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  1. Hi, I am currently trying to sort out the details of a PPI Claim involving Endeavour/Ocean/Ocwen for my nanna and grandad. They took out a loan with Endeavour Personal Finance Ltd. on 01/09/1997 for £6000 plus £720 PPI, total £6720, for 60 months, monthly payment £159.45. Ocean Finance were the brokers and they were told that in order for them to get the loan they would need to take out PPI. As they were in desperate need of the loan they had no choice but to take it out with the PPI. In January 1999 they took out a second loan with Ocwen Limited, Ocean Finance were the brokers again. Again same story, they had to take out the PPI in order to get the loan. So the loan was £10000, plus an extra £1000 PPI, total £11000 over 60 months, at £253.11 monthly repayments. They used part of the second loan to pay off the first loan. So the loan of £11000 from Ocwen Limited was disbursed as follows: Derbyshire Building Society = £163 - buildings insurance Ocwen Financial Services Ltd. = £1000 - assume this is the PPI company/underwriters? Endeavour Personal Finance Ltd. = £5808.68 - first loan settlement balance My nanna and grandad got the rest = £4028.32 I have the original letter from Endeavour with the settlement figure calculation Balance of loan principal outstanding £5472.56 Notional interest to end of agreement £1651.54 Total repayable before deducting rebate £7124.10 LESS rebate £5808.68 I have all the paperwork including credit agreements, both loans had the PPI box ticked already single premium for both. They were both regulated by the consumer credit act 1974. I have most of the statements as well I wrote to Endeavour and Ocwen quite a few months ago to ask for the original application form to try to establish if ocean finance added the PPI on or if it was added onto the credit agreement from endeavour and ocwen. And also I wanted to know the name of the underwriter of the insurance. I never got a reply from endeavour, that is possibly because I sent it to the wrong address I'm not sure. But GE Money (new name for Ocwen) replied and they had this to say. Unfortunately as the account was redeemed more than six years ago, we no longer hold the files. However, there was a payment protection policy taken out on this account for £1000. We do not hold any other details. My questions are: 1) Who do I contact re PPI refund, as Ocean Finance are no longer trading. 2) What information do I send to them with the claim, do I send the original paperwork copies? I know that the FOS have no jurisdiction as it was from such a long time ago and I believe they were not regulated by them at the time. Is there any point in filling out the FOS questionnaire if they cannot do anything about it? Any help is appreciated, I have seen other peoples responses from these companies and it doesn't look good, so any advice on how to approach this would be great. Thanks, Abbi
  2. Hi all I do hope I have posted this in the right place. I have endeavoured to do as much of my own research as possible so far on this subject (detailed below), and don't expect busy people to do the legwork for me, but pointers would be very much appreciated please. My parents have recently been contacted by a firm of solicitors regarding a loan they took out in the late 90s with Ocwen/Igroup, offering to pursue a claim on a no-win no-fee basis, for a 35% commission, for secret commissions paid by the lenders to a number of brokers. My parents are elderly now, and I would like to do my best to reclaim the funds on their behalf. In addition, they have been hounded by GE Money on a regular basis in respect of a mortgage they are still paying off(in my view they have made bad financial decisions, unfortunately). Therefore, although I intend to pursue this matter dispassionately, I know it would give them a great deal of satisfaction if I were successful :-D My research so far as yielded the following: Secret commissions were quite common in the sub-prime lending market at this time. Ocwen/Igroup are now GE Money (can be corroborated by info held at companies house?) Relevant case law is Wilson & Anor v Hurstanger Ltd (sorry not able to link to Bailii as new poster) Failure of the broker to disclose a commission paid by the lender constitutes a breach of his fiduciary duty My next steps, however, are uncertain. I have asked my parents to find any relevant paperwork they have dating back to this time. I am assuming I can get them to submit a Subject Access Request under the Data Protection Act to both the lender (and the broker, if they still exist) and gather all information they can about the loans, to find out the nature and extent of any additional commission paid in respect of these loans? Guidance here would be appreciated, please. Things I am not sure of, yet: Are we able to pursue the commissions paid in the respect of these loans, given the time that has elapsed since? What will be seeking to claim? The amount of the commission? The interest paid as a result? presumably it would be difficult to prove any loss incurred by being sold a more expensive product as a result of this conflict of interest I am not a lawyer. I am what I would class as legally literate, and am used to reading legislation and case law (in an entirely different field - social care), and i am tenacious ;-) will I be able to bring this claim on my parents behalf? Are we likely to incure significant costs in the process? Guidance on any of these points would be appreciated, please. Thank you in advance for any pointers you are able to give. And apologies if I have missed any answers to these questions in the research I have already carried out.
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