Paragon Personal Finance PPI Claim
dcw2806
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HI, does anyone have any experience making a PPI claim against Paragon Personal Finance? My loan was originally with Universal Credit and was sold to Paragon. I have submitted my Claim including a copy of the letter about the loan moving, letter saying loan was approved, the agreement form showing the PPI, letter to confirm further advance, statement showing that, Copey of Insurance Certificate and letter about a claim proving the PPI was paid.
Inititally I received a letter saying they couldn't find anything on their search and can't locate an account?? They then said this meant there was no PPI or wasn't subject to FCA regulation. I phoned them and said I had provided proof of the PPI. They then asked for me to send proof by post which I did. I then received a second letter saying that the sale of general insurance wasn't regulated until 2005 and as my policy was taken outin 1995 is was in a non-regulated environment so insurance was offered on an information only basis. Therefore their decision is to not uphold the complaint.
I am confused as I have had other companies pay out for policies taken out before 2005. Both Universal Credit and Paragon made my life a misery back when I had the loan, the further advance was to pay off some debts and that got me in more financial difficulty. I am really not suprised that they aren't behaving like other companies still.
Is what they are saying true, even with all the evidence I have supplied? I had absolutely no choice about the PPI, they sent the form for me to sign already completed for PPI and said I had to sign it to get the loan. Is this a case for PLEVIN instead or will that not apply either? Please can someone advise me as I really don't think its fair they can say that and close my complaint.
Inititally I received a letter saying they couldn't find anything on their search and can't locate an account?? They then said this meant there was no PPI or wasn't subject to FCA regulation. I phoned them and said I had provided proof of the PPI. They then asked for me to send proof by post which I did. I then received a second letter saying that the sale of general insurance wasn't regulated until 2005 and as my policy was taken outin 1995 is was in a non-regulated environment so insurance was offered on an information only basis. Therefore their decision is to not uphold the complaint.
I am confused as I have had other companies pay out for policies taken out before 2005. Both Universal Credit and Paragon made my life a misery back when I had the loan, the further advance was to pay off some debts and that got me in more financial difficulty. I am really not suprised that they aren't behaving like other companies still.
Is what they are saying true, even with all the evidence I have supplied? I had absolutely no choice about the PPI, they sent the form for me to sign already completed for PPI and said I had to sign it to get the loan. Is this a case for PLEVIN instead or will that not apply either? Please can someone advise me as I really don't think its fair they can say that and close my complaint.
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As you've been told, the sale of general insurance wasn't regulated until 2005 and as your policy dates from 1995 the sale was in a non-regulated environment While I sympathise, this is irrelevant to your PPI complaint. The evidence you have supplied is irrelevant I'm afraid since your complaint is pre-regulation and is not even going to be considered. Irrelevant I'm afraid Irrelevant I'm afraid Plevin does not apply. It isn't fair, but there is absolutely nothing you can do about it.
If these "other" companies were members of the ABI or similar codes then they have to consider pre-regulation complaints going back to as far as their earlier membership. In the case of banks, that is effectively as far as records begin. For any that were not members of an earlier body, its January 2005.
They are behaving exactly as you would expect for a pre-regulation sale.
Forget this so-called evidence. it means nothing. You could have the most nailed on complaint going and they still dont have to consider it. They are responding correctly.
You say it was bought in 1995. So, its unlikely that loan was still outstanding in 2008. If it was, then Plevin will apply. If it wasnt then Plevin will not apply.
it is fair and correct.
I am just starting to follow a PPI claim very similar to yours on behalf of my daughter. The loan agreement was with Universal Credit in 1991 and she was told they would only lend if she also took out an insurance policy. I have the original paperwork from Universal Credit and from London and Edinburgh Insurance. I have just been tracing the changes with this company so I know where to write. I see they were acquired by Paragon in 1998. The original director is now a director with Paragon.
I have not got any further yet but will be putting a letter together this week and sending copies of original documentation. I see you are not managing to get anywhere with this, and have had no positive advice either. I am feeling a bit deflated now. If I get any helpful response I will let you know.
The poster, dcw2806 made this single post on 1st October and hasn't logged in since.
The sale of the insurance was not by Pinnacle, it was done by Universal Credit who hold liability for miss-sale, not the insurer. As it was in 1991 it was 14 years pre-regulation so would be dismissed if the seller even still exists. The insurer has no liability for a sale unless their agent sold it.
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