I had a loan arranged by Ocean Finance in 2004 and was sold PPI as part of that. The loan was with iGroup, who were subsequently taken over by GE Money.

I complained to Ocean Finance using the ombudsman's PPI complaint form, but they responded and said the loan was with GE Money and that Ocean Finance was only a broker.

I complained to GE Money, but they have today responded and said:

However, in none of my loan documentation is the name Alabaster mentioned - it all has Ocean Finance and Mortgages Ltd or iGroup on it.

Does anyone have any advice on what I can do next, if anything?

Any help would be gratefully received.

Hi

Your target is GE. You paid the premiums to them, they had the interest and the profits and it is they who should refund you. They are well known for wriggling.

Take a look at other GE threads in the PPI forum to get an idea of what is involved.

ims

Update on this claim: I contacted the Financial Ombudsman about GE Money's response, and was advised that my claim should go to Ocean Finance since they sold me the loan, and my complaint was about mis-selling.

So I contacted Ocean Finance, and they sent me a letter that said:

1. The "Ocean Finance" business was originally established in May 1991 as a partnership. From January 1997, Paul Newey carried on the business as a sole trader, continuing to use the trading name "Ocean Finance".
   
   
2. On 14th January 2005, OFML acquired the "Ocean Finance" business from Mr Newey, including certain customer records and the right to use certain "Ocean Finance" trademarks. A copy of the sale and purchase agreement dated 14 January 2005 is available at Companies House (the "SPA"). The SPA deals with the private arrangements as between Mr Newey and OFML, however, and does not confer any rights upon any third parties, such as lenders or borrowers introduced to each other by Ocean Finance. Indeed, any third party rights are expressly excluded.
   
   
3. For OFML to have acquired any direct liability or responsibility to any customer in connection with an arrangement made prior to 14 January 2005 there would have to have been:
   
   


1. a specific agreement as between Mr Newey, trading as Ocean Finance, and that customer;
   
   
2. Mr Newey and the customer would have had to expressly agree that any obligations owed by him under that agreement would be transferred to OFML with effect from 14 January 2005. This is know in legal language as a 'novation'.
   
   
OFML has no record of any novation involving you. In the absence of a novation, there is no basis for any claim against OFML.
 
As a matter of courtesy, and without prejudice to any points made above, we have sent a copy of your letter to Mr Newey, PO Box 15718, Sutton Coldfield, B73 9TA. If you with to take further steps on this matter we suggest you contact Mr Newey directly via the aforementioned address.
 

So, what now.. Do I pursue through Ocean Finance & Mortgages Ltd, or Mr Paul Newey? The date of my loan agreement was 19 September 2003, which was after OFML was incorporated but before they started operating as a business. Or do I go straight to the FSA?

Hi

 

Your target is GE. You paid the premiums to them, they had the interest and the profits and it is they who should refund you. They are well known for wriggling.

 

Take a look at other GE threads in the PPI forum to get an idea of what is involved.

 

ims

Hi we are another victim , had the same letter, we were not told that the ppi was sold to a 3rd party, we were told we had to have ppi, imagine our surprise when we went to claim for being misiold, w found out then it had been done through alabaster. Then found out they had gone bust about a month after we took the loan out, and had still been paying , for something we did not have . Any help would be appreciated

might be best to start a new thread

of your own popey63...

the same for the other threads you've posted on tonight too

dx