2yr on Vrs Paragon (PPI claim)

[joemichael]

Hello all.

As the title says I have been fighting Paragon Personal Finance (PPF) for over 2yrs now over PPI on a loan I no longer have.

I took out a loan through Loans.co.uk about 4yrs ago now, the loan provider being Paragon. Loan was for 45k for consolidation and extention to home. I know these companies do not intend there loans to be short term but I planned to repay the loan as soon as the extention to my house was complete. I would have enough equity in the house then to remortgage then pay off the loan. I made sure Paragon were aware of this before I took the loan but they still said I had more chance of being approved for the loan if i had the PPI.
I had made only 7 payments on the loan when the extention was complete and remortgage sorted. It was then i got a settlement figure of just over 60k from Paragon (15k over what I borrowed).

To cut a long story short it was the PPI what I was paying back on top of the loan and early repayment charges. It still worked out better for me at the time to remortgage for the extra and pay the loan and PPI off.

I have since tried to get this money back through a solicitor (Reynards) who are about to start court proceedings if this is not settled by 18th Sept.

What I would like to ask is: Am I going to see some/any of this money again - what are my chances? I first thought they were good! £15k ppi for a loan of 7 months. That's over £2k per month ppi I was charged!! Now after 2yrs waiting my hopes are fading.
Also - has anyone had any success with a claim from Paragon?

All info/inclines would be greatly apprieciated!!!

Many thanks Michael.

[Amethyst]

Re: 2yr on Vrs Paragon (PPI claim)

The FOS report today says 93% of complaints about loans.co.uk insurance products were upheld in the consumers favour.

You feel you were missold it as you were basically told you had to have it in order to get the loan (which is usually bull), as well as the loan being repaid so quickly, so yes I think you have a good chance of getting the money back.

[russt2000]

Re: 2yr on Vrs Paragon (PPI claim)

what actual reasons have you based your claim on just broadly misselling or a specific charge?
what grounds are they giving for not upholding your claim? is it the broker? the lender and broker try this blaming each other as a stalling /put off tactic.

why has it taken so long , did you go straight to solicitors ? had you tried anything prior to going with them?

russ