Paragon PPI Claim

Bradley711

Hello,


I am in the process of trying to claim back PPI on a loan that my mum took out with Paragon in 2008.


Paragon have advised me that I need to make the claim to the broker - Norton Finance. After contacting the FSCS I am unable to make a claim against them as they are not registered with them.


Having looked over all the documents, everything was from Paragon. All the PPI paper work was from them and it was a Paragon agent that signed all the documents.


I am wondering if anyone has been in this position or has any advice for me in perusing this PPI claim?


Thanks

dunstonh

Paragon have advised me that I need to make the claim to the broker - Norton Finance. After contacting the FSCS I am unable to make a claim against them as they are not registered with them.

The FSCS handle complaints about firms that are no longer trading or are insolvent. Norton Finance appear to be still trading. So, the FSCS wouldnt apply here.

Having looked over all the documents, everything was from Paragon. All the PPI paper work was from them and it was a Paragon agent that signed all the documents.

You would expect that to be the case as they are the lender. The broker is a middle man.

I am wondering if anyone has been in this position or has any advice for me in perusing this PPI claim?

yes plenty of people have. You complain to the seller. The seller was Norton Finance.

Bradley711

Thanks for your reply.


I have been advised that Norton Finance UK Ltd went into administration and "Based on the policy and advice dates that you’ve provided, we can’t accept your application as the firm you are claiming against wasn’t authorised by the Financial Conduct Authority at the time you conducted business with them." That is from the FSCS.


It was in 2008... I am not sure where to go from here now.

dunstonh

Hmm. Looks like they Phoenix (closed bad company and reopened with no liability on the old).

If you bought in 2008 then the FSCS should look at it. If you bought before Jan 2005, then they shouldnt.

You say you bought in 2008, so the FSCS position does not sound correct.

Bradley711

I have sent them an email to ask. They are saying that the company was not part of the scheme, why would this be? Do they need to opt it. Sorry for all the questions.

dunstonh

Bradley711 wrote: »

I have sent them an email to ask. They are saying that the company was not part of the scheme, why would this be? Do they need to opt it. Sorry for all the questions.

Brokers needed to be regulated from January 2005.
According to the FCA register ( https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfXuMAAV ) they were authorised from 31/10/2004 until 20/12/2012). It had a principal called Norton Insurance Services Ltd.

The FSCS website confirms both of these firms (the principal is the main one) are in default.
https://www.fscs.org.uk/news/2012/march/norton-insurance-services-limit-j32k19x7/

People have posted on this site that the FSCS have been paying out on FSCS claims with no issues.

The only reason the FSCS would say it was not part of the scheme was if it was taken out prior to them being regulated. Are you absolutely sure this loan was taken out in 2008?

Bradley711

yes, I am getting the message when I go on the check if I can claim. I have put in the date and Norton Finance UK and that is the message that I am getting. I will try email them as maybe its an error on the site