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Mis - sold ppi by magic loan / paragon


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Hi all Please HELP!


I was mis-sold a ppi of £10k by paragon on a £30k loan, this ppi was supposed to be optional but when I recieved the loan after completing all the signatures etc I discovered that I had incured additinoal 10k make it total of £40k loan, when I called the broker magic loan to discussed this they told me that I had passed the 30 days cancellation deadline and that i would only be entitled to a small rebate of about £2,500 which I refused.. I rang paragon who told me that the ppi is an upfront loan and that magic loan should have explained that to me when I took the loan out..as such thye cannot refund and I should take up the case with magic loan as they were the ones that sold me the policy. Well the long journey begins now I have written a number of letters using the template to both magic loan and paragon to demand a refund.. but they have refused at every stage. I have asked for the tape recording of my conversations with the agent who sold me the policy which they say they will provide, also I have all the paper work which the agent completed before selling this policy and there are a lot of lies, things that I didn't agree to. all of whic I am reveiwing to fight my case.. I have sent a letter to BBC Watchdog to investigate, SO ANYONE HAS SIMILAR EXPERIENCE WITH MAGIC LOAN AND PARAGON then they need to be exposed.


What can I do? surely its illegal


please let me know if you have the same problems


On a last note can anyone advise of letter template that I can send the FSA.

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Hi wkbio,

welcome to the forum,


Please read and post in the next link.



(your user name) V (banks name)

Other members with experiance of your bank can offer informed advide.

use the template letters in order. Stick to the timetable in there.

please take time to read the faq's




Templates Library....

If you have charges going back further than six years read in here;


There is also live chat, visit if you need any quick advice.


Finally good Luck.



If my advice helps please tip the scales, left.

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