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Ocean Finance & Mortgages Ltd

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We have recently received a letter from Ocean Finance and Mortgages Ltd indicating that we chose to purchase payment protection insurance on a secured loan which was arranged by them. They say that we may have been mis-sold the policy and may be entitled to redress.

 

They say that they have completed a review of sales that took place at a similar time to the sale of my policy and that the review highlighted several failings which affected sales that took place during that period.

 

They helpfully list the common failings that they have identified as:

 

The full cost of the policy was not explained to you verbally therefore you were not aware of the full cost when you made your decision to purchase a policy.

 

The term of the policy was not confirmed to you verbally and you were not aware of the term of the policy when you made your decision to purchase a policy.

 

We did not verbally inform you of the 30 day cooling off period, if you had been made aware of this you may have cancelled the policy within that time.

 

We did not verbally inform you of the significant exclusions and limitations.

 

If your sale took place prior to August 2006 you may not have been informed verbally that the premium would be added to the loan and interest was payable on it.

 

You were unaware that you would not receive a pro-rata refund should you cancel the policy as this was not disclosed to you verbally, this is likely to be particularly relevant if you settled your loan early.

 

We are then invited to put further comments and sign this document as our complaint.

 

There is a further page entitled Form of Authority which gives Ocean Finance authority to request details of our loan and optional payment protection insurance from Ge Money Home Finance who they acted as broker for.

 

This correspondence looks to me like Ocean Finance is picking the terms under which to have a discussion about mis-selling. We are sure that their “common failings” will have rehearsed reasons limiting or obviating redress.

 

Our case is simple. We needed the loan and the only way to get the loan was with PPI. I have no recollection of any discussion were the PPI was optional.

 

We would be grateful for direction.

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We have recently received a letter from Ocean Finance and Mortgages Ltd indicating that we chose to purchase payment protection insurance on a secured loan which was arranged by them. They say that we may have been mis-sold the policy and may be entitled to redress.

 

They say that they have completed a review of sales that took place at a similar time to the sale of my policy and that the review highlighted several failings which affected sales that took place during that period.

 

They helpfully list the common failings that they have identified as:

 

The full cost of the policy was not explained to you verbally therefore you were not aware of the full cost when you made your decision to purchase a policy.

 

The term of the policy was not confirmed to you verbally and you were not aware of the term of the policy when you made your decision to purchase a policy.

 

We did not verbally inform you of the 30 day cooling off period, if you had been made aware of this you may have cancelled the policy within that time.

 

We did not verbally inform you of the significant exclusions and limitations.

 

If your sale took place prior to August 2006 you may not have been informed verbally that the premium would be added to the loan and interest was payable on it.

 

You were unaware that you would not receive a pro-rata refund should you cancel the policy as this was not disclosed to you verbally, this is likely to be particularly relevant if you settled your loan early.

 

We are then invited to put further comments and sign this document as our complaint.

 

There is a further page entitled Form of Authority which gives Ocean Finance authority to request details of our loan and optional payment protection insurance from Ge Money Home Finance who they acted as broker for.

 

This correspondence looks to me like Ocean Finance is picking the terms under which to have a discussion about mis-selling. We are sure that their “common failings” will have rehearsed reasons limiting or obviating redress.

 

Our case is simple. We needed the loan and the only way to get the loan was with PPI. I have no recollection of any discussion were the PPI was optional.

 

We would be grateful for direction.

 

thats good

 

if they are asking you then go for it.

 

wouldn't hurt to check them if they do give refund though

 

see below

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Hi there

 

I've had a similar letter from Ocean Finance & Mortgages to do with a loan I am still paying off with Blemain Finance.

 

They include a piece of paper requesting permission to look at Blemain's insurance?

 

Are they passing the buck as they were the broker or do I go along with it and send it all back to them?

 

I also paid off another loan with I Group (now GE Money) and tried to claim PPI back from GE and got nowhere.

 

Ocean originally sent me a similar letter to the one above and I didn't follow it up.

 

Is it worth me trying Ocean again?

 

The GE loan was taken in 2005 I think and the Blemain one in 2007.

 

I know both dates were after the regulation of lots of companies from the FSA.

 

In both cases like the previous poster,

I didn't feel I had a choice but to take PPI otherwise I would not have got either loan

 

.Advice please.

 

ThanksLibra6

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Hi there

 

I've had a similar letter from Ocean Finance & Mortgages to do with a loan I am still paying off with Blemain Finance.

 

They include a piece of paper requesting permission to look at Blemain's insurance?

 

Are they passing the buck as they were the broker or do I go along with it and send it all back to them?

 

I also paid off another loan with I Group (now GE Money) and tried to claim PPI back from GE and got nowhere.

 

Ocean originally sent me a similar letter to the one above and I didn't follow it up.

 

Is it worth me trying Ocean again?

 

The GE loan was taken in 2005 I think and the Blemain one in 2007.

 

I know both dates were after the regulation of lots of companies from the FSA.

 

In both cases like the previous poster,

I didn't feel I had a choice but to take PPI otherwise I would not have got either loan

 

.Advice please.

 

ThanksLibra6

 

yes i'd create your own thread see below

 

and give us the stories

 

then start the claims again.

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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