Thread: PPI Charlies Angel v Firstplus

Originally Posted by corny90

Hi, I have the same issue with Paragon, they say it is the brokers fault, I wasnt really aware that I was dealing with anyone other than the company that was making the loan. Loan Line say as I took out the loan prior to new rules in 2004 it is tough and there is nothing I can do about it. Seems the rules regarding PPI were changed in 2004 and any PPI sold prior to that can not be reclaimed. I have asked for advice from people on here but no came so I assume what I was told by the company must have been correct.

Hello Charlies Angel and Corny,

There are responsibilites of loan companies who's product are sold via brokers. Basically whoever sold you the loan with the ppi, had to ensure that the product was sold fit for the purpose and that you were fully informed that it was applied, and consented based on the information they provided .

To put it another way, they all had there finger in the pie, the broker would receive commission on the sale. the lender would make profit on the ppi. So winners all round, apart from the poor customer. Please refer to the stickies on the ppi forum and educated yourselves as to the practices of these partnerships.

As regarding the changes in 2004, this is when the Financial Services Authority came into power/action and all creditors came under their watchful eye. These companies like to think that they can hide under this change of governing bodies, but they can't. They know that the Finacial Ombudsman will not investigate these cases, but you can threaten and pursue the matter via the courts.

Please don't be put off, by their statements, they will do and say anything to put you off. Keep at it.:grin:

Please continue to pursue them and if you need to ask, ask:grin: