Ppi - Mis-sold Paragon/central Capital Ltd

[alisono]

Hi Guys, just wondered how you have been getting on with these claims.

 

I'm in the same boat took a loan from Paragon broker being Central Capital Ltd loan £55,000 taken out on the 11th Jan 05 although Paragon say my laon started the 27th Jan 05 repaid December 05 total repid with PPI £70,000. I have tried Pragon who blamed Central and Central basically say they weren't regualted by FSA till Jan 14th 05 (3 days) and they had no obligation to advise us it was done on the basis of us reading the information sent and understanding it.

 

 

Central Capital are prepared to go to court.

Letter from Central Capital

 

I appreciate your concerns, however I must point out that the sale of the insurance was conducted on the 11th January 2005. As you have stated your loan completed on the 27th January 2005, after FSA regulation, however there were transitional arrangements in place for situations such as yours. The FSA rule book states the following

 

ICOB TP 1 Transitional Provisions

ICOB TP 1.1

 

(1) (2) Material to which the transitional provision applies (3) (4) Transitional provision(5) Transitional provision: dates in force(6) Handbook provision: coming into force

1 Every rule inICOB unless the context otherwise requires and subject to any more specific transitional provision relating to the matter.R If the application of any provision in ICOB is dependent on the occurrence of a series of events, some of which occur before, and some of which occur on or after 14 January 2005, the provision applies with respect to the events that occur on or after 14 January 2005.114 January 2005 - 15 July 200514 January 2005

2 GFor example, if a firm were to advise a customer before 14 January 2005 to buy a non-investment insurance contract, the firm would not be required to comply with the provisions relating to personal recommendations in ICOB 4 if the customer were to buy the non-investment insurance contract on or after 14 January 2005. However, if the firm were to repeat the personal recommendation to the customer on or after 14 January 2005, those provisions in ICOB 4 would apply.1

3 GWhere a non-investment insurance contract is concluded before 14 January 2005, the cancellation provisions (if any) applying at the date the cancellation period commences apply.

 

 

All help and comments welcome.

 

I'm very angry about this and have now written again to Paragon blaming them for letting brokers who are un-regualted and adhere to no compliance or codes of practice deal on their behalf with large loans that are secured on people's property these brokers having no due care to it's customers.

 

I'm trying to fin out the person at Central Capital who is in-charge of Compliance.

 

Thanks

 

 

 

 

Thanks

[adamski]

Hi

Sounds like fob off material to me, may I ask on what grounds are you reclaiming the PPi

[alanalana]

Hello alisono,

 

I have spoken to the FOS and I would certainly call and tell them of your situation. The FOS are not happy with the response about pre 14 Jan 2005 fob off letters and may well advise you to submit a claim to them as it is within 6 years. You may eventually have to proceed to a Court action but you will get help on this site (daunting but helpers are at hand with loads of legal knowledge)

 

You will probably find a telephone number in my links sticky plus a lot more information.

 

good luck

 

aa

[alisono]

Thanks for the comments and your help.

 

Adamski,

I claiming they mis-sold me on the grounds I told them I had life cover apparently so what no obligation to advise, they also never told me that the payment was added to the loan and if I redeemed it the penalties or the interest I would pay would be so steep my fault should of read it. They also made me feel that if I didn;'t take out the PPi I wouldn't get the loan central capital refute this. Central Capital have said they have listened to my taped calls and I mentioned my life cover but had no obligation to go into any details as weren't regulated by the FSA until 14/01/05 and my loan completed 11/01/05. They say their CAM never implied I had to take the policy but they also don't mention anything else that was said.

It was my fault I should of read all documentation provided they had no obligation to inform me of anything it was up to me to decide.

question it was a joint loan, did they need to speak to my husband regarding this? Or is one party liable for everything, obviuosly my husband signed everything but never had a conversation with them.

 

Alanalana,

 

I have spoken already to the FOS and it seems that Central Capital are not under their jurisdiction as the period cover up to the 14.01.05 was non compliance and the only other regulated bodyaround PPI was the GISC which Central Capital were not a member of.

The compliance manager for Central Capital told me to contact the FOS and gleefully put a paragraph stating they had no jurisdiction with FOS for that period and if I took them to Court they would seek costs off me.

 

I have been trying to find out who actually regulated them if anyone at all.

I have written back to Paragon who fobbed me off in the first place stating it was Central Capital the brokers fault for selling me this.

I spoke direct to Paragon and asked when my loan completed they told me 27th January 05 and I thought well that might help as it was after the 14th Jan05 and FSA regulations came into force, but Central Capital as above just sent the response back they had no obligations as the sale took place 11th Jan according to them. I have asked Paragon for a copy of all my agreements and a copy of the PPI.

We'll see what happens next.

Central Captial by the way have told me not to write to them again as they've made a final decision and it's pointless they won't change this.

Thanks

[alanalana]

Hello alisono,

 

Please check out these links from the FSA register for information on the central capital ltd and paragon.

 

FSA Register

FSA Register

 

A quick check seems to show no regulators for these two companies, but you may wish to search with more detail from your documentation.

 

You can search for information on the companies and see the current status within the FSA register. Both appear to be authorised representatives. I believe your claim is with central capital ltd with whom you have the loan with PPI. I would check all your CCAs as they will probably show paragon as the insurer but as you did not deal with them directly your claim should be with central capital. If they were or are not regulated then you claim would probably be through the Court route.

 

the main link for the FSA Register is here...

FSA Register

 

Just type as much information as you have into the boxes and do a search. This will give you names of individuals, trading names of the company, and a multitude of other useful information.

 

hope this helps you

 

aa

Edited May 23, 2008 by alanalana
text added