Thread: Catchleen & Paragon PPI

I've sent a letter to Paragon Personal Finance regarding a (massive) loan my hubbie and I took out in May 03. We repaid the loan 2½ yrs later when we moved house. Paragon have replied saying that our application was submitted to them by out brokers, The Loan Processing Centre and therefore it is not Paragon who mis-sold but the brokers, so call them. Now I don't remember calling a broker, as far as I was concerned it was Paragon. All the paperwork we have received is from Paragon and we paid them each month.
I would have thought that Paragon are still liable as they have given the money and taken the repayments.
It sounds like the usual p*ss off letter but before I start chasing after the Loan Processing Centre/brokers, has anyone else come across this before?
Thanks for any responses x

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Bump as I would like to know others thoughts also

As you've given my post a bump Corny (thank you ), I thought I'd give an update on what I've done since my last letter from Paragon. I decided to not send Paragon any more letters but to go to the fos. So I sent in my complaint form by special delivery and have had an acknowledgement back from them. The FOS say they have a high volume of queries at the moment - I'm sure they have - but I hope to have a response from them soon, or maybe even from Paragon, who knows! I haven't sent a complaint to the FOS for this amount before as I went through MCOL for bank charges, but I can't afford to pay the court fees at the moment, so we'll see what the FOS come up with.
If I get anything back, I'll post it here. Thanks again x

Hi Catchleen I today also got the "nothing to do with us" letter from Paragon, so I will also send my complaint to fos. Sadly I still have my loan with them.

Looks like we are the only suckers out there that fell for the Paragon secured loan lies

The fos have sent a letter saying that "the matter we have raised does not appear to be something they can look into". They have suggested that we contact the Finance & Leasing Association. Has anyone had any dealings with them? I've had a look on their website and they have a complaint form, so I'll start that. They say on their website that if they can't help, contact the FOS!!

Hi, just come across your thread, thought you might be interested as Iv had a letter from Imagine Finance saying that The London Processing Centre was purchase by Park Group (Park Financial Services) in March 2005 and they only bought the assets and trading name of LPC
NOT the liabilities.

Like you when I set up our loan all my dealing were with First National, now (GE) I have found out the PPI was with Cardiff Pinnacle but they say they can't find a policy. G E say they have had it confirmend that there was one.

Talk about confussing us all, I think there's some porky pies going on.

Anyway just though it may help you to know that I was informed that LPC was sold on to Park.

Let me know how your getting on
Lynn

Hi Bach, I've contacted the FLA as well as writing to the Loan Processing Centre. I got the same letter as you did from Park Financial Services. I've asked them for the details of the administrators to see if they will have details on the brokers, and they have given me a company in Manchester but I'm not sure how to word the letter so will have to have a think about that. I don't know the name of the brokers used although I've asked my contact at the FLA to get the paperwork for me, so maybe that will have some broker details. It's so frustrating going around in circles and getting nowhere.

Update: still haven't got the details of the broker who did the original paperwork for Paragon. I've found out that Paragon did give us a refund of £500 when we paid the loan off early. If I don't get much further with the FLA, ie paperwork back, I'm going to SAR Paragon and hope that the broker details are included in that - they should be.

Hi to everyone, I thought I'd give an update.
I've received all the details requested in my SAR and the only reference to the broker, The Loan Processing Centre, is a piece of their headed paper - no name or other paperwork/reference to/from them.
How can Paragon say that LPC sold me an insurance when the only paperwork with the details on is on Paragon paper?!?!? Surely if a broker has taken all the details, there must be some kind of paperwork showing this, on their header paper? I'm going to go through all the paperwork again, but I'm starting to get really confused and losing sight of what I'm looking for and getting frustrated.
If anyone can shed any further light or idea on how to get this going any more, I appreciate it otherwise I think I'll just have to give up on this one.

Hi, Please don't give up, I know its an up hill battle wqth these people, but you'll get there in the end.

As you know from my reply above im in a simular situation as you.
I never delt with L P C either yet all my paperwork is from First National.
Have now decided to go for G E Money as they now own First National.
If you google Loan Processing Company you will find they are still operating under this name, contray to what you and I have been told.
However I have asked the FSA to have alook at LPC for me , Imagine Finance have told me that Park Group only bought the assests and not the liabilities. Very busy with moving house at the moment like you not sure if Im comming or going,but I am sure not going to give up with this.

Best of Luck but I will keep in touch when I here anything

Lynn

Hi, thanks for your reply and encouragement. I will still stick with it, it's easy to get bogged down with the reasons not to, when there are so many other things going on! I'll keep posting any updates and good luck with your house move! C

Hi
Out of interest any news yet

Hi there Corny,

Thanks for the bump on the thread and the interest. I am getting nowhere at the moment. I've contacted the administrators and they have come back with the same line as before - Park Group bought name but not assets blah blah. Is my only other option taking Paragon to court? But they are denying all knowledge and wiping their hands of it. If anyone has any thoughts on this I'd appreciate the input.
Thanks,
Catchleen

Hello Catchleen,

far as I was concerned it was Paragon. All the paperwork we have received is from Paragon and we paid them each month.
I would have thought that Paragon are still liable as they have given the money and taken the repayments.

can you confirm the loan was with Paragon and were they the firm that offered the PPI? when the loan was entered into?

This seems to be a regular feature of PPI the bank or whoever signing you up to the loan state it is a broker or indedpendant finance company who deal with the PPI. However it is the bank or whoever who sign you up to the loan with PPI who are responsible you deal with them they should carry the can and not pass the buck to an independant insurance company.

If Paragon did the paperwork for the loan including insurance then Paragon should be who you complain to, They should not be passing the buck to the Insurance Company they have second dealings with to save themselves money.

PPI the new learning curve for ripped off consumers.
Good luck

aa

Hi,

As far as we were concerned we took the loan out with Paragon. But when we wrote to paragon stating mis-selling, they have said that it was a broker who forwarded all our paperwork to them and it wasn't paragon who sold it. The broker was the loan processing centre who have been sold. However we were not aware that we were dealing with a broker at the time (2003), we thought it was paragon. So that is were the problem lies.

C

I have passed mine over to MoneyBoomerang in the hope that they can sort it out for me. I will keep posted of happenings

Hi, its been a long time since I've been on this thread and the frustration continues. We sent our paperwork to company to see if they could help with it. The response back has been that The Loan Processing Centre has ceased trading, which we were aware of. We thought we may be able to go through the Financial Services Compensation Scheme but have been told that the "product" was not regulated by the FSA and so we cannot go through the FSCS. I have asked the company to clarify what the "product" is i.e. PPI or the Company (Loan Processing Centre).