Reviews on Paragon Finance

These comments come from www.reviewcentre.com after I left a review of Paragon Personal Finance.

"We borrowed £3,000 in in 1989 after our bank - Nat West - had turned us down and suggested we use a loan firm out of the paper. We chose Universal Credit which were later taken over by paragon. Universal Credit sent you statements, paragon have never sent a statement. From 1986 to 1993 my husband, who is in the construction industry, was made redundant three times which obviously affected our ability to pay back the loan in three years. He then went to college for 4 years when I believe we had the interest frozen. I have absolutely no idea what we owe at this moment in time but we have paid £60.00 a month for the past 6 years. What I would like to do is to offer them something like a £1,000 and be finished with the whole damn thing but I don't think it will ever go away-I have a daughter the same age as this debt, 16 - how ridiculous is that? It's an albatross I'm determined to be rid of. "

"We have a similar story, a loan taken out with Universal Credit. After money problems we are paying at a reduced rate, can't find out how much is owed. They never send statements and we were actually threatened with legal or 'some other form of action' not sure what that meant."

"Totally agree. My ex-husband and I took out a loan (in my name as he was made bankrupt)for £7,500 just before we separated. On separating I was informed as it was in my name I was now liable for the loan. Like other people I have never had a statement from Paragon despite many requests. For the past 6 years I have been making reduced payments on what i believed to be reduced interest. On receiving a statement last week (after many phone calls from myself to Paragon) I was staggered to discover I now owe £24,500!. Unknown to me they have been charging me up to £300 a month in interest. HELP!"

"me and my husband have the same problem we have been paying a 15.000 loan with paragon took out 9 yars ago we made full payment for about the first 3 years and for the last six have been making reduced payments through the consumer credit council who have now contacted us to say that it has been brought to their attention about the amount of interest we have been charged and our debt now stands at 28,000 pounds. when will it end. the ccs have instructed me to request a full statement of all charges from the start of the loan, i should not pay for this even though they will try and charge me when i receive this i need to make a complaint in writing to them they have 8 weeks to respond after this i will need to take this to the fsa obundsman ccs have informed me that there are many cases being highlighted at the moment and i should not let it go. they are encouraging everybody to do the same. please please do not let this company get away with this. we all need to make compaints and take this to the fsa. you can contact your local cab for the ccs number they are very good and are a charity set up to help people in debt all their staff are very friendly and helpful you can also find info on paragon on the office of fair trading. good luck and dont let them get away with this ."

"Same Problem here borrowed £4999 in 1994 got into trouble and went with Gregory pennington a debt management company to reduce the payments and freeze the interest which i thought had been done as i have been paying Penningtons every months since 1996. Checked up last month only to find that Paragon had not stopped the interest but also added compound interest on the arrears the result being they now want £17,000 when i have already paid them £12,000 in payments. Help Pleaseeeeeeeeeeeeeeeeeeeeeeeee"