Finance Choices
Paragon Personal Finance Secured Loan
The Paragon Group of Companies PLC is a publicly listed provider of consumer finance. Its shares are owned by a wide range of institutional shareholders. Paragon provides secured loans, retail finance and car finance, as well as niche mortgage products in the "buy-to-let" marketplace. It sources its business through intermediaries, rather than direct advertising and promotion, in each of its markets. Paragon has over 600 staff based in Solihull, West Midlands.
Features of the Paragon Secured Loan
This type of loan is secured against the value of the property you own. If you are taking out a secured loan you will usually get a preferential interest rate and should be able to borrow even with a poor credit history.
Also, high loan amounts could be available.
Things to consider about the Paragon Secured Loan
Any loan secured on your property means that your home could be risk if you fail to keep up with the repayments. You should therefore think very carefully about taking out a secured loan, although for very large amounts you may have no choice but to offer your property as security.
Features of the Paragon Secured Loan
This type of loan is secured against the value of the property you own. If you are taking out a secured loan you will usually get a preferential interest rate and should be able to borrow even with a poor credit history.
Also, high loan amounts could be available.
Things to consider about the Paragon Secured Loan
Any loan secured on your property means that your home could be risk if you fail to keep up with the repayments. You should therefore think very carefully about taking out a secured loan, although for very large amounts you may have no choice but to offer your property as security.
posted by Barbara Gordon at 10:10 AM
Paragon Personal Finance Secured Loan
1 Comments:
I took out a loan with Universal Credit (now Paragon personal finance) in 1994. I wanted to borrow £3500, but they insisted I pay off an exisisting loan, so the total borrowed was £6000.
4 years into the 6 year loan I lost my job and could not afford the repayments. My local CAB money centre negotiated reduced payments to Paragon and all seemed fine. The problem was Paragon forgot to mention they would continue charging interest at a very high rate. I was paying £10 a month and they where charging £250 a month in interest without telling me.
Now Paragon are not very good at telling you how much you owe, in fact they refuse to tell you. So for the next 4 years I continued paying reduced payments, with an increase every year.
In 2000 Paragon sent a new contract which stated if I signed it my loan would be up to date and they would accept reduced payments.
At the end of 2003 I contacted Paragon to find how much I owed, they could not tell me unless I paid £25. So I pay my £25 and waited for the paperwork to arrive, only it did not. After 3 more phone calls I eventually got my paperwork and discovered they have charged me £12,500 in interest on top of the £5500 I have already paid. Making the total owed £18,000 on a £6000 loan. They are also charging £10 a day in interest.
Paragon where featured on Watchdog recently for exactly the same thing. They are best avoided.
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