Paragon Finance PPI

[dragonfly21]

I recently via a SAR received a full statement of an account held with Universal Credit/Paragon Finance starting in 1993;

 

the statements clearly show PPI payments every month from 1993 -2003.

 

I put in a claim for the PPI being mis-sold on the grounds that I haad employer sickness cover,

the true cost of the insurance was not explained,

I was never asked if I had alternative insurance or that is was available elsewhere.

 

The reply, which they state clearly is their final response, says

 

"The sale of general insurance (including PPI) was not regulated by the FSA untill 14th January 2005.

 

As the policy was taken out in 1993 it therefore falls in a non-regulated environment.

 

This means the concept of an advised sale did not exist and such products were ofered on an information only basis

ie the customer would be offered the product and would make the decision whether to take it or not.

 

When you applied for the loan, the information relating to the insurance would have been provided in written form.

There was no regulatory requirement to verbally discuss the details of the insurance at that time;

the final decision to take out the insurance or not would have been your decision.

We would also stress that the insurance was not a condition of the loan."

 

They go on to suggest I refer to the Finance and Leasing Association is I am not satisfied with this reponse.

 

The CCA agreement (from 1996, when the amount of the loan was increased, not the original 1993 one)

sent in response to the SAR contains the amount of the monthy premium for the PPI,

and an acknowledgement that the customer understsood the T7C's of the agreement,a

nd this has my signiature.

 

Is this a fob off, or are they right?

 

Any suggetions about the next step?

[dx100uk]

paragon have coughed several times recently.

 

its not really fair to a punter

if they were told they had to have it

 

then get buffed off because there is nothing you can do to get it back.

as there was no regulator in place.

 

also this was a refinance so wll be even more payback

[PPI on PPI, PPI int on PPI int]

 

how did you complain FOS CQ?

 

dx

 

 

 

dx

[dragonfly21]

The complaint was via letter, I have not filled in any FOS forms yet.

[dx100uk]

ideally you should make all claims using:

 

the FOS CQ

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

 

a spreadsheet {soc]

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

and a covering letter.

 

Dear Sir or Madam,

Re:

 

I am writing in relation to the above payment protection (PPI) policy which i believe was mis-sold to me in relation to my

I believe you have not treated me fairly for the following reasons;

· The PPI was added without my knowledge..

· You have been punished by the Financial Services Authority for failing to treat customers fairly and I do not believe that the PPI I bought was sold in my best interest.

Unless you can prove that the policy was fair and reasonable and that I was treated fairly when I was sold the insurance, I demand a full refund of all premiums, and subsequent interest on these payments, that I have paid in relation to this policy. I also expect 8% interest to be added to each payment I have made as this is the statutory amount a court would pay.

I look forward to your full and prompt response to this letter. If this matter is not settled within eight weeks of this letter I shall be contacting the Financial Ombudsman to investigate my complaint.

This letter is in respect of the above account that was issued by

 

Yours faithfully

 

 

.....................

 

we have found in the past that many firms brush-off

complaints, where it can be seen that the claimant

might not know his full rights.

 

dx

[dragonfly21]

So...resubmit the complaint to Paragon, or as they have indicated this was their final response, go to the FOS?

[dx100uk]

it is crass for a company to reject a claim in just one letter

 

could it be thyey say

you can consider this as our final response?

 

clever wording.

 

p'haps scan up the letter?

 

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc using paint program

but leave all figures and dates. {DO NOT USE A BIRO OR PEN]

convert existing PC files to PDF [office has an installable print to PDF option]

..

goto one of the many free online pdf converter websites [http://docupub.com/pdfconvert/]

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

try and logically name your file so people know what it is.

i'e Default notice dd-mm-yyyy

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

.

dx

[MSAR]

They are fobbing you off.

They do it to everyone.

 

I seriously imagine their "customer engagement" department must be like something Nationwide's Mark Benton adverts. J

 

ust sitting around spinning in their chairs, waiting for the mail to arrive, then thinking up flippant excuses why they shouldn't return the funds.

 

"Oh, here's one - as minister of our local parish and supervisor of our charity fund for good works, I have noticed that we have been paying PPI on our account.

 

As a charity we would like to request a refund of our PPI contributions".

 

"Dear Minister,

as a man of the cloth you should know that there are more important things than money,

therefore we are not going to give you a refund."

 

"Oh, here's another.

I am the sole owner of a hairdresser shop in the village.

After inspecting my accounts after expansion, I noticed that there were PPI deductions on my account, and would like a refund."

 

"Dear Mrs. H,

I regret that we will not be giving you a refund, and as you are a hairdresser I can only advice you to 'take a haircut'".

 

With me,

they claimed that since I didn't complain back in 2003 when they sent letters out,

therefore they weren't going to give me a refund.

 

Another person here was refused a refund because they were an accounts advisor.

[dragonfly21]

Most of their letter is quoted above, but the following is their final statment: "Your compaint relates to your belief that the PP policy was mis-sold and I hope I have addressed the issues you have raised. This is our final response and we consider your complaint closed."

 

MSAR, did you get a refund eventually?

Edited November 4, 2012 by dragonfly21

[dx100uk]

FYI: i very much doubt ANY company sent out PPI letters in 2003

it had not surfaced then.

 

dx

[MSAR]

Most of their letter is quoted above, but the following is their final statment: "Your compaint relates to your belief that the PP policy was mis-sold and I hope I have addressed the issues you have raised. This is our final response and we consider your complaint closed."

 

MSAR, did you get a refund eventually?

 

Still waiting. Just got my second acknowledgement letter from the Financial Ombudsman. By the look of things, there are at least five things in my favour:

Address was correspondance address, not residential address.

Wording was misleading (small print made option an opt-out box)

Credit card limit was low and easily covered by savings/parents

No mention of alternative insurance on form

Employed on probationary period with severance pay

 

I am amazed that they couldn't just make a decision in the time it took o send out an acknowledgement.

[dragonfly21]

I appreciate it's not a swift process - so is my next move to submit the case to the FOS, or try another shot at Paragon?

[dragonfly21]

I've seen reference to submitting the complaint to the PPI underwriters, as the policy is from that long ago - anyone had any experience of this?