Paragon Ppi Insurance

[alanalana]

Hi aa

 

Again Thanks,and yes I did sign the paragon document.Given all the above 2 letters I have sent to Paragon and the 2 responses i have received would you say I am in a position to draft up a letter to claim my PPI from paragon.I know you have said in previous posts its your decision but I just dont want to do something to previous and mess things up.

 

Cheers WLG

 

IMO you have nothing to lose.

 

The trouble is the banks have tried to cover their tracks with mis-selling by using brokers, subsidiaries etc this makes life difficult for the truly mis-sold person trying to claim back their money.

 

Banker blames broker, broker blames banker and so you do not know where to turn but I believe the claim lies with the organisation that signed the Consumer Credit Agreement after all you are paying them back the money presumably by direct debit every month. If you default you can bet your life they would be in touch pretty sharpish and if you try to claim they would no doubt find a reason in the small print that exludes you from making a valid claim. If you have a genuine case for mis-selling as listed in the stickies at the top of the forum see these...

 

PPI - Some Notes for Claimants..

 

For claims before 2005 and the FSA ruling from which campaign

How to tell if you’ve been mis-sold PPI

 

Quick check: were you mis-sold? - How to tell if you’ve been mis-sold PPI

 

Another Useful article on Single Premium PPI and why the FSA say it was unfair.

http://www.moneymadeclear.fsa.gov.uk...insurance.html

Payment protection insurance (PPI) – Refunds of single premiums : FSA Money made clear – Unfair contracts

 

Another useful site to help you reclaim missold PPI UPDATED 16 JUN 08

Reclaim your PPI premiums - payment protection insurance | This is Money

 

Then go for it.

 

Draft a letter reclaiming but tell them all the reasons. A copy of my letter is below for you to get the general idea.

 

If it comes down to the wire the FOS or the courts will make a decision.

 

The Royal Bank of Scotland

xxx

Dear xx xxxxxxxxxx,

Re: Loan accounts. Reference numbers:

xxx Account No xxx

xxx Account No xxx

xxx Account No xxx

References:

A. My Subject Access Request (S.A.R - (Subject Access Request)) dated 7 January 2008.

B. Your xxx (Acknowledgement).

C. My xxx (Supply of additional information).

D. Your xxx(Supply of copies of statements).

E. Your xxx (Forwarded information to branch).

F. Your xxx (Duplicate statements for account xxx).

G. Your xxx (Duplicate statements for account xxx and request for more information).

H. xxx (Letter stating full disclosure as requested in Reference A had not been received and concern over missing data).

I. Duplicate statements for account xxxx no letter attached.

J. Your xxx requesting dates, times, names and departments re telephone conversations.

K. My xxx requesting full details as required by my reference A including all records of all telephone conversations.

L. My xxx forwarding my xxx with attachments.

M. My xxx CCA request for loans.

N. Your letter with reference Your xxx enclosing information with regard to account xxx.

O. My xxx requesting further data.

P. Your letter with ref Your xxx stating you do not have the paperwork on two previous loans.

Q. My xxx my response to Reference P.

 

I write in regard to the above References A - Q. Sadly, The Royal Bank of Scotland (RBS) have so far failed to comply fully with my DSAR in accordance with the Data Protection Act 1998 (despite the correct procedures being followed and the correct fees being submitted) for the provision of all data applicable to myself and the three loan accounts. I have submitted a separate letter on this subject to the Data Protection Officer and, indeed, have lodged a formal complaint with the Information Commissioners Office. You have forwarded copies of the three Loan account statements, my current account statement and information as requested in Reference M.

 

In each case PPI policies were attached to the above loans obtained from you on 8 March 2004, 20 May 2005 and 21 August 2006.

 

I am now convinced that I was mis-sold these PPI policies for the following 7 reasons:

 

1. Responsibilities When Underwriting a Policy of Insurance: On each occasion, when the details of a loan were discussed Your sales advisors failed to check my personal circumstances at the time of the sale, which they are under obligation to do when underwriting a Policy of Insurance. If they had done so, they would have realised that the PPI policies were useless to me. At no time was any attempt made to ascertain if the product provided was fit for purpose, suitable for my needs or if indeed it was required at all.

 

2. Alternative Insurance Cover: Your sales advisors in each case failed to ask me if I had any alternative arrangements for insurance cover. My employer has a generous illness package which would cover a period of sickness as follows: 6 months full pay followed by 6 months half pay. I would also be entitled to a generous redundancy package and a substantial payment would be made in the event of my death in service (more than suffice to clear the balance of the loan).

 

 

3.Failure to Supply Important Information with Regard to Significant Policy Exclusions: I was most definitely not informed that the PPI policies could contain certain exclusions which could affect me and my ability to claim on the policies if I should need to. Additionally I was never told that Pre Existing Medical Conditions could invalidate my policy and I was never asked if I had any Pre Existing Medical Conditions. Indeed your Loan Customer Duty of Care Checklist and the Loanguard Certificate of Insurance to which the Customer Duty of Care Checklist refers (forwarded under cover of Reference N) contain no reference to any Pre Existing Medical Conditions or includes any questions to me on the subject. I am in fact in receipt of a 40% War Disablement Pension from Her Majesty’s Government (HMG) since 1991. One element of this pension includes back injury which I now know is an exclusion in your PPI Policies. I also believe that I would also be excluded on at least one other existing condition.

 

4. Widespread PPI Mis-Selling: I cancelled the PPI policy on xxxAccountNo xxx on 7 Jan 2007 after becoming aware of the widespread mis-selling of PPI by some financial institutions, following recent media coverage and recent OFT and FSA investigations regarding the mis-selling of PPI. I believe this is borne out by Point 3 above. I am also aware that the question of PPI cover is the subject of an ongoing inquiry by the Competition Commissioner.

 

5. Wholly Inappropriate PPI Selling Bonuses: I understand that some employees are paid higher bonuses if they get prospective creditors to take out PPI with loans. How can the best interests of the customer possibly be met, if there is a clear conflict of interest between your responsibilities to me, and the drive of your employees to sell Payment Protection Insurance whether it is suitable or not in order to receive bonuses?

 

6. PPI Loan Interest payments miscalculated: Since I cancelled the policy, I have actually received a smaller reduction in the PPI loan interest payments than the figure stated on the agreement. The explanatory letter sent to me has, I believe, confirmed that I have paid for single premium PPI policies on each loan taken with your establishment.

 

7. True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor on any occasion on the full extent of single premium PPI policies or the fact that they would offer little or no refund if the loan was settled early or if the insurance was cancelled. The statements you have forwarded on accounts xxx and xxx, show no element of any refund of PPI or PPI interest when the accounts were settled on refinancing. There was also no explanation that the cost of the PPI premium would be added to the total cost of credit and interest added for the full term of the agreement. I believe this practice is unlawful.

 

I now believe that the single premium PPI policies attached to the loan accounts were both extremely unfair and totally unreasonable and offered me very little, if any protection value whatsoever. I am therefore requesting a full refund of all costs including all single 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 I have been unlawfully deprived of this money, I also expect the repayment of the interest at the Statutory Interest rate of 8% applicable to of each of the single premiums.

 

Details of the single premiums for each account with the interest payments made are as follows:

 

Perhaps you could use some of this cobbled to your own details.

 

aa

[WLG]

Thats great,thanks for all the help I really would be stuck without all this fantastic help and support.

 

Over the next couple of days I will have a good read through the links above and then set about drafting up my letter to claim back my PPI and I will post it up for comments before posting to paragon.

 

Cheers WLG

[alanalana]

Thats great,thanks for all the help I really would be stuck without all this fantastic help and support.

 

Over the next couple of days I will have a good read through the links above and then set about drafting up my letter to claim back my PPI and I will post it up for comments before posting to paragon.

 

Cheers WLG

 

You're welcome if you get a success all the better there are a couple of paragon claims in the forum you should perhaps touch base and swap notes. Another paragon claimant here...

 

Paragon or Easy Loans?

 

swapping a few ideas you may support each other.

 

aa

[WLG]

Hi aa

 

In post 20 I have a important information letter from Central Capital explaining certain terms of the loan and insurance.But I also have these 2 insurance documents below,do these document not prove the PPI is paragons?

 

[pompeyfaith]

Yup looks like you got them over a barrel enclose copies of those with your next letter.

 

Regards

 

PF

[WLG]

I like the sound of that PF ......spot on thanks very much.

 

WLG

[mey]

Hi

I have also started claiming back from Paragon but would like to find out something. A single premium PPI was added to my loan. Should I try and cancel my PPI now or should I wait?

[pompeyfaith]

Mey,

 

If the policy is of no use to you i.e. you would not be able to claim i would cancel it first that way you are saving money straight away then stick your claim in to get the rest back.

 

WLG sorry for highjacking your thread

 

Regards

 

PF

[mey]

Thanks for the info.

[alanalana]

Yup looks like you got them over a barrel enclose copies of those with your next letter.

 

Regards

 

PF

 

concur with PF game set and match IMO

 

aa

[WLG]

Hi Guys

 

Please can you take a look at my letter for claiming back my PPI from Paragon.

 

Any comments will be gratefully received.

 

Cheers WLG

 

 

Paragon Finance PLC

St Catherine’s Court, Herbert Road

Solihull, West Midlands

B91 3QE

 

Date: 29/05/09

 

Re: Loan account. Reference numbers:

 

WLG

Account No: xxxxxxxxxxxxx

 

References:

A. My Subject Access Request (S.A.R - (Subject Access Request)) dated 9 April 2009.

B. Your ref XXXXXXXXXX (Acknowledgement Of Subject Access request) Dated 14th April 2009.

C. Your ref XXXXXXXXXX (Response To Subject Access Request).Dated 8th May 2009

D.Your (Supplied of copies of statements Account No XXXXXXXXXX).

E. Your (Supplied copy Of Credit Agreement).

F. Your (Supplied Copy Of “Key Facts” Paragon Secured personal Loan Payment Protection Policy Summary 5 year Cover).

G. Your (Supplied copy of Paragon Secured personal Loan Payment Protection 5 year certificate Of Insurance.

H. Your (Supplied Copy Of Homeowner Application Form)

I. Your (Supplied Copies Of Pay slips)

J.Your (Supplied Copy Of Appendix 1 “List Of Recipients”)

K. Your (Supplied Copy Of Appendix 2 “Credit Reference Agencies”)

L.Your (Supplied Copy Of Appendix 3 “Fraud Prevention Schemes”)

M. My letter dated 12th May 2009 requesting full details as required by my reference A including all records of all telephone conversations.

N. Your ref XXXXXXXXX (Letter dated 15th May 2009 responding to reference M Letter dated 12th May 2009.

 

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

 

Sadly, Paragon has so far failed to comply fully with my SAR in accordance with the Data Protection Act 1998 (despite the correct procedures being followed and the correct fees being submitted) for the provision of all data applicable to myself and my loan account XXXXXXXXXXX.

 

A PPI Policy was attached to this secured loan obtained from Paragon November 2005 (See enclosed references F & G) “Key Facts” Paragon Secured personal Loan Payment Protection Policy Summary 5 year Cover and Paragon Secured personal Loan Payment Protection 5 year certificate Of Insurance.

 

I am now convinced that I was mis-sold these PPI policies for the following reasons:

 

True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor 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: Your sales advisors failed to ask me if I had any alternative arrangements for insurance cover, means to cover payments, means to repay the loan or employer benefits.

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 if I was to be made redundant.

 

Option nature of insurance:I was led to believe by your sales advisor that Payment Protection Insurance was compulsory.

I was led to believe that I would stand more chance of getting the loan if I took the Payment Protection Insurance.

 

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 explained to me prior to my decision to purchase my PPI policy. It was definitely not explained to me by your sales advisor that the PPI policy could contain certain exclusions and limitations relevant to me. The Terms & Conditions of the small print were not fully

explained to me.

 

 

I now believe that the PPI policy attached to my loan account are 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 I have been unlawfully deprived of this money, I also expect the repayment of the interest at the Statutory Interest rate of 8%.

Details of the single premiums for my account with the interest payments made are as follows:

Edited May 29, 2009 by WLG

[alanalana]

I will tweak with bold red lettering.

 

 

Hi Guys

 

Please can you take a look at my letter for claiming back my PPI from Paragon.

 

Any comments will be gratefully received.

 

Cheers WLG

 

Paragon Finance PLC

St Catherine’s Court, Herbert Road

Solihull, West Midlands

B91 3QE

 

Date: 29/05/09

 

Re: Loan account. Reference numbers:

 

WLG

Account No: xxxxxxxxxxxxx

 

References:

A. My Subject Access Request (S.A.R - (Subject Access Request)) dated 9 April 2009.

B. Your ref XXXXXXXXXX (Acknowledgement Of Subject Access request) Dated 14th April 2009.

C. Your ref XXXXXXXXXX (Response To Subject Access Request).Dated 8th May 2009

D.Your (Supplied of copies of statements Account No XXXXXXXXXX).

E. Your (Supplied copy Of Credit Agreement).

F. Your (Supplied Copy Of “Key Facts” Paragon Secured personal Loan Payment Protection Policy Summary 5 year Cover).

G. Your (Supplied copy of Paragon Secured personal Loan Payment Protection 5 year certificate Of Insurance.

H. Your (Supplied Copy Of Homeowner Application Form)

I. Your (Supplied Copies Of Pay slips)

J.Your (Supplied Copy Of Appendix 1 “List Of Recipients”)

K. Your (Supplied Copy Of Appendix 2 “Credit Reference Agencies”)

L.Your (Supplied Copy Of Appendix 3 “Fraud Prevention Schemes”)

M. My letter dated 12th May 2009 requesting full details as required by my reference A including all records of all telephone conversations.

N. Your ref XXXXXXXXX (Letter dated 15th May 2009 responding to reference M Letter dated 12th May 2009.

 

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

 

Sadly, Paragon has so far failed to comply fully with my Subject Access Request in accordance with the Data Protection Act 1998 (despite the correct procedures being followed and the correct fees being submitted) for the provision of all data applicable to myself and my loan account XXXXXXXXXXX.

 

A PPI Policy was attached to this secured loan obtained from Paragon November 2005 (See enclosed references F & G) “Key Facts” Paragon Secured personal Loan Payment Protection Policy Summary 5 year Cover and Paragon Secured personal Loan Payment Protection 5 year certificate Of Insurance.

 

I am now convinced that I was mis-sold these PPI policies for the following reasons:

 

True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor 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: Your sales advisors failed to ask me if I had any alternative arrangements for insurance cover, means to cover payments, means to repay the loan or employer benefits.

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 if I was to be made redundant.

 

Option nature of insurance:I was led to believe by your sales advisor that Payment Protection Insurance was compulsory.

I was led to believe that I would stand more chance of getting the loan if I took the Payment Protection Insurance.

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 explained to me prior to my decision to purchase my PPI policy. It was definitely not explained to me by your sales advisor that the PPI policy could contain certain exclusions and limitations relevant to me. The Terms & Conditions of the small print were not fully

explained to me.

 

I now believe that the PPI policy attached to my loan account are extremely unfair and totally unreasonable. I am therefore requesting a full refund of all costs including all PPI premiums that have been paid. 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:

 

hope this tweaking helps

 

aa;)

Edited May 29, 2009 by alanalana

[WLG]

Copy of CAG PPI Calculator.xls

 

Hi Alan,Thanks for the tweak,it finishes it off nicely.

 

Can you please have a look at the attached calculations for the ammount I am hoping to claim.I think I have the hang of it,but if you could just check it please.

 

I have put in all the information as per credit agreement in post 1,but obviously I am paying a little more than the original figure shown in post 1,do i just keep the original figure or change it to what i am paying now

 

Many Thanks

 

WLG

[alanalana]

Copy of CAG PPI Calculator.xls

 

Hi Alan,Thanks for the tweak,it finishes it off nicely.

 

Can you please have a look at the attached calculations for the ammount I am hoping to claim.I think I have the hang of it,but if you could just check it please.

 

I have put in all the information as per credit agreement in post 1,but obviously I am paying a little more than the original figure shown in post 1,do i just keep the original figure or change it to what i am paying now

 

Many Thanks :grin:

 

WLG

 

You are welcom for the tweak;)

 

As for the spreadsheet calculations you will need a better man than me to advise you pompeyfaith is well up on PPI interest and spreadsheets so I would PM pompey for accurate advice on this.

 

aa

[pompeyfaith]

Hiya WLG,

 

That looks fine to me although a couple of observations firstly the date calculated was wrong and it gave you - days so Ive changed that to todays date.

 

As you may well know when you update that date each day all the figures will auto update.

 

I have tidied the spreadsheet up for you got rid of rows you do not need.

 

In the contractual interest column there are two interest rates 8.59% and 9.20% is this correct as in a variable rate?

 

Apart from that well done another cagger has got used to it.

 

Regards

 

PF

 

P.S now you can help me lol how did you post it into the forum something ive tried before with out success ill post it back to you soon as i know how.

[WLG]

 

Hi PF

 

Thats great thanks very much,just click on the small paper clip.I have highlighted it for you.

 

Hope that helps;)

 

Many Thanks

 

WLG

[pompeyfaith]

WLG Spreadsheet.xls

 

Arrr thanks for that you learn something everyday lol

 

Anyway there you go

[WLG]

Hi PF

 

Your welcome...looks like i may have made a mistake the only interest rate I am aware of is the one in post 1 on my credit agreement.

 

So would I have to change the ones in the contractual interest column to 8.9 APR ?

 

Cheers

 

WLG

[pompeyfaith]

WLG Spreadsheet.xls

 

There you go done it for you.

 

Regards

 

PF

[pompeyfaith]

Ive keeped a copy on my computer if that is ok with you, just in case you mess up yours so if you need it let me know.

 

Also if you dont need it on my computer anymore let me know and ill delete it.

 

Regards

 

PF

[WLG]

Thats Fine with me PF.

 

Thanks again.

 

I will let you do them again your figures are much more atractive than mine were.

[pompeyfaith]

Pleasure to help WLG give me a tingle if you need any more help.

 

Regards

 

PF

[pompeyfaith]

Oh just one point is the loan and ppi paid up ?

[WLG]

I wish,along way to go on the loan.I took the loan out in Nov 2005 so the PPI will run until Nov 2010.

[pompeyfaith]

Ok glad I asked because what will happen with the refund is:

 

The policy cost you will not get refunded unless the loan runs it full term what will happen is the policy cost will be taken of the loan where by reducing the amount owed.

 

What you will get refunded though via a cheque is all the monthly payments you have made to the PPI plus interest at their rate i.e. 8.9% plus statutory interest on each of those payments of 8% this is by way of compensation for denying you that money.

 

If the loan was paid up in full then you would indeed get the policy cost back.

 

I hope i have made this clear to you.

 

Regards

 

PF

 

P.S if you want to know how much you will get back in your pocket let me know.

 

But remember as i say the 100% of the policy cost of £6,355.00 will come of the loan so it will be paid off earlier.