Payment Protection Insurance - Paragon

[alex008]

Hi All,

 

I have a situation with Paragon and it's in the General Debt forum,

 

But for PPI information I've been told to post here ...

 

I took out a loan with Paragon some 10 years ago and believe that I was mis-sold the PPI at the time. How do I work out how much I should be looking to claim back or have I got the wrong idea?

 

Thanks

[alanalana]

Hello alex,

 

But for PPI information I've been told to post here ...

 

I took out a loan with Paragon some 10 years ago and believe that I was mis-sold the PPI at the time. How do I work out how much I should be looking to claim back or have I got the wrong idea?

 

You are in the correct forum.

 

You will need to post more information dates, reason for mis-selling, etc.

 

Please do not post names, account numbers or personal details.

 

I am not sure if there would be a limitation on the claim but as PPI is currently a huge or about to be mega huge I would suggest a claim (if you have valid reason) is in order.

 

Hope this helps you get a start

 

aa

[alex008]

Hi alanalana

 

 

I've sent a SAR today to get more info but I've been paying £25.06 since Nov 07.

 

I was informed that the payments were optional, but not that I could go elsewhere for the protection. They made me feel I had to take their protection plan in order to get the loan.

 

Quick question ... The loan that the plan is attached to was in joint names, although I am the only one insured on it, can I amend the protection without the other signature of the other person as we are no longer in communication with each other

[alanalana]

Hello alex,

 

I've sent a S.A.R - (Subject Access Request) today to get more info (Good) but I've been paying £25.06 since Nov 07. Why are the payments of £25.06 (I assume this is PPI?) only from Nov 07 if the Loan is 10 years old? Or can you enlighten me further?

 

I was informed that the payments were optional, but not that I could go elsewhere for the protection. They made me feel I had to take their protection plan in order to get the loan. This may be an issue you could use since the preliminary findings by the Competition Commission...see this...

http://www.competition-commission.or.../pdf/18-08.pdf

 

Quick question ... The loan that the plan is attached to was in joint names, although I am the only one insured on it, can I amend the protection without the other signature of the other person as we are no longer in communication with each other. Not to sure about this one, but if the protection covered you only why would you wish to change?

 

aa

[alex008]

Hi

Q1 - the £25.06 payment are for PPI it has been since nov 07 as this was when the loan began. I'm still paying because ... I'm not sure why. Paragon say I still have £9,700 odd left to pay (see this link if you'd like http://www.consumeractiongroup.co.uk/forum/general-debt-issues/148293-paragon-finance-enough-enough.html)

 

Q2 - what I'd like to change about it is to cancel it.

[alanalana]

Hello alex,

 

Hi

Q1 - the £25.06 payment are for PPI it has been since nov 07 (is this 2007 as the thread you have included states loan in 1997?) as this was when the loan began. I'm still paying because ... I'm not sure why. Paragon say I still have £9,700 odd left to pay (see this link if you'd like http://www.consumeractiongroup.co.uk...gh-enough.html)

 

Q2 - what I'd like to change about it is to cancel it.

 

All you have to do then is to write a letter explaining that you no longer require the PPI request them to cancel the PPI.

 

They should comply and give you a rebate on the PPI. You can then decide if you want to claim for mis-selling......

Payment protection | Were you mis-sold PPI? | PPI - rules before 2005

Payment protection | Were you mis-sold PPI? | PPI - the rules

 

If you have a valid mis-selling claim and want to reclaim all the payments back to when the PPI started. Then you will need a valid case with all of the relevant documentation hence the cca and sar requests. Once you get the documentation you can check it over post it on your thread removing all personal details, names, account numbers, addresses etc and get feedback on the legality of the document.

 

It may be worth checking out the stickies and a few other threads to get examples of letters you could use for your own case.

 

hope this helps

 

aa

[alex008]

aa

 

Sorry, I have been paying the PPI since Nov97.

 

It seems that I have to wait for the CCA & SAR. Still not sure about changing the PPI without the signature of the other person though ...

 

Thanks ...

[alanalana]

hello alex,

 

aa

 

Sorry, I have been paying the PPI since Nov97.

 

It seems that I have to wait for the CCA & S.A.R - (Subject Access Request). Still not sure about changing (are you wanting to change or cancel the ppi) the PPI without the signature of the other person though ...

 

Thanks ...

 

as you were the only named person on the insurance I do not believe there should be any problem in trying to cancel it.

 

aa

[hellhasnofury]

Hello Alex,

 

Got you pm and as I have stated you need to send them a non-compliance letter immediately, giving them 7 days to respond.

 

Report the non-compliance to the Information Commissioners Office as well asking for their investigation. I am aware that the ICO is overwhelmed with complaints, so this will not happen overnight.

 

Your other option if they don/t comply is to issue a court summons for a breach of the dpa.

 

But give them another ten days:rolleyes:

 

I have had a look at you other thread and the credit agreement looks kosher, is that the one that you have or have they sent it to you with a section 77/78 request.

 

Have you now cancelled the ppi and do you have written confirmation of the breakdown of the refund.

 

Can you please type up the loan details, so we can work out the first calculations of the ppi and the interest they applied.

 

Need the amount borrowed

cost of ppi

total charge for credit

interest rate

 

amount payable each month and the lenght of the term ie years months

 

This would be helpful:-D

[alex008]

Hi Hellhasnofury,

 

To answer your questions, I'm using the copy of their copy of the agreement that's on photobucket.

 

Need the amount borrowed - £7,000

cost of ppi - £25.06 per month

total charge for credit - sorry no idea, was never told

interest rate - 22.9

 

amount payable each month and the lenght of the term ie years months -

164.32 for 120 months

I'm not at home at the moment, I work away from home, so don't have access to my documents, but I'm sure that the copy of the agreement they sent me is dated BEFORE the copy I have. To try and explain, when we took the loan out I think we changed the amount from £7,000 to £7,500 and this needed a new loan agreement to be drawn up. I have the agreement for £7,500 and they have the agreement for £7,000 which was not the latest agreement that we signed.

 

I do hope this helps.

[magsmct]

hi there, im new to this site and looking for some advice. i took out a £30000 loan from paragon, but within a year of taking out the loan i sold my house and repaid the loan. however they added £10000 ontop of what i owed and said it was ppi. i rang them yesterday as a friend told me i would be entitled to a rebate. i phoned them and the girl said that the ppi was still valid and she would put it to the team and they would get back to me with a figure. she wasnt able to tell me how much it was. i really dont understand any of it. but am i right in thinking i paid 10yrs ppi but only used a year of it. the loan was took out over 10yrs.