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Hi Guys

 

Hope you are all well and you had a good xmas and hope you have a good new year.

 

Sorry its been a while.OK I wrote to Central Capital and they sent me:

 

Copy of sales pack issued including

-Initial disclosure document

-Statement of demands and needs

-Advanced copy of the credit agreements issued to me

Homeowner application form

Various other documents relating to my application

 

Also they sent me a CD with all sales conversations (please see below for full conversation regarding sale of insurance).

 

FSA Questionnaire

1) I must go through this FSA Questionnaire to see how covered you are at the moment.

2) If you are unable to work you would like to know that your loan repayments would be meet, is this correct? Answer – YES

3) Do you have any other arrangements that would provide accident, sickness or unemployment cover? Answer – NO

4) In the unfortunate event of your death I presume you would like to know your loan would be repaid? Answer – YES

5) Do you have life cover to cover this loan? Answer – NO

6) Have you in the past 6 months been in full time employment for more than 16 hours per week? Answer – YES

7) Have you in the last 12 months been registered unemployed or changed jobs? Answer – NO

8) Has there been any redundancies in the company in the last 3 years Answer - YES

9) Do you know of any mergers or take over’s that might affect you? Answer - NO

10) Do you own directly or indirectly 10% of the company you work for? Answer – NO

11) Have you consulted you doctor in the last 12 months other than minor medical conditions? Answer – NO

12) Do you have any previous medical conditions? Answer – NO

13) Are you aware of any disabilities or unemployment that might affect you? Answer – NO

14) Has any insurance cover on your life been accepted or declined on special terms? Answer – NO

 

 

This is what he read out to me towards the end of the conversation.

 

The policy will kick in after 30 days. I need to make you aware that there are certain exclusions in the policy which are detailed in the key facts illustration that you will receive with your loan papers, it is important you read through and understand this ,the exclusion include the following, but are not limited to them, minimum time in employment must be 6 months, this must be continuous before a claim can be made. Redundancy is not covered if you are aware of it before the policy starts and pre-existing medical conditions. I also need to make you aware the policy is for 60 months, however if you do redeem the loan earlier you are entitled to a rebate on the premium, the rebate is not guaranteed to be proportionate to the time left on the policy, this mean you will not end up paying for something you have not used, so that mean after 5 years or so if you decide to redeem the loan early if you don’t make a claim on your insurance you are entitled to a rebate.

 

Also see attached insurance doc's from Central

 

Scan0001.jpg

Scan0002.jpg

 

 

 

So again the question is,is it central I go for or Paragon ??

 

Cheers :grin:

 

WLG

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Bumping your post to the top of the list for help WLG.

 

I'm in the same position. Central Capital were our Brokers and the Loan is with Paragon. Just waiting for my SAR stuff from Central Capital. Got all I can from Paragon and now they say go away a pester your broker. Credit Agreement has Paragon on top and our payments are to Paragon so shouldn't they take the responsibility?

 

Good luck. Will keep watching your thread.

Keep up the fight against Bank Charges.

 

 

Got Debt problems?

Don't panic, put the kettle on and read this

 

:-) Everything I write comes from my heart and head! The large filling cabinet that is my knowledge of life, however warped that may be!! :-)

 

<<< Please tickle my star!! if I have managed to help you or just made you chuckle!

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Thanks Night Owl...........................

 

Can someone please check through this letter to central for me,also PF can you check the attached spread sheet and let me know if the figures are right ?

 

Central Capital

Austin House

Stannard Place

St Crispins Road

NR3 1PX

 

 

Date: 30/01/2010

 

Re: Mis –Sold PPI

 

***************** & *********************

Paragon Account No: ********************

 

References:

A. My Subject Access Request (S.A.R - (Subject Access Request)) dated 8th August 2009.

B. Your response to Subject Access request - Dated 19th September 2009.

C. Your ref 00301082 (Loan Approved).Dated 18 October 2005

D. Your (Supplied of copy of homeowner application from).

E. Your (Supplied copy of direct debit instruction).

F. Your (Supplied Copy Of client authority).

G. Your (Supplied copy of credit check).

H. Your (Central capital keyfacts about your insurance services)

I. Your (Supplied Copies Of Paragon Credit Agreement)

J.Your (Supplied Copy Of Central Capital) (Information about our recommendation sheet)

K. Your supplied copy on CD with all sales conversations.

 

 

 

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

 

A PPI Policy was attached to this secured loan obtained from CENTRAL CAPITAL on behalf of Paragon November 2005 (See enclosed references A to J).

 

I am now convinced that I was mis-sold this PPI policy for the following reasons:

 

 

 

True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from the central capital CAM 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:.

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.

 

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 fully explained to me prior to my decision to purchase my PPI policy. The Terms & Conditions of the small print were never fully explained to me.

 

I now believe that the PPI policy attached to my loan account 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: £00000000

Interest rate (per annum): 8%

Interest from date: 04/12/2005

Interest to date: 30/01/2010

Number of day’s interest: 000000

Interest accrued: £000000

Daily interest continues to accrue at: £0.49

 

Principal + Interest: £ ???????? to date.

 

 

Kindest Regards

 

 

WLG

 

 

Cheers Guys :D

Copy of WLG Spreadsheet-2.xls

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  • 2 weeks later...

BIG BIG BUMP for you WLG.

 

Sorry I'm at the stage of waiting for my stuff from Central Capital and this is all a different ball game to Bank Charges so I can't offer anything but I will keep bumping your thread for you until someone with more knowledge comes along.

 

Good luck.

Keep up the fight against Bank Charges.

 

 

Got Debt problems?

Don't panic, put the kettle on and read this

 

:-) Everything I write comes from my heart and head! The large filling cabinet that is my knowledge of life, however warped that may be!! :-)

 

<<< Please tickle my star!! if I have managed to help you or just made you chuckle!

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  • 2 weeks later...
  • 3 months later...
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.

 

printscreenforWLG-2.jpg

 

 

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 simple interest calculator - Blake Lapthorn - Southampton, Oxford, London, Portsmouth, Winchester just add the same figures from this screenshot but change the date then hit calculate.

 

Regards

 

PF

 

Hi PF I have looked at this several occasions now and I am struggling to see how to get the sum i need to put in the calculator on the web link you sent me,Im really not that good with spread sheets.Can you please please help ?? Please see attached spread sheet you helped me with last time.

 

Thanks

 

Regards

 

WLG

WLG Spreadsheet.xls

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Hi

 

I think I might have cracked it (probably not) can someone have a look see attached spread sheet

 

If this is correct which in the principal sum I put in the calculator.

 

simple interest calculator - Blake Lapthorn - Southampton, Oxford, London, Portsmouth, Winchester

 

Thanks for any help.

 

WLG

WLG Spreadsheet 09.06.10 1.xls

Edited by WLG
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