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Paragon Finance - Enough is Enough!!!


alex008
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Hi All,

 

I`d realy appreciate some advice about this matter. In Dec 1997 my ex-wife and I took out a loan with Paragon for appx £7,500, the APR was 28.9% payable over 10 years. A year later we seperated. I changed profession at this time and advised Paragon that the account would fall into arrears and that my ex-wife would assist with the monthly payments of £162.34 by paying half. This happened for a few months and then She stopped paying and the account ran into arrears (I continued to pay £81.32). I anticipated the situation occuring and told Paragon that I would bring the account up to balance as soon as I could. Remembering back it seems they did nothing, and 6 or so months later payed up the arrears and I was back to paying the £162.34 a month (incidently the loan is a joint and several liability loan and I have been paying this amount on my own since the seperation).

 

This has since continued uninterupted.

 

Two years ago I looked into paying off the final amount expecting to only have a few hundred pounds left to pay I was a MORTIFIED to find I had a resettlement figure of £9,500 left to pay. On contacting Paragon they informed me that the interest would be frozen, I had asked them to do this as a mark of good faith (the word sucker springs to mind!!!). It seems that I now have £9,700 to pay. I`m not a maths genius but it looks to me that I'm increasing the debt by a few pounds each month, so this loan will never be paid off (I got this idea from a statement of account that was supplied by Paragon some 3 years ago).

 

I've been reading some of the the threads on this site and feel hopeful of a good outcome for me ... But I'm unsure of what to expect as an outcome.

 

I believe that the process for things to happen is

 

1) Send a CCA request to Paragon without a signature (is this so they can't use it to forge a bogus CCA?) including a £1 postal order along with a S.A.R - (Subject Access Request) and a £10 postal order by recorded delivery.

 

2) Wait 7 days for the CCA and 30 days for the SAR

 

3) If the CCA comes back without my signature on it, cancel the Direct Debit as Paragon can't enforce an Agreement they don't have.

 

4) Use the information from the SAR to calculate what charges can be claimed back (if any) from Paragon.

 

I've finished ... Any advice is most appreciated. Please help! I'll keep posting results as they happen on this forum in the hope that my experiance can inspire and help others.

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Hello and Welcome, alex.

 

You seem to have done your homework ;)

 

1). Send Paragon a CCA request with a £1 postal order, and don't

sign the letter. Letter 'N' in the Templates Library.

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/20758-creditors-dcas-letter-templates.html

 

Send Paragon a SAR with a £10 Postal Order. They may ask

for proof of your Identity.

 

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/516-1-data-protection-act.html

 

2). With the CCA request, wait 12 + 2 days, then a further 30 Calendar

days. After 12 Days they enter a Default situation and you can with

withold payment.

 

With the SAR they have 40 Days to comply.

 

3.) No CCA no enforceable debt.

 

 

4). Re-claim any penalty charges.

 

 

** Send your letters, Recorded**

 

I will ask a Mod to move this thread to the General Debt Issues Forum.

 

 

Regards.

 

Scott.

Edited by maroondevo52
 
 

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

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Thread moved to General Debt Forum.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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Think that's your best bet, Alex ;)

 
 

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

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Recreating ... ???

 

Yes, i'm subscribed to another thread where Paragon have recreated the agreement to comply with their request.

 

I suggest you take a look at the following link.

 

Paragon debt Hell

Edited by paulwlton

An appeaser is one who feeds a crocodile, hoping it will eat him last. <br />

Winston Churchill

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Thanks for your help. This site is so useful, one of the best aspects of it are that I've found other people that are in the same or unfortunatly worse cases (not that finding others in trouble is good ... hole, foot, dig and mouth).

 

Can some one tell me about PPI as I've also been paying that each month?

 

Thanks.

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Hi, Alex.

 

Start a new thread in the Forum nicklea's given in the post above.

You'll get all the help you need in there :)

 

 

Regards.

 

Scott.

 
 

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

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Come back as soon as you hear anything ;)

 
 

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

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I've tracked the letters and they were delivered on the 19th. By my calculations I should expect to hear things by the 7 July, thats 10 working days + 2 spare from the 20th.

 

Have I got the timings correct or are they off?

 

Thanks

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Alex, you are correct, 7th July is the the day you should be expecting something back. :D The time line is actually 12 working days + 2 for delivery (cca). However as you have a delivery date, the 12 days now applies.

 

Your S.A.R. letter, the timeline for that is 40 days from date of letter.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Hi,

 

Well I received this in the post (photocopied onto the reverse of a letter head graphic of Paragon Car Finance) yesterday.

 

Can some one please enlighten me further as to what to do now ...

 

I've attached a zip of the doc they've sent me

 

Thanks.

 

Alex008

CCA from Paragon.zip

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msut be me alex, I got a message saying the file is corrupted:( Would you be able to use photobucket to display it.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Not an expert but looks enforceable less for them not signing it

 

I noticed you took out PPI, you could claim that this was not explained properly and try and claim that back too

PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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Hi,

 

I forgot to mention also that the interest was frozen when I spoke to Paragon a while ago and I believe that this has not happened and that the interest has continued to be added.

 

Thanks

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Hi,

 

I forgot to mention also that the interest was frozen when I spoke to Paragon a while ago and I believe that this has not happened and that the interest has continued to be added.

 

Thanks

 

Was the freezing of interest confirmed in writing?

An appeaser is one who feeds a crocodile, hoping it will eat him last. <br />

Winston Churchill

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Hi Paul,

 

I have a letter which says

 

"... the company propose a capped term balance of £7,000 to be paid back in monthly installments to release your liability ...".

 

I have a written note I made saying " Total balance. No interest! As long as payments are made."

 

Thanks.

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