Paragon + Loan Line Ltd

[corny90]

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.

[corny90]

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

[corny90]

I wrote to Paragon stating that I felt I had been misold a PPI they advised me that it was LoanLine who arranged everything so I needed to contact them. I did and they have responded with the standard ' you signed the forms type of letter' they have also stated that as the loan was taken out in 2003 it was before any changes in the rules and the letter kind of reads even if we did misell to you its tough because it is pre 2004. Can anyone advise if this is right.

[Struggling_Simon]

Not my area of expertise, ( if there is such a thing ). I'm sure others will be along shortly to answer your query.

[corny90]

Thanks Simon:)

[corny90]

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

[corny90]

Hi

can anyone advise if the rules have changed on claiming PPI from finance companies

 

 

I took out a secured loan in 2004 with Paragon after being told I would have a better change of getting the loan,

 

I was at the time desperate to sort my finances and so thought I was doing the right thing.

 

I have been paying for PPI since but the cover ended in 2009

 

(I hadnt realised at the time of taking the loan out that it didnt cover the full period)

 

I contacted Paragon a few years ago and stated that I felt the PPI had been missold

 

they told me that as the loan was made through a broker who is now bust LoanLIne

 

if I remember rightly it has nothing to do with them.

 

Can anyone advise if this is true as I will be paying this PPI for another 6 years

[ims21]

Rule change?

 

Go for Paragon

 

Get a new claim put in...Work out what you are due using a sopreadsheet and complete a fos questionnaire.

 

If you read No.1 in my signature, the spreadsheet is at the end.

 

The questionnaire is available from the fos website.

 

Do you have all of your statements and the loan agreement?

If not send a SAR (Subject Access Request) to Paragon.

..template in the CAG library, the link to which is at the top of every CAG page in green.

 

ims

[corny90]

Thanks, I ahve my original agreement but have never ever had a statement from them to say what has been paid or how much is still owed. I will do as you suggest and Thank You:-)

[ims21]

[nutter192]

Apologies for breaking in on the thread, so its doesnt matter then if it was done through a broker the original company is the one to reclaim from? I had a paragon loan and they said the same thing to me.

[corny90]

Thats why I was unsure as I tried to claim this back a few year ago and got no where with them but I will certainly go for it again, nothing to lose and everything to gain

 

Well Paragon have told me to take a running jump

Loanline were brokers and dont exist anymore and it seems that the loan was an unregulated loan so I have no comeback to claim and will have to keep on paying until the bitter end

[corny90]

I have an unregulated loan with Paragon and I am paying a fortune for an insurance that ran out after 5 years even though the loan was for 17 years, I have sent in a PPI claim and they have told me that Loan Line were the brokers and anyway it was an unrgulated loan so tough, it does seem very unfair though that they get away with this

[hawtrey]

i took out a loan with universal credit in 1993,with ppi,which turned out to be useless.a few years later paragon took them over and reinstated previously suspended interest.my arrears are now 3 times the original amount and im still paying.i will never be able to repay.anyone any ideas?

cheers.

[Guest]

maybe paragon (and others) are relying on this for eg?

http://www.shoosmiths.co.uk/news/4066.asp

 

but, note that harrison black horse referred to is now subject to appeal

http://www.shoosmiths.co.uk/news/4064.asp

Edited April 3, 2012 by Ford

[ims21]

I think the problem is greater with unregulated loans.

 

It will be really interesting to get the Harrison final verdict but how soon that will be is anyone's guess.

 

Those who have regulated agreements should be able to rely on the CCA provisions of S56 and S75 IMHO of course

[ims21]

And Paragon can be beaten

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?334947-paragon-personal-finance-PPI-back-to-the-90s-***-WON-WON-WON-***

[Guest]

.......Those who have regulated agreements should be able to rely on the CCA provisions of S56 and S75 IMHO of course

 

can you elaborate/explain this?

 

yes, no doubting that 'they' can be beaten depending on the particular circumstances. was just posting up info for general reference, and so caggers are aware that the often cited harrison, which the creds/courts have recently used against the borrower, may no longer be, hopefully

Edited April 4, 2012 by Ford

[ims21]

can you elaborate/explain this for me?

 

yes, no doubting that 'they' can be beaten depending on the particular circumstances. was just posting up info for general reference, with the hope that the often cited harrison in their 'defence', which the courts have recently relied on against the borrower, may no longer be.

 

Hi

 

Yes appreciate you were posting for general reference and I agree that there is hope from the SC.

 

As regards regulated agreements under the CCA 1974, the Act provides protection for the borrower in respect of negotiations carried out by a third party. Particularly the Act states that a broker is regarded as an agent for the lender.

 

ims

[Guest]

how do those provisions work re a separate ppi policy provided for by a broker. ie not a credit agreement? have those provisions you mention been pleaded successfully in court re ppi?

[ims21]

Hi

 

They will not be relevant on stand alone product which say runs alongside a loan but is a separate payment. But for single premium policies added to the loan and featuring on the agreement then they would be relevant.

[Guest]

hi

ie s56/75 relates to credit agreements only. ppi policies do not form part of a cred agreement, even if a single payment up front.

[ims21]

But they feature as an amount of credit in the agreement

[Guest]

then that could be a 'mistake' by the broker/creditor which may affect the agreement amount itself, but would that be re s56/75 as such re ppi policy? a ppi policy is not a cred agreement. wasn't there a recent case re this single premium being part of the 'amount'? don't recall it atm. perhaps that case can clarify?

Edited April 4, 2012 by Ford

[corny90]

How are you doing with this claim I have a loan with paragon also and they are charging an arm and a leg for PPI which ended 5 years into the loan which I wasnt aware of before hand. They say that it is the brokers fault and they no longer exist. Are you still paying the loan or have you suspeneded payments to them?