Quote:
Originally Posted by Vheneka  Hi
Just to say hi. I am a new member hope I am at the right place for ppi claims. It is nice to have a forum like this. I hope someone will help.
in 2004 I got a loan of £40000 pounds from Paragon. They also sold me a single protection insurance for £10000. When we tried to settle the loan after 4 years we were shocked to see the settlement figure as £50000. I querried this and they told me to contact Central Capital Limited saying that Paragon only sold me the loan and ppi was sold by Central capital Limited and refused to pay me back the balance for not completing the whole term of the loan. so i contacted Finance Ombudsman Service who said they could not deal with my case because my complaint against Paragon related to events which occured before when it was not a member of the General Insurance Standards Council (GISC).
I then contacted Cetral Capital Limited (CCL) Explaining that they missold the PPI to me the fact that they did not fully explain the conditions of the PPI and that they should pay me back the balance of the remainder of the term I did not complete.
CCL. responded saying that in 2004 the concept of "advised sale" did not exist so the allegation of mis-sell cannot be taken in the same context. They said in2004 they did not record any telephone coversations between myself and their customer manager. they said based on the information given I chose to take the policy and that it was optional yet when I decided to pay it any further they forced me to do so.
Even if I asked for their complaint procedure, they did not give me one. They refered me back to Paragon Personel Finance even though they admited they sold me the protection. I feel someone is responsible they cannot toss me to and fro Paragon and CCL.
I have paid the £50000 after remortgaging and i am claiming part of the PPI paid.
I dont know what to do next may be someone may help. |
Hello V abd welcome,
You will find that these matters can be somwhat complicated, but successful, but you must be determined to pursue this matter. Obviously paragon have acted as the brokers for selling the insurance of behalf of CCl. They would more than likely received commission as an incentive and then charged you interest, which they would keep for themselves
If Paragon sold you the loan and the ppi they are ultimately responsible to ensure that the ppi was sold fit for purpose and that you agreed, knowing that it was optional. How many customers would pay another £10,000 plus don't forget the interest they applied to it
if they did not have too
Have you sent a Subject Access Request to Paragon for all the information, including your credit agreement. If no do so, you will find the template letter in the ppi forum sticky. Send recorded delivery with your ten pound payment. They have forty days to comply.
There a few threads regarding this loan company paragon have a read around the threads to see where other caggers are up too.
Now as regarding the no-interest from the FOS, you state that they are not interested as ccl where no regulated by the GISC. Who were they regulated by
Re: Paragon -missold PPI? loan still live 
Re: Paragon -missold PPI? loan still live 
