Paragon personal finance with hold clear info of broker until the broker had ceased

magpiecottage

I have just discovered that Paragon Personal Finance Limited is not, and never has been, regulated by the FSA - so it looks like FOS would have no jurisdiction over it in a dispute about an insurance policy sold in 2004.

I also overlooked the fact that a loan of £48K was over the limit for regulated loans in 2004.

I think you will have to put this down to experience and move on.

paragon_help

magpiecottage wrote: »

I have just discovered that Paragon Personal Finance Limited is not, and never has been, regulated by the FSA - so it looks like FOS would have no jurisdiction over it in a dispute about an insurance policy sold in 2004.

I also overlooked the fact that a loan of £48K was over the limit for regulated loans in 2004.

I think you will have to put this down to experience and move on.

Why would I go to the offices! I distinctively remember going there.. well .
Ok so as the ombudsman has passed this to insurer who will no doubt say it was down to the broker also. Maybe a broker did set it up but don't have this recollection of events, I cannot pursue Paragon for the sale of it what about that when I complained in 2007 to them directly and at court shouldn't it have been made clear then about the broker? Little did I know the ppi was the least of my worries but still nothing was mentioned. If I had been sent statements I could have questioned the loan as it was not made clear at all, I get my 1st & final statement 8 years after the loan was provided. Is this normal?

paragon_help

So Paragon get someone to do there dirty work knowing it was wrong but still they could get away with it?
has anyone else had this problem?

Is the broker now trading under a different name now if so can they be pursued in anyway would they still have all records somewhere?
Access loans and mortgages did they just vanish of the face of the earth ? or was they forced off it?
I don't trust a word that paragon have said to me to date, wouldn't surprise me if it's linked in some way have been mislead beyond belief.
They can't be held accountable in anyway because information was held from me ? They would have known the full implications of the loan & that it was a major rip off but say nothing and happily take vast amounts of money all of which was fir there financial gain

paragon_help

If I say to them which I did the other day that I would not pay another penny will they default me and take me to court?
I was told they would pass it over to department to recover it and they may decide to take it to court, would this be a bad move?
I did retract the statements as I don't want anyone knocking at my door demanding, don't want another default & certainly no ccj. Looking back now in einsight maybe I should have declared bankrupt

[Deleted User]

I think you need to stop this ranting and chill a little.
The fact is that your complaint has failed and you have no recourse to FOS.

I wouldn't be contemplating a refusal to pay your debt as it will only cause you far more problems than it solves.
Sorry.

paragon_help

Moneyineptitude wrote: »

I think you need to stop this ranting and chill a little.
The fact is that your complaint has failed and you have no recourse fos

This has nothing to do with FOS and I respect what they have said. My problem is the fact Paragon withheld information from me for their own greed & only release it 5 years later. So under the circumstances I have good reason too. Put the shoe on the other foot, not giving me that facts in 07 effectively lost me everything and put me in the bad situation I now find myself in. Rant over

dunstonh

My problem is the fact Paragon withheld information from me for their own greed

You keep saying this but Paragon had nothing to gain or lose. They were never liable for your complaint. So, you say it was their greed but that is not the case.

Your problem was you sent the complaint to the wrong place. They took their time telling you this which is not ideal but if you were concerned about timescale then you have the right to go to the FOS after 8 weeks and you would have been told this in the complaint acknowledgement.

Your second problem is that you complained in 2011. The firm that sold you the loan ceased being authorised on 17th Sept 2008. Whether Paragon had answered you immediately or a year later, it would not have changed the outcome. The broker had closed before your complaint. As you bought it before regulation started in Jan 2005 and FSCS protection was brought in, then you have no-one further to complain to.

magpiecottage

paragon_help wrote: »

My problem is the fact Paragon withheld information from me for their own greed

If their motivation was greed then they were pretty foolish.

You borrowed money from them and they have not got it back and, from the sound of it, seem unlikely to.

It would have been better for them if you had made a successful complaint because then you would have had money available to repay them.

The fact is that you complained to the wrong people. You can still pursue the broker if they subsequently became directly authorised by the FSA provided that, at the time of the sale, they subscribed to the GISC code (if they still exist).

You can complain to the INSURER, not the lender, if the broker did not subscribe to the code but the insurer did (because that the insurer would have breached the code by accepting the business).

paragon_help

dunstonh wrote: »

You keep saying this but Paragon had nothing to gain or lose. They were never liable for your complaint. So, you say it was their greed but that is not the case.

Your problem was you sent the complaint to the wrong place. They took their time telling you this which is not ideal but if you were concerned about timescale then you have the right to go to the FOS after 8 weeks and you would have been told this in the complaint acknowledgement.

Your second problem is that you complained in 2011. The firm that sold you the loan ceased being authorised on 17th Sept 2008. Whether Paragon had answered you immediately or a year later, it would not have changed the outcome. The broker had closed before your complaint. As you bought it before regulation started in Jan 2005 and FSCS protection was brought in, then you have no-one further to complain to.

I complained in 2007 to paragon directly as all paperwork had their name on it, in turn this was my point of contact as far as I was concerned and had no reason to believe otherwise with the phone calls in 2007 before I wrote a letter to them. At no stage was the broker mentioned !!!!! Why? I see it now as they supplied the money and did not want any potential financial loss otherwise they should have given the information as I'm certain any decent company would want to dis associate themselves from this problem as I'm certain they were well aware that I could have not known the true implications of the loan I got myself into as really now I complained about the ppi but really that was a tiny problem in relation to the sheer issue with the loan itself which is obviously the unregulated part of it. The fact paragon never sent me statements so I could see how much they were ripping me off. Then again would they say it was not them that were capitalising on my lack of knowing it was the broker who made this possible for them to rip me off. It makes me sick to the core

paragon_help

magpiecottage wrote: »

If their motivation was greed then they were pretty foolish.

You borrowed money from them and they have not got it back and, from the sound of it, seem unlikely to.

It would have been better for them if you had made a successful complaint because then you would have had money available to repay them.

The fact is that you complained to the wrong people. You can still pursue the broker if they subsequently became directly authorised by the FSA provided that, at the time of the sale, they subscribed to the GISC code (if they still exist).

You can complain to the INSURER, not the lender, if the broker did not subscribe to the code but the insurer did (because that the insurer would have breached the code by accepting the business).

To date they have had £61, 000 bearing in mind I only wanted £35, 000 for house improvements, extension and consolidation, this is all that was told in the purpose for the loan in preparation to sell and make profit which there would have been at the time, but because I was not fully aware of the implications of the loan then little did I know until now how wrongly I was advised. I blame as already mentioned Paragon for this as this could have been challenged a long time ago but due to the lack of knowledge of what I had got myself into then I was miles away from having any profit left. Paragon was privy to this information or is it safe to say now they had no idea and that only the broker knew the real impact the loan actually had on me.
For this reason I hold Paragon responsible for not being straight with me and as a consequence I''ve lost everything as this has impacted on the whole of my life and credit in general, as there are more issues that have had a knock on effect and made things worse for me.