Old Paragon personal loan

[mac_the_dog]

Hi all,

 

Just joined this forum and was hoping for some advice.

 

We took out a personal loan for £10,000 over 10 years with Paragon on Oct 2001 and paid it off in Jan 2007. Our settlement figure was £8100 and change.

 

After reading about front loaded PPI loans it pretty much looks like that is what we were sold. My question is even if the loan is paid off can we still claim back our PPI because of misselling.

 

Thanks

 

Kevin

[pompeyfaith]

Hiya Mac,

 

Firstly sorry youhave not had a reply yet.

 

Now Paragon are renowned for mis-selling PPI so the chances are yes but firstly check the notes for claimants in the stickys top of this forum.

 

The fact it is paid up makes no difference at all if fact it makes the whole process easier for you as the entire amount will have to be returned.

 

Have a read of the stickys first then post back if you need anymore help.

 

Regards

 

PF

[mac_the_dog]

Hi and thanks for your reply.

Have sent SAR request so will take it from there.

 

Regards

[mac_the_dog]

Hi all,

 

Got back my SAR today, very big disappointment. Most of it is just rubbish, nothing to do with my loan.

 

But some of it is very interesting. Didn't realise that when we paid off our loan Paragon added "Future Interest" then deducted "Interset Refund".

 

Loan Balance = £7334.30

Future Interest = £2958.90

Interest Refund = £2143.14

 

Settlement Figure = £8150.06o

I dont know how they can charge future interest maybe someone here can explain this to me.

 

Also they have not sent any telephone conversations or transcripts. There is no mention of PPI except in the copy of the agreement.

 

What should I do now. Should I claim back my PPI or get in touch with the freedom of information people and complain that my data is incomplete.

 

Mac

[mac_the_dog]

Have written a responce to Paragon was hoping someone could give it a quick look and tell me if it is ok.

 

Dear xxxxxx,

 

Account Number xxxxxxxxx

 

Thank you for the letter dated 18 August 2009 and the information relating to our System Access Request.

 

Unfortunately the information seems to be incomplete. I specifically requested copies of all loan documents and PPI documents. I am sure there has to be an “application for a loan” form and also some kind of form to ascertain whether PPI is needed by the borrower. I would also assume that Paragon would have to satisfy themselves that the loan could be paid back and that it was affordable. I believe Paragon, if following sound lending practise, would have quite a number of forms relating to our application. Also no telephone conversations were included. Please forward all call recordings as specified in the DATA PROTECTION ACT 1998.

 

We ask that you reply with the relevant information in the remaining time left from the initial System Access Request dated 09/08/2009.

 

We request that you provide all the information requested above, even though you may consider that it falls outside Data Protection.

 

 

On another subject, I would very much appreciate an explanation for the sum of £2958.90 added to our balance and the sum of £2143.14 deducted from our balance on 05/02/2007, the same day that the loan was settled.

 

As far as I can understand Paragon added “Future Interest” to our settlement figure and then gave an “Interest Rebate”. I find it hard to understand how we could be charged interest on payments we had not, and were never going to make, after we had settled the loan. Also an explanation of the difference in Paragons favour of £815.76.

 

IF YOU ARE UNABLE TO DEAL WITH THIS REQUEST, YOU SHOULD IMMEDIALTELY FORWARD IT TO THE PERSON WITHIN YOUR ORGANISATION RESPONSIBLE FOR DATA PROTECTION.

 

Yours sincerely

 

 

 

 

Any comments very gratefully appreciated.

[pompeyfaith]

Dear xxxxxx,

 

Account Number xxxxxxxxx

 

Thank you for the letter dated 18 August 2009 and the information relating to our System Subject Access Request.

 

Unfortunately the information seems to be incomplete. I specifically requested copies of all loan documents and PPI documents. I am sure there has to be an “application for a loan” form and also some kind of form to ascertain whether PPI is needed by the borrower. I would also assume that Paragon would have to satisfy themselves that the loan could be paid back and that it was affordable. I believe Paragon, if following sound lending practise, would have quite a number of forms relating to our application. Also no telephone conversations were included. Please forward all call recordings as specified in the DATA PROTECTION ACT 1998.

 

We ask that you reply with the relevant information in the remaining time left from the initial System Subject Access Request dated 09/08/2009.

 

We request that you provide all the information requested above including copies of all comms logs, even though you may consider that it falls outside Data Protection.

 

 

On another subject, I would very much appreciate an explanation for the sum of £2958.90 added to our balance and the sum of £2143.14 deducted from our balance on 05/02/2007, the same day that the loan was settled.

 

As far as I can understand Paragon added “Future Interest” to our settlement figure and then gave an “Interest Rebate”. I find it hard to understand how we could be charged Future interest on payments we had not, and were never going to make, after we had settled the loan. Also an explanation of the difference in Paragons favour of £815.76.

 

IF YOU ARE UNABLE TO DEAL WITH THIS REQUEST, YOU SHOULD IMMEDIALTELY FORWARD IT TO THE PERSON WITHIN YOUR ORGANISATION RESPONSIBLE FOR DATA PROTECTION.

 

Yours sincerely

 

There you go just a few amendments change the red items to black and delete the blue items other than that fine post away.

 

Regards

 

PF

[mac_the_dog]

Cheers PF

 

I always like a second opinion when it comes to these kind of things. But it looks as if I am going to be writing a lot of letters if some of the threads here are anything to go by.

 

Thanks again

 

Mac

[pompeyfaith]

Your Welcome.

 

PF

[mac_the_dog]

Hi all,

Thought I would post an update and ask for a little more help.

 

I sent for my SAR and recieved lots of paper but nothing to do with PPI Only mention of PPI is on the CA with Paragon. Wrote back claiming misselling and they refuted this in a letter claiming loans.co.uk are the ones I should write to.

Wrote back to them pointing out that the CA was with Paragon, and I could only claim on my PPI through Paragon because I never recieved anything to do with PPI. I have to this day no idea who the PPI was with if not Paragon.

 

Any thoughts re my next letter or should I just go to the FOS now and start the process.

 

This is a quote from there last letter -

 

"Whilst your loan was taken out with Paragon Personal Finance, we were not responsible for selling a payment protection policy to you. As previously advised, Loans.co.uk was responsible for the sale of the payment protection policy. They submitted the credit agreement you had signed to Paragon and we then processed your loan application in good faith."

 

Is this "good faith" defence re PPI misselling legit and should I now chase Loans.co.uk for the misselling.

 

Any help greatly appreciated

 

Mac