Hi all Please HELP!
I was mis-sold a ppi of £10k by paragon on a £30k loan, this ppi was supposed to be optional but when I recieved the loan after completing all the signatures etc I discovered that I had incured additinoal 10k make it total of £40k loan, when I called the broker magic loan to discussed this they told me that I had passed the 30 days cancellation deadline and that i would only be entitled to a small rebate of about £2,500 which I refused.. I rang paragon who told me that the ppi is an upfront loan and that magic loan should have explained that to me when I took the loan out..as such thye cannot refund and I should take up the case with magic loan as they were the ones that sold me the policy. Well the long journey begins now I have written a number of letters using the template to both magic loan and paragon to demand a refund.. but they have refused at every stage. I have asked for the tape recording of my conversations with the agent who sold me the policy which they say they will provide, also I have all the paper work which the agent completed before selling this policy and there are a lot of lies, things that I didn't agree to. all of whic I am reveiwing to fight my case.. I have sent a letter to BBC Watchdog to investigate, SO ANYONE HAS SIMILAR EXPERIENCE WITH MAGIC LOAN AND PARAGON then they need to be exposed.
What can I do? surely its illegal
please let me know if you have the same problems
On a last note can anyone advise of letter template that I can send the FSA.