PPI Reclaiming Discussion part 4

di3004

smallpost wrote: »

sorry no i have'nt, i rang them to see if i was covered after reading about the PPI.

Right, I am aware that some are covered by self employment but not all, but check the T&C's then you receive these as well.

Otherwise make a reclaim.;)

RoverstilIdie

Hi folks, wonder if someone can give us some advice regards reclaiming PPI from Ocean Finance.

We took out a £30k secured loan in Sept 04 over 20years that had £4200 PPI added, which we were advised would give us the comfort of knowing that the monthly instalments would be paid in case of sickness, injury or unemployment for one year. What we weren't told was that the PPI only covers the first five years of any loan (we have only found this out from a friend who has recently been made redundant and tried to claim on his policy, but was told this is their standard terms).

Does anyone have any experience of this, or indeed if we would be able to claim based on this point. We would stress that anyone would want to make sure that the policy would be covered for the full term and not just the first five years.

Many thanks
Paul

di3004

RoverstilIdie wrote: »

Hi folks, wonder if someone can give us some advice regards reclaiming PPI from Ocean Finance.

We took out a £30k secured loan in Sept 04 over 20years that had £4200 PPI added, which we were advised would give us the comfort of knowing that the monthly instalments would be paid in case of sickness, injury or unemployment for one year. What we weren't told was that the PPI only covers the first five years of any loan (we have only found this out from a friend who has recently been made redundant and tried to claim on his policy, but was told this is their standard terms).

Does anyone have any experience of this, or indeed if we would be able to claim based on this point. We would stress that anyone would want to make sure that the policy would be covered for the full term and not just the first five years.

Many thanks
Paul

Hi Paul and welcome

Being sold one of these costly rip off policies is a complaint in itself and you stand a good chance of winning your money back for your reasons.

I take it this was sold and set up by Ocean Finance?
Is so its these you pursue, you complete the reclaiming questionnaire on stage one, send to whoever set this up, keep copies of all you send and receive, in case you need to refer to this at some point.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

They have 8 weeks but may ask for more time, please keep us posted and any further help, just give a yell, good luck.

amersall

RoverstilIdie wrote: »

Hi folks, wonder if someone can give us some advice regards reclaiming PPI from Ocean Finance.

We took out a £30k secured loan in Sept 04 over 20years that had £4200 PPI added, which we were advised would give us the comfort of knowing that the monthly instalments would be paid in case of sickness, injury or unemployment for one year. What we weren't told was that the PPI only covers the first five years of any loan (we have only found this out from a friend who has recently been made redundant and tried to claim on his policy, but was told this is their standard terms).

Does anyone have any experience of this, or indeed if we would be able to claim based on this point. We would stress that anyone would want to make sure that the policy would be covered for the full term and not just the first five years.

Many thanks
Paul

Hi there, this is what is known as front loaded ppi, the ppi only covers you for 5 years but you still pay the ppi back with interest over the term of the loan!and have no ppi cover at all.Put a letter in for mis sell with the reasons above, this ppi will cost you dearly over the term of the loan. Claim it back.x
Also if your friend was not aware of this tell them to put a claim in as well.

RoverstilIdie

Thanks for the advice and support folks. Off to print out the claim form now and I will let you know how we get on in the near future.

di3004

RoverstilIdie wrote: »

Thanks for the advice and support folks. Off to print out the claim form now and I will let you know how we get on in the near future.

Well done and good luck!;)

RoverstilIdie

Hi Di3004,

I have just found my paperwork for the loan and the folder it came in from Ocean states that only loans arranged by them for under £25k are regulated by FISA. The application form is also headed as an "unregulated credit agreement" between ourselves and Swift Advances Ltd.

Can they get away with not being regulated for loans over the £25k limit ???

Thanks

Paul

di3004

RoverstilIdie wrote: »

Hi Di3004,

I have just found my paperwork for the loan and the folder it came in from Ocean states that only loans arranged by them for under £25k are regulated by FISA. The application form is also headed as an "unregulated credit agreement" between ourselves and Swift Advances Ltd.

Can they get away with not being regulated for loans over the £25k limit ???

Thanks

Paul

Hi Paul

I don't think this would make any difference in regards of the reclaiming side of it to be honest.

But in regards of regulation, was the business covered by the FSA or GISC when you taken out the loan?

The Financial ombudsman service are only able to investigate complaints if they were governed by the above, FISA unfortunately does not come into it, mine was also FISA but they are not the same as such as the ones the FOS deal with.

But if this fails, the FOS are able to suggest other avenues, such as the underwriter/insurer direction, like they have done with some of us here, but do the normal procedures first of ruling this out by making the reclaim to the broker.;)

RoverstilIdie

Thanks di3004. Invaluable advice for a newbie.

Applecider_2

Di - or anyone else out there willing to help, I have had all my statements from halifax and barclays. Barclays being the best putting all the reference numbers etc so I now have my egg card number etc, one problem was that I had a loan from barclays think it was a gradualate loan but it was taken from my money at halifax whose statements are just say DD ATM and the amount and do not put the reference numbers! Wat do you suggest. I also have no idea if I was mis-sold on my egg card/capital one/barclaycard and the others, how could I find this out or is it just worth me sending a letter telling them I want to claim? cheers, x