Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Sharp_Arrow
    • By Sharp_Arrow 8th Jan 18, 11:35 AM
    • 1Posts
    • 0Thanks
    Sharp_Arrow
    National Home Loans PPI
    • #1
    • 8th Jan 18, 11:35 AM
    National Home Loans PPI 8th Jan 18 at 11:35 AM
    I had a loan with National Home Loans starting around 1991. I have progressed a search with Paragon Bank (now the owner of National Home Loans) concerning PPI and they have confirmed that both the loan and PPI existed on it. They have also said that the files have been destroyed and that they have little or no information concerning this loan. They have referred me to the broker for any claim that I might make. The broker who arranged the loan no longer exists yet I have documentation from National Home Loans dealing with the PPI directly so they surely must have some responsibility here. Also if the files have been destroyed how can they possibly know that a broker was involved? Should I proceed with a case against Paragon Bank on this basis or is this dead in the water?

    Many thanks for the assistance.
Page 1
    • zx81
    • By zx81 8th Jan 18, 11:39 AM
    • 17,284 Posts
    • 18,395 Thanks
    zx81
    • #2
    • 8th Jan 18, 11:39 AM
    • #2
    • 8th Jan 18, 11:39 AM
    You can't progress a case against Paragon Bank as they didn't sell you PPI.

    You have no one to complain to. It would also be pre regulation even if you did.
    • dunstonh
    • By dunstonh 8th Jan 18, 11:48 AM
    • 93,038 Posts
    • 60,430 Thanks
    dunstonh
    • #3
    • 8th Jan 18, 11:48 AM
    • #3
    • 8th Jan 18, 11:48 AM
    hey have referred me to the broker for any claim that I might make. The broker who arranged the loan no longer exists yet I have documentation from National Home Loans dealing with the PPI directly so they surely must have some responsibility here.
    You were sold PPI by the broker. Not the lender. You complain to the seller not the provider.

    Also if the files have been destroyed how can they possibly know that a broker was involved?
    Files get destroyed but electronic fragments of data get left behind that can leave a few bits of information. For example, back in the 90s, you needed a different CCA agreement for loans with PPI and loans without. So, the account code attached to the account number would be different. Some lenders in that period only dealt via brokers. So, they could know that without having any paperwork. Or they could have a different account number range for broker arranged and self arranged. Or a different account code.

    Should I proceed with a case against Paragon Bank on this basis or is this dead in the water?
    Paragon have no case to answer as none of their staff or representatives sold it to you.

    As it was broker sold and 14 years before regulation of insurance. Broker no longer exists. So, you cant complain to them and the FSCS only applies to post-regulation sales. So, you cant use them. And the FOS cant look at pre-regulation sales from unregulated sources. So, you have no-one to proceed the complaint with.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Moneyineptitude
    • By Moneyineptitude 8th Jan 18, 12:38 PM
    • 20,467 Posts
    • 11,346 Thanks
    Moneyineptitude
    • #4
    • 8th Jan 18, 12:38 PM
    • #4
    • 8th Jan 18, 12:38 PM
    I have documentation from National Home Loans dealing with the PPI directly so they surely must have some responsibility here. Should I proceed with a case against Paragon Bank on this basis
    Originally posted by Sharp_Arrow
    Any attempt to "proceed with a case" against Paragon Bank will simply be rejected on the basis that the Bank did not sell you the insurance. They've already told you this. Since the broker who did sell you the insurance has ceased trading and the sale took place long before regulation (2005), any complaint you might make is indeed "dead in the water."

    You've been wasting your time with this from the beginning.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

85Posts Today

1,515Users online

Martin's Twitter