FRN Variable Rate Fix

RNS Number:1814K
Paragon Personal&Auto Fin.(No.2)PLC
24 March 2005


                         NOTICE OF EARLY REDEMPTION

               PARAGON PERSONAL AND AUTO FINANCE (No. 2) PLC 

            (Registered in England and Wales number 3696151) 

                           (the "issuer")


#146,900,000 Class A Asset Backed Floating Rate Notes due 2022 
#70,900,000 Class B Asset Backed Floating Rate Notes due 2033 
#26,900,000 Class C Asset Backed Floating Rate Notes due 2033


                    (together being the "notes")


    NOTICE IS HEREBY GIVEN that all of the Notes will be redeemed by the Issuer 
on 15th April, 2005, (the "optional Redemption Date"), pursuant to Condition 
5(d) of the terms and Conditions of each class of Notes. The Notes will be 
redeemed at their Principal Amount Outstanding together with accrued interest up 
to (but excluding) the Optional Redemption Date.


   Payment of principal and interest will be made against presentation and
surrender of, respectively, the Notes and Interest Coupons relating thereto at
the principal office of Citibank N.A., London.


                                                           Dated: 24 March, 2005


Enquiries:

John Gemmell, Company Secretary 
0121 712 2075 






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