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Debt buster

Can I claim interest back from Paragon? - I won!!

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I had a loan with Universal Credit back in the 1990's, Paragon brought them out. At the time I had an agreement to make reduced payments with all interest frozen. CAB made the agreement.


Paragon secretly added interest at around 30% for many years, pushing a debt of £4k to around £28,000.


To date I have paid more than £15,000 back, they claimed I still owed another £13k, I stopped paying a year ago. Recently I found they didn't have the CCA and can't legally enforce the debt. They kept hassling me though, daily phone calls etc.


Then a couple of months back I sent a letter stating the facts and a lot of information I had collected about how almost all Universal CCA's aren't written correctly, I also included facts about court cases they had lost.


Today I received a letter from Paragon saying they have closed my account and nothing is owed. My question is, what about all that money I paid in interest after it was frozen, can I claim any of it back? We are talking about £10,000. They are claiming the inerest was frozen, to be added back later. Sounds rubbish to me.



This is the letter from Paragon -



Thank you for your recent letter, I apologise for the delay in responding to you. I have undertaken a full review of your account with Paragon finance and the issues you have raised.


As you know, your loan for £6000 completed with Universal Credit LTD, a subsidary of Lloyds TSB, on 27th March 1995. The loan was to be repaid by monthly payments of £142.41 for a period of 7 years. Paragon acquired UCL in March 1998.


You made monthly payments of £142.41 on the due date until January 1999 when you experienced financial difficulty. At that time, UCL agreed to accept £1 per month as a reduced payment.


When a reduced payment was agreed by UCL, their policy was to supsend interest posted to customers accounts during times of difficulty. The interest continued to accure as per the terms of the contract, to be applied at a later date. As this policy seems to have little merit, from either the customer or lender's point of viewpoint. Paragon decided to simplify matters and talk only in terms of the contractual balance owed at all times. Paragon reapplied all previosuly suspended interest in November 1999.


In April 2004, we reviewed your account and reduced the interest to 12% in recognition of the amount you were paying. A further reduction was made in March 2007 to 6%.


Interest has been charged from the inception of your loan. It is calculated daily and applied monthly based on the current balance outstanding. In the event that the full contractual payment is not made, as has been the case on your account, the balance increases and the interest is therefore adjusted accordingly.


Unfortuantely we do not hold the original UCL credit agreement. We have, however, proivided you with a reconstituted copy, in accordance with the consumer credit act, regulation 3 (2), which expressly states that a copy need not be an exact copy.


Notwithstanding the above, I have considered the points you have raised and as an exgratia gesture decided to wave the outstanding balance on your account. I must stress this is not an admission on our part that this sum is not properly due, but rather a reflection of the time and effort involved in pursing the matter.


I can therefore confirm that your account with Paragon has been closed and no further payments are due under the agreement.


Your complaint relates to your loan agreement and balance outstanding and I hope I have addressed the issues you have raised. We consider your complaint closed.



My Paragon debt story.

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A little more background to this.


I paid £1 a month for about 3 or 4 months, then £10 for about two years. I then started paying more than the original monthly payments for a number of years, During this time I thought the interest was frozen and presumed I had nearly paid of the debt. I then requested a statement (they charged me £25 for this!). The statement showed the interest had never been frozen and when I was paying £20 a month they had been adding a couple of hundred a month in interest. I then started paying £220 a month to try and clear the debt. In total I paid over £15k to clear £4200, they still wanted another £13k.


When CAB made the agreement to freeze interest, nothing was mentioned about it being added back later. Had this been mentioned I would have just gone bankrupt as what was the point in adding interest on interest and turning £4200 into £28,000. In effect making matters far worse.


Had they kept to the agreement to freeze interest the debt would have been paid off years ago along with other debts I had at the time.


I'm pleased they have closed the account, but wonder how I would go about claiming back some of that interest I paid?



My Paragon debt story.

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