Help with National Home Loans/Paragon Finance

M16hef

Can someone please help me, I was sold a National Home loans mortgage back in 1989-90 by a broker, I have been in touch with them and they agree PPI was on the loan, I was self employed at the time and my Father would have paid my mortgage if I couldn't`t, so I certainly did not agree to have PPI.
National home loans became Paragon Finance at some point and when I contacted them they said, they could not pay out, as I have to contact the broker, who is now vanished off the face of the earth, but surely, if National Home Loans paid the broker a commission, he would therefore be classed as employed by them? I've hit a brick wall with this one.
I also paid Litchfield Price £500 to look into it for me, whilst they did get me £3,200 back from Amex, less their commission, they did say they were waiting to hear back from them, but the, they too have now mysteriously vanished.....

dunstonh

and when I contacted them they said, they could not pay out,

Correct. The lender is not responsible for the sales process where a broker was used. Only if it was one of their staff or representatives that made the sale.

but surely, if National Home Loans paid the broker a commission, he would therefore be classed as employed by them?

No. That is not how it works. It would be illogical to assume that they are employed by them. They only receive an application in the post. They have had no dealings with your personally.

I also paid Litchfield Price £500 to look into it for me, whilst they did get me £3,200 back from Amex, less their commission, they did say they were waiting to hear back from them, but the, they too have now mysteriously vanished.....

They were shut down as they were dodgy. You can usually spot the dodgy ones as they want up front money.

Stu62

I was sold a National Home Loan mortgage by a broker which included PPI as this was presented as a condition of the loan. I paid this mortgage and associated payments for 10 years, from 1990 until summer 2000. From reading this forum string it appears that despite the above I have no recourse to seek redress for the missold product with NHLs, now Paragon Bank? Welcome any advice.
Thanks.

[Deleted User]

Stu62 wrote: »

From reading this forum string it appears that despite the above I have no recourse to seek redress for the missold product with NHLs, now Paragon Bank?

The lender is not responsible for the sales process where a broker was used. Only if it was one of their staff or representatives that made the sale

So, you should address any complaint to the Broker. If the Broker is no longer trading your complaint is already over.

Do also realise that PPI was indeed a condition in many instances and was in return for free mortgage advice.