PPI missola by Paragon finance. HELP!!!

Aimbo

I need your help and advice on what to do. I took out a joint loan on the 31st of Oct 2001 with Paragon Finance and I have all the paper work and I have just found out what exactly PPI means.

The loan we took out was

£28,500 loan
£8265 payment protection (was added)


£36,765 total repayable at rate £404.76 a month for 180 months

On Nov 2001 Paragon took their first payment.

And i paid the loan off in June 2004. But this is what I was made to pay back: "current balance as at 3rd June 2004=£36.199.15
Interest due on 12th June 2004 £313.79
Add interest from last payment due to 3rd Jully 2004 216.72
Add early settlement interest £1.882.74
Sub total £38.612.40
Less payment protection charge, if any £546.91
Add legal and discharge fee £150.00
Solicitors costs £518.13


But on the 16th of June 2014, the ressettlement I paid to Paragon is £38.215.49..

I beleived I was mis-sold PPI because we were told that we would not get the loan if we did not take the PPI, the aggreement we signed is a good evidence that the only option on the aggreement was different levels of PPI.Thus, no other option or education that we can get the loan through any other means.

Also, since the loan is for 180 months, why does it seem like they stii charged and took £7718.09 of PPI from me even though i paid the loan off well before the 180 months?


Please help me. How can I reclaim my PPI? Do I have a case? or have any chance of getting my money back?

Thanking you in advance.:A

-taff

You have very little chance of getting anything back because they weren't regulated at the time of sale.
Luckily you paid it off early otherwise you'd have paid thousands in PPI interest.

Aimbo

Thank you Taff, yes, they were unregulated but I feel i should pursue my case because I was mis-sold. Also, I have all my documents and aware that others have successfully retrieve their money back. I just need help/info on how to go about it.

[Deleted User]

Aimbo wrote: »

yes, they were unregulated but I feel i should pursue my case because I was mis-sold.

As they were unregulated prior to 2005, they don't even have to consider your complaint. It's difficult to see how you will "pursue" this as you will have no access to the Ombudsman. In situations like yours, there is only slight advantage to having all documentation.

roonaldo

Aimbo wrote: »

I beleived I was mis-sold PPI because we were told that we would not get the loan if we did not take the PPI,

You believe isnt very concrete and mis-selling, you will need some proof of this if you were told this.

the aggreement we signed is a good evidence that the only option on the aggreement was different levels of PPI.Thus, no other option or education that we can get the loan through any other means.

You can get a loan anywhere you dont need any education, if you mean the PPI then they dont have to tell you that you can get PPI elsewhere, this is a myth you have read somewhere on internet. The PPI should be optional though.

Also, since the loan is for 180 months, why does it seem like they stii charged and took £7718.09 of PPI from me even though i paid the loan off well before the 180 months?

This is probably more along the lines of mis-selling as I expect this single premium PPI only covered you for 5 years, is that right? Did you get a pro-rata rebate when you paid off the loan?

Please help me. How can I reclaim my PPI? Do I have a case? or have any chance of getting my money back?

Some have had success going to the insurer as Paragon were not regulated and under FOS jurisdiction.