Paragon Ppi Insurance

[mey]

Well, just got a call from Paragon. They asked me if I was going to continue my claim and also said they will restructure my loan as I have now cancelled the PPI. I think he was just trying to find our whether I was serious about the claim. He also suggested that I should claim from the broker (London Scottish PLC). To be honest I was very surprised they called me. Will have to wait and see what happens now.

[WLG]

Hi PF

 

Thanks for the info.If you could work out the figures for me that would be great.

 

Thanks

 

WLG

[pompeyfaith]

Certainly WLG will tomorrow evening be ok as its my birthday today and ive had a few so my mind is not at its best lol

 

PF

[WLG]

LOL...no problem at all PF.

 

Have a couple for me mate................happy birthday..

[pompeyfaith]

Thanks here have a jelly baby on me im very generous

 

http://www.consumeractiongroup.co.uk/forum/bear-garden/202880-jelly-babies.html

[WLG]

Hi PF

 

Could you please look at helping me out the figures as discussed.

 

Cheers Mate

 

WLG

[pompeyfaith]

Hiya WLG ill have a look this evening when i get home as im sending this message via my mobile fone

[pompeyfaith]

Hiya WLG,

 

Ok here is the print screen of your calculation it really is that easy.

 

Taking all the compounded payments from the spreadsheet I did for you which come to ££2240.86 you then input that figure into an on-line simple interest calculator i use the one from Blake Lapthorn Accountants and then hit the calculate button.

 

 

 

So as you can see the £2240.86 is the sum from the spreadsheet that includes compounded interest andthis calculation has added the 8% simple from the date you took the loan out until today you will need to update this figure of £2870.51 each day you view it.

 

You can do that from this web address http://www.bllaw.co.uk/Files/calc.html just add the same figures from this screenshot but change the date then hit calculate.

 

Regards

 

PF

Edited June 8, 2009 by pompeyfaith

[WLG]

Thanks very much PF,top bloke......

 

I have a question if you dont mind.

 

Sorry if this is stating the obvious,but I just want to get it all clear in my mind.

 

Q. So basically I have been paying £45.50 per month for my PPI and I have 5 years cover,which means I would have been paying for this 5 years cover for 10 years or so to pay the £6355.00, not including the interest which would take it to £13'324.80?

 

Cheers

 

WLG

[pompeyfaith]

Hiya WLG,

 

Yup you have been paying £45.50 per mth plus contractual interest on each of those monthly payments.

 

Which is from £61.34 first payment to £45.74 last payment made and yes this would of been paid for 10 yrs although as i say they would not have told you this which is why it has been mis-sold to you.

 

You should of had this made aware to you from the onset.

 

As i have said what you will now get back by way of a chq is £2870.51 and the cost of the policy will come of the loan which will reduce the time it takes to pay of.

 

Whether you pay a reduced monthly sum or pay the same to to reduce the term is your choice.

 

One more point i wish to make clear to you if they say you have to sign a new agreement this is a load of bull all they need is your signature to aaccept the refund nothing else also make sure the APR RATE stays the same as it was as ive heard of people signing new agreements that has a higher APR.

 

They accepted you on 8.9% so that should stay as it is.

 

Regards

 

PF

Edited June 8, 2009 by pompeyfaith

[WLG]

Thanks for clearing that up PF,I think I just need to ammend the last paragragh in my letter and and we should be ready to go.

 

Regards

 

WLG

[mey]

Hi

Please can somebody help with these calculations. Just can't get my head around the figures.

 

Our loans was for £36 000. On top of this they added £7931 for PPI. On the agreement is says the PPI will be £12772.80 with interest. We started paying this loan in December 2005. I've cancelled the PPI at the beginning of this month and asked for a statement. The statement says that I've paid £3253.59 for the PPI up to the date I cancelled. At the moment the FOS is dealing with my mis-sold PPI so I think they will be working on the amount of £3253.59. What I don't get is the new loan instalment. Last month the instalment was £438 which £78.98 was for PPI. When I asked Paragon what my new instalment is they said £417.11. This does not make any sense and I'm very confused. I'm not really sure what to do and would appreciate some help with the monthly instalment.

[pompeyfaith]

is this another seperate issue to the one i just helped u with ?

[mey]

Helped me???? This is the same issue but just got the figures today.

[pompeyfaith]

Oh sorry Mey I was referring to WLG thread and as I was viewing on my mobile phone I did not see your screename.

 

Anyway mey can you post a link to your thread and i will come over and have a look as i dont want to highjack WLG thread.

 

Regards

 

PF

[mey]

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/199946-paragon-easy-loans.html

 

Thanks

[WLG]

Ok guys ,final draft of my letter.Can you please give it a last once over before it goes.

 

Cheers

Paragon Finance PLC

St Catherine’s Court, Herbert Road

Solihull, West Midlands

B91 3QE

 

Date :09/06/2009

Re: Loan account. Reference numbers:

WLG

Account No: XXXXXXXXXX

References:

A. My Subject Access Request (S.A.R - (Subject Access Request)) dated 9 April 2009.

B. Your ref XXXXXXXXXXXX (Acknowledgement Of Subject Access request) Dated 14th April 2009.

C. Your ref XXXXXXXXXXX (Response To Subject Access Request).Dated 8th May 2009

D.Your (Supplied of copies of statements Account No XXXXXXXXXXX).

E. Your (Supplied copy Of Credit Agreement).

F. Your (Supplied Copy Of “Key Facts” Paragon Secured personal Loan Payment Protection Policy Summary 5 year Cover).

G. Your (Supplied copy of Paragon Secured personal Loan Payment Protection 5 year certificate Of Insurance.

H. Your (Supplied Copy Of Homeowner Application Form)

I. Your (Supplied Copies Of Pay slips)

J.Your (Supplied Copy Of Appendix 1 “List Of Recipients”)

K. Your (Supplied Copy Of Appendix 2 “Credit Reference Agencies”)

L.Your (Supplied Copy Of Appendix 3 “Fraud Prevention Schemes”)

M. My letter dated 12th May 2009 requesting full details as required by my reference A including all records of all telephone conversations.

N. Your ref XXXXXXXXX (Letter dated 15th May 2009 responding to reference M Letter dated 12th May 2009.

I write in regard to the above References A – N.

Sadly, Paragon has so far failed to comply fully with my SAR in accordance with the Data Protection Act 1998 (despite the correct procedures being followed and the correct fees being submitted) for the provision of all data applicable to myself and my loan account XXXXXXXXXX.

A PPI Policy was attached to this secured loan obtained from Paragon November 2005 (See enclosed references F & G) “Key Facts” Paragon Secured personal Loan Payment Protection Policy Summary 5 year Cover and Paragon Secured personal Loan Payment Protection 5 year certificate Of Insurance.

 

I am now convinced that I was mis-sold these PPI policies for the following reasons:

True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor on any occasion on the full extent of single premium PPI policy or the fact that they would offer no refund if the loan was settled early or the single premium PPI policy could not be cancelled prior to the single premium policy ends. I have tried to cancel my PPI policy in the past but was refused. There was also no explanation that the cost of the PPI premium would be added to the total cost of credit and interest added and how my monthly repayments without insurance would be affected by adding insurance to the secured loan for the full term of the agreement. It was not explained that the PPI would not run for the full term of my loan. I believe this practice is unlawful.

Alternative Insurance Cover or Means: Your sales advisors failed to ask me if I had any alternative arrangements for insurance cover, means to cover payments, means to repay the loan or employer benefits.

I was never told I could buy PPI elsewhere to cover the loan.

I paid upfront for the PPI but it was not explained that there were some PPI policies where you could pay monthly.

I would also be entitled to a generous redundancy package if I was to be made redundant.

Option nature of insurance: I was led to believe by your sales advisor that Payment Protection Insurance was compulsory.

I was led to believe that I would stand more chance of getting the loan if I took the Payment Protection Insurance.

 

Failure to Supply Important Information with Regard to Significant Policy Exclusions and limitations: Full details of the main exclusion and limitations relevant to me should have been explained to me prior to my decision to purchase my PPI policy. It was definitely not explained to me by your sales advisor that the PPI policy could contain certain exclusions and limitations relevant to me. The Terms & Conditions of the small print were not fully

explained to me.

 

I now believe that the PPI policy attached to my loan account are extremely unfair and totally unreasonable. I am therefore requesting a full refund of all costs including all PPI premiums that have been paid, the interest added to these premiums and the payments that I have paid to date.

 

Furthermore as I believe that I have been unlawfully deprived of this money, I will also expect the repayment of the Contractual interest added to these premiums plus the Statutory 8% that any court or the FOS would agree to within their calculations on any complaint submitted to them.

Details of the single premiums for my account with the interest payments made are as follows:

Principal sum: £2240.86

Interest rate (per annum): 8%

Interest from date: 04/12/2005

Interest to date: 09/06/2009

Number of day’s interest: 1283

Interest accrued: £630.14

Daily interest continues to accrue at: £0.49

Principal + Interest: £2871.00 to date

 

Kindest Regards

WLG

[pompeyfaith]

WLG,

 

I like it well done explained well.

 

As this will be posted tomorrow now id change the date to the 10/06/2009.

 

Apart from that GET IT IN THE POST.

 

Regards

 

PF

[WLG]

OK Niceone...well if we change the date we better put another £0.49 on the end figure....

 

Thanks PF

[pompeyfaith]

Indeed WLG screw them for every penny

 

Regards

 

PF

[alanalana]

I write in regard to the above References A – N.

 

Sadly, Paragon has so far failed to comply fully with my SAR in accordance with the Data Protection Act 1998 (which is a Statute under English Law) (despite the correct procedures being followed and the correct fees being submitted) for the provision of all data applicable to myself and my loan account XXXXXXXXXX.

 

A PPI Policy was attached to this secured loan obtained from Paragon November 2005 (See enclosed references F & G) “Key Facts” Paragon Secured personal Loan Payment Protection Policy Summary 5 year Cover and Paragon Secured personal Loan Payment Protection 5 year certificate Of Insurance.

 

I am now convinced that I was mis-sold these PPI policies for the following reasons:

 

True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor on any occasion on the full extent of single premium PPI policy or the fact that they would offer no refund if the loan was settled early or the single premium PPI policy could not be cancelled prior to the single premium policy ends. I have tried to cancel my PPI policy in the past but was refused. There was also no explanation that the cost of the PPI premium would be added to the total cost of credit and interest added and how my monthly repayments without insurance would be affected by adding insurance to the secured loan for the full term of the agreement.It was not explained (to me) that the PPI would not run for the full term of my loan. I believe this practice is unlawful.

 

 

Alternative Insurance Cover or Means: Your sales advisors failed to ask me if I had any alternative arrangements for insurance cover, means to cover payments, means to repay the loan or employer benefits.

I was never told I could buy PPI elsewhere to cover the loan.

I paid upfront for the PPI but it was not explained that there were some PPI policies where you could pay monthly.

I would also be entitled to a generous redundancy package (from my employer) if I was to be made redundant.

 

Option (Optional) nature of insurance: I was led to believe (wrongly informed) by your sales advisor that Payment Protection Insurance was compulsory.

I was led to believe (Furthermore I was also incorrectly informed) that I would stand more chance of getting the loan if I took the Payment Protection Insurance. (This advice was in contradiction to advice supplied by the Regulatory authorities namely the Financial Ombudsman Service, The Financial Services Authority and the Competition Commissioners Office)

Failure to Supply Important Information with Regard to Significant Policy Exclusions and limitations: Full details of the main exclusions and limitations relevant to me should have been (fully) explained to me prior to my decision to purchase my PPI policy. It was definitely not explained to me by your sales advisor that the PPI policy could contain certain exclusions and limitations relevant to me. The Terms & Conditions of the small print were not (never) fully explained to me.

 

I now believe that the PPI policy attached to my loan account are (is) extremely unfair and totally unreasonable. I am therefore requesting a full refund of all costs including all PPI premiums that have been paid, the interest added to these premiums and the payments that I have paid to date.

 

Furthermore as I believe that I have been unlawfully deprived of this money, I will also expect the repayment of the Contractual interest added to these premiums plus the Statutory 8% that any court or the FOS would agree to within their calculations on any complaint submitted to them.

 

Details of the single premiums for my account with the interest payments made are as follows:

 

Principal sum: £2240.86

Interest rate (per annum): 8%

Interest from date: 04/12/2005

Interest to date: 09/06/2009

Number of day’s interest: 1283

Interest accrued: £630.14

Daily interest continues to accrue at: £0.49

 

Principal + Interest: £2871.00 to date

 

Kindest Regards

 

WLG Yesterday 19:22

 

I have tweaked up your letter hope this meets with your approval

 

aa

[WLG]

aa thanks mate

 

Defo meets with my approval;)

 

Cheers

 

WLG

[WLG]

Hi guys

 

Just made all tweaks and will be posting tomorrow.I will keep you all informed every step of the way.No doubt there will be alot more advice needed.

 

Oh,one more question is there a time limit Paragon have to respond to this letter,im sure there is but carn't seem to find it anywhere at this time.

 

Thanks for the support so far guys.

 

Cheers

 

WLG

[pompeyfaith]

WLG 14 days so mark your calender or put a note on you phone.

 

If you hear nothing time for next step although i would say you will get a letter saying they are dealing with your complaint but need more time which means your complaint is then going by there timescales and you dont want that.

 

Anyway lets see what they come up with and we will take it from there.

 

Regards

 

PF

[alanalana]

WLG 14 days so mark your calender or put a note on you phone.

 

If you hear nothing time for next step although i would say you will get a letter saying they are dealing with your complaint but need more time which means your complaint is then going by there timescales and you dont want that.

 

Anyway lets see what they come up with and we will take it from there.

 

Regards

 

PF

 

Hey Pompey I though they have 8 weeks to respond before you can take the matter to the FOS or the Courts unless they give you a final Get Lost letter before the 8 weeks are up.

 

aa