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I'm new to this forum so please bear with me. I have started the ball rolling on a claim against the PPI on a secured loan that I took out through loans.co.uk that is with Paragon Finance. I took out a secured loan worth £43,000, however it was not explained to me that the PPI was going to be put on top of the loan as one big lump sum. So when I requested a settlement figure a few months later I was astonished that the amount they wanted was just under £60,000! Being shocked at this I phoned Paragon straight away and asked them to stop the PPI which they did straight away, however they did not explain to me that I wouldn't get all of my money back and they only re-imbursed me £5,000 so I am still paying £10,000 more than my original loan plus interest. I was appaled at this and have phoned both companies who just blamed each other. So what I am trying to do is get the PPI stopped altogether as I believe I was mis-sold it in the first place through Loans.co.uk and get Paragon to stop charging me £10,000 more than I should be.
I was just wondering if anyone else has had any dealings with these two companies, and what the success rate is.
I'm new to this forum so please bear with me. I have started the ball rolling on a claim against the PPI on a secured loan that I took out through loans.co.uk that is with Paragon Finance. I took out a secured loan worth £43,000, however it was not explained to me that the PPI was going to be put on top of the loan as one big lump sum. So when I requested a settlement figure a few months later I was astonished that the amount they wanted was just under £60,000! Being shocked at this I phoned Paragon straight away and asked them to stop the PPI which they did straight away, however they did not explain to me that I wouldn't get all of my money back and they only re-imbursed me £5,000 so I am still paying £10,000 more than my original loan plus interest. I was appaled at this and have phoned both companies who just blamed each other. So what I am trying to do is get the PPI stopped altogether as I believe I was mis-sold it in the first place through Loans.co.uk and get Paragon to stop charging me £10,000 more than I should be.
I was just wondering if anyone else has had any dealings with these two companies, and what the success rate is.
Hello Lulu and welcome to the forum,
Loans uk I believe were fined by the FSA for mis-selling ppi, so I do think you are on a good note so's to speak.
I would start the ball rolling by sending Loans co uk a SAR and get all the info from them. You will find the template letter in the sticky full SAR on the main page of the ppi forum.
If you have any further questions ask please
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
The Financial Services Authority has fined credit broker Loans.co.uk £455,000 for failing to treat its customers fairly over the sale of payment protection insurance (PPI).
The company did not have sufficient controls in place to "minimise the risk of unsuitable sales", said the City regulator.
PPI is sold with loans, and is designed to pay out if the borrower is unable to make repayments because of accident, sickness or unemployment. But policies can be overpriced and mis-sold, often using high-pressure sales tactics, to people for whom they have little or no value - such as the self-employed.
Loans.co.uk, which sells PPI over the phone with loans, failed to gather and record information to show that the policy recommendations it had made were suitable, the FSA said.
And, it added, customers did not receive sufficient information at the point of recommendation to make an informed decision about the PPI policy on offer.
According to the watchdog, as many as 14,400 people were exposed to the risk of buying PPI that was unsuitable for their needs.
I got an email from Paragon saying that they have received my complaint and....
"I will undertake a full review of your account and will respond directly to you within the next 14 days."
The 14 days ran out yesterday!!!
Hello Lulu,
They will give you the run around, so this is nothing new, I would now send your letter before action to them and continue with this:grin:
They are hoping that you will become frustrate with them and discontinue your complaint, but you won't
Keep at them:grin:
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
I just got a result from Paragon! They rang saying that my complaint has been upheld and they will be refunding me the money and backdating it to January which is when I cancelled the Payment Protection Insurance. But until I see all the figures, which they are going to send to me in writing, i'm not entirely sure what this means yet. They said they would be refunding just over £8,000 but considering I am owed £10,000 i'm not sure if they are just trying to fob me off, or if I should just be lucky that they are refunding anything at all. I am quite surprised really that they gave in so quickly.
Claim against Loans.co.uk and Paragon
on a secured loan that I took out through loans.co.uk that is with Paragon Finance. I took out a secured loan worth £43,000, however it was not explained to me that the PPI was going to be put on top of the loan as one big lump sum. So when I requested a settlement figure a few months later I was astonished that the amount they wanted was just under £60,000! Being shocked at this I phoned Paragon straight away and asked them to stop the PPI which they did straight away, however they did not explain to me that I wouldn't get all of my money back and they only re-imbursed me £5,000 so I am still paying £10,000 more than my original loan plus interest
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Originally Posted by LuLu80
