Ocean Finance ready to cough?

[tandlehill]

Hi All

 

I have recently had my claim for mis sold PPI referred back to Ocean Finance by the FOS (just some background, it is a secured loan over 180 months with front loaded PPI included, although out of the 5 year window now).

 

Ocean have responded today stating:

"We remain satisfied that the sale of your policy was conducted in accordance with the rules which were in place at the time. However, as we have also assessed the sale in light of the paper which the FSA has recently issued it is largely based upon the content of this paper that we are upholding your complaint. As a result we are now obliged to make you an offer of redress" (which had better be the full amount loaded onto the loan plus interest plus 8%!)

 

Q!. What paper?

 

Q2. FSA? I thought they had disappeared?

 

Q3. Calculate amount using the spread sheet here on CAG & send this to them as a response?

 

They have also included a form of authority to sign & return to allow them to access information from the Lender & also the Insurer, is this usual? Would they need to contact the lender to ascertain monthly payments as the account is variable interest rate? Also contact the insurer to check if any claims were made (which would sort of rule out the fact that they mis sold in the first place!).

 

Any thoughts?

[ims21]

Q1 - Don't worry about it....they are making an offer of redress.....that is the thing to cheer about.

 

Q2 - Don't worry about it....FSA are now the FCA

 

Q3 - Always good to do a spreadsheet, yes. No need to send it to them, let them come up with the offer and then you can check it against your spreadsheet.

 

Yes they will need information from the lender but make sure that the document you sign does not contain any reference to it being an acceptance of the refund. Some companies try to get you to accept an offer even before they have let you know what that offer is (believe it or not)

[tandlehill]

Many Thanks ims21, I will carefully check it then return to them.

[tandlehill]

Ok, received a letter today with a breakdown of Ocean's calculations & they are offering £4k as compensation. Will try to post image up later but in a nutshell it is made up of:

 

Loan Amount - £200000

PPI Loan Amount - £3183.75

No of payments - 73

Amount paid - £2979.13

Notional redemption cost - £2351.67

 

Subtotal - £5330.80

 

Cost of equivalent monthly paid poicy - £1469.07

8% simple interest - £293.97

Income Tax deduction at 20% - £58.79

 

Redress due - £4096.91

 

Any comments??

[ims21]

Ok so they are suggesting that you would have bought PPI elsewhere.

 

On what basis are they making that assumption?

 

You need to ask them why they feel that is the case and demand that you receive all of your money back. It is not up to them to assume that you would have purchased an equivalent policy elsewhere.

[tandlehill]

OK, so I have e-mailed my contact at the FOS today to clarify a few points with them before contacting Ocean to discuss the contents of their letter & offer of redress.

 

I have attached a scan of the offer of redress for open view (minus personal info) just so others can see what it looks like (should you be going down the same route). Not an expert with uploading (a bit out of practice!) so hopefully you can read it!!

 

[ATTACH=CONFIG]43870[/ATTACH]

Edited May 16, 2013 by tandlehill
Image quality & size

[pepper1986]

did you get sorted

 

how long did you wait?

[tandlehill]

did you get sorted

 

how long did you wait?

 

Hi pepper1986Sorry for the slow reply, have been absolutely mowed out.Once they agreed to refund the charges they waited for the full 28 days to produce the cheque (apparently they couldn't do BACS transfer!); anyway I thought that was the end of it but surprise, surprise.....after much toing & froing of letters disputing their right to offset part of the refund as a notional amount I would have had to pay for PPI (had I wanted it, which I didn't!) they have now been in contact again to say they "may not have investigated it fully" & basically agreed that they have not fully comlied & refunded all of the money they took from us initailly!Now awaiting the next letter with a finalised figure in it.Don't give up, keep grinding them down as they know they are in the wrong!! Good Luck!

[pepper1986]

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