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      OT APPROVED, 365MC637, FAROOQ, EVRi, 12.07.23 (BRENT) - J v4.pdf
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Paragon PPI Settled Loan


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Hi,

 

Can anyone tell me if I can and even if its worth while claiming back fromParagon PPI on an old settled loan?

 

Loan taken out in Jan 2003 and settled in Jan 2004.

 

Loan for £18,000 Payment Protection £2,790 Total £20,790

monthly interest was 0.778% 9.7apr

 

This was the breakdown of charges and what we paid back-

 

Total remaining loan payable - £29,386.49

Less rebate future interest - £8,967.83

Less payment Protection - £ 436.69

Total amount deductable after rebate £19,981.97

Add legal and discharge fee £15.00

Total settlement payable £20,131.97

 

Thanks

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If the PPI was missold - then yes, why not?

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Paragon told us we couldnt get the loan if it wasnt secured with the payment protection, back then we didnt really think about it as we thought thats how we would get the loan. is it worth while claiming or will it just be pennies?

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Excellent...so many people bin their stuff....nice to get someone who retains their papers.

 

OK so this was a single premium PPI.

 

Have a read through No.1 in my signature....there's a lot of information there. There is also a spreadsheet at the end to help you work out your claim.

 

Also go along to the fos website and download a copy of the consumer questionnaire to complete. While you are there, have a read of some of the case study PDFs

 

When you have completed the spreadsheet and the questionnaire, send a copy of both to the lender with a brief letter requesting your money back.

 

If you need help with the spreadsheet, just shout here.

 

ims

 

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Hi

 

Loan = £18000, PPI premium = £2790 so total loan is £20790. PPI percentage of loan is 13.42% (given by 2790/20790 x 100)

 

So of each monthly repayment you made, 13.42% of it was for ppi.

 

List 13.42% f each repayment you made. Enter the date, a description (i.e. "PPI Payment") and the amount.

 

The sheet will do the rest. You don't need to worry about the rate of interest on the agreement.....that is all taken care of in the percentage calculation we have just done.

 

ims

 

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oh maths just isnt my thing! so 13.42% of £267.15 is £35.85 and thats the figure I put in the amount of charge field????

 

Yep you got it.

 

You will end up with a list of payments and when you get to the settlement figure, you enter 13.42% of that too as the last entry.

 

The sheet will give you a figure in the green box at the top. Deduct the rebate for PPi you got form that total figure and you will have the claim amount.

 

ims

 

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