We have had a successful complaint upheld by the FOS on a loan with Ocean Finance. The PPI was front ended and is live with the loan. A offer of redress was received yesterday and it seems 4.5k of the redress is needed to restructure the loan. With £5600 being paid back to us. Ocean assured me that this is good practice in line with FOS guildlines. I called the FOS yesterday and they said that only applies if we were in arrears with the loan which we are not. Does seem correct

The FOS have told Ocean to refund us and put us in position if we had no taken out the policy with interest its 12.5k we paid loan ppi ran from 2008 to 2013 and we paid it all Hoping they sort soon

Ok entered 60 payments from March 2008 to March 2013 @ 206.23 Comes to £15,984.91 that's assuming the £206.23 is correct of course

That's the nightmare My credit agreement only shows the following - Cash Loan amount - £37500 over 180 months PPI - £6675.90 over 60 months with interest of £5699.10 giving a total of £12375 Monthly interest rate 0.716% Total - 44175.90 Monthly repayment = £454.93 When challenged on this the loan company couldn't work out how much of the monthly repayment was PPI but did agree it was front ended starting in March 2008 But pay back that £12375 divided by 60 months comes out at £206.23 per month now my brain hurts

I am confused now it now gives me a figure of £206.16 plus 8% gives a monthly figure of £322.68 x 60 = 19320?

did you get sorted how long did you wait?

Thanks for the reply. Great info I think ive got it PPI Inc Interest is £12374 divide by 5 years is £2474 a per year plus 8% (£197) as per FOS £2671 x 5 years comes to £13355 Does that look right or is 8% a month not a year

Hi I made a claim against Ocean Finance on my PPI through the FOS 2 years ago. Ive just had the letter from the FOS saying we have won and Ocean will be in contact in the new year with the offer. My ppi was £6675 Plus interest of £5699 giving a total of £12374 The ppi was front ended and we only finished paying it last year. The letter states they have to me back to a position if id not taken out ppi. Any help would be great