken out the loan if I had have known I would get no refund, I accepted that I would pay a redmption premium which included the loan for the PPI what I was unaware of was the fact that I would be paying £10,000 pounds for an insurance that I will no longer need