PPI on Paragon Loan

Bigmac1962

I am looking for some advice on whether what options (if any) I have to try to claim back some PPi I feel was mis-sold. The facts are:
In 2003 I took out a secured loan over 15 years with Paragon for £25k for home improvements, the broker involved was called "Easy-Loans.co.uk" which I can find no trace of any longer so would guess that they have long since disappeared. As part of the loan I was more or less told that I would be required to take out PPI of £3875. I wasn't told that this cover would only last for first 5 years of the loan.

From what I have read on this forum, I am fairly certain that I have no claim against Paragon.
However, can I claim against the insurance compay "London & Edinburgh" (now part of Aviva I believe) as they uiltimately benefited from the mis-selling?

Any advice would be appreciated.

dunstonh

From what I have read on this forum, I am fairly certain that I have no claim against Paragon.

Normally you would be right. However, there was a recent court case which found against paragon. The FCA are currently deciding what to do to reflect the outcome of that court case. They should be published soon but there has been the odd bit of leaked info suggesting what the position will be (leaks could be media misinformation or current thinking and not final). Based on that, its looking likely that Paragon (and any other lender) that had a commission above 60% will have to refund the difference (paragon was above that).

So, watch this space. Something is coming on this front.

However, can I claim against the insurance compay "London & Edinburgh" (now part of Aviva I believe) as they uiltimately benefited from the mis-selling?

The court case found nothing wrong against the insurer.

fermi

May be relevant to you?

http://www.moneysavingexpert.com/news/reclaim/2015/05/court-ruling-could-open-door-for-more-ppi-claims

PPI is not really my thing though...

Bigmac1962

Dunstonh many thanks for your reply, I will keep my eyes peeled for further developments.
With regards to the insurer I read elsewhere on this forum along the lines that if you took out a policy through an intermediary who, it turned out, was not covered by the GISC code then the insurance company was itself in breach of the code by accepting business from an intermediary who did not subscribe. Had it not done so then you would not be out of pocket, and you are therefore entitled to claim a refund from the insurance company. Have I got the wrong end of the stick? (not an unusual occurance!)