Are First Plus having a laugh????

mickmcg68

Hi, hopefully someone can give me some advcie on PPI reclaiming.

I took a loan for £20k from Ocean Finance (I know!) in January 2002 which turns out was through First Plus.

I asked Ocean Finance to send me a copy of the loan agreement which they did and it showed the loan amount of £20,000, and then below it a mystery amount of £3986. The copy they sent was so bad it wasnt possible to tell what that was for. So I called Ocean and the girl told me it was for my "OPTIONAL" Payment Protection Insurance.

So I wrote to them and got a letter back from Moore Stephens, a solicitor based in Jersey to tell me that Ocean Finance was a trading name of Alibaster who ceased trading onm 31 December 2004 and some legal stuff about having been wound down and as they had no professional indemnity insurance, there was basically nothing I could do.

The loan has long since been paid off but I worked out that I must be due to claim around £7k so I amnt going to give up too easily.

Has anyone else had this letter back and if so what did you do next?

As I took the loan through Ocean who brokered it through First Plus, surely they are responsible in some way?

Any advice on where to turn now would be great.
Cheers
Mick

marshallka

mickmcg68 wrote: »

Hi, hopefully someone can give me some advcie on PPI reclaiming.

I took a loan for £20k from Ocean Finance (I know!) in January 2002 which turns out was through First Plus.

I asked Ocean Finance to send me a copy of the loan agreement which they did and it showed the loan amount of £20,000, and then below it a mystery amount of £3986. The copy they sent was so bad it wasnt possible to tell what that was for. So I called Ocean and the girl told me it was for my "OPTIONAL" Payment Protection Insurance.

So I wrote to them and got a letter back from Moore Stephens, a solicitor based in Jersey to tell me that Ocean Finance was a trading name of Alibaster who ceased trading onm 31 December 2004 and some legal stuff about having been wound down and as they had no professional indemnity insurance, there was basically nothing I could do.

The loan has long since been paid off but I worked out that I must be due to claim around £7k so I amnt going to give up too easily.

Has anyone else had this letter back and if so what did you do next?

As I took the loan through Ocean who brokered it through First Plus, surely they are responsible in some way?

Any advice on where to turn now would be great.
Cheers
Mick

So sorry when I hear of cases like this.


IF it is the case that the information you have reiceved is correct then I would now ask the FOS if they can help by pursuing the "Insurer/underwriter" on your behalf. This is what FOS are hoping to do in cases like this but first we need to confirm that the information you have been given is correct. ALso would you know who your underwriter was? Did you have any insurance documents at all?

mickmcg68

Thanks, I didnt have insurance docs, I didn't even know I had insurance until I wrote to Ocean and asked. I was shocked how much they had charged me.

I was just thinking about this. The £3986 for PPI is on the First Plus document, so was sold to me by them and not Ocean Finance, so if the letter is correct that Alabaster have gone bust, then surely I should be able to pursue this via First Plus directly?

But again I amn't sure about how I stand with this kind of thing so any help would be appreciated.

Thanks again,
Mick

marshallka

mickmcg68 wrote: »

Thanks, I didnt have insurance docs, I didn't even know I had insurance until I wrote to Ocean and asked. I was shocked how much they had charged me.

I was just thinking about this. The £3986 for PPI is on the First Plus document, so was sold to me by them and not Ocean Finance, so if the letter is correct that Alabaster have gone bust, then surely I should be able to pursue this via First Plus directly?

But again I amn't sure about how I stand with this kind of thing so any help would be appreciated.

Thanks again,
Mick

Hi Mick, I know that we all think that FP sold us our PPI (and I agree as I was one with them myself) BUT getting FP to take responsibility is another thing. I did this with FOS when FP told me an unregulated broker was involved with mine and each time FOS got onto the case FP disagreed with FOS in that it was them that sold the PPI so FOS could not look into it. I know whereby we are sold PPI by unregulated brokers etc these types of complaints are being looked at by a team at FOS against the insurers so may be of help to you to ask FP nicely for copies of the insurance documents. You can either ask them direct or send off for the SAR (subject access request) and this should contain all details of the loan and PPI. It does however cost you £10 and they can take up to 40 days to supply it but may be worth it to you. There is a template here.

http://forums.moneysavingexpert.com/showthread.html?t=1475553

Send by recorded delivery if you decide to go this way. If you need any more help just shout away and there are plenty on here that will be able to assist.

mickmcg68

Thanks again.
I am going to send the SAR - a tenner well spent I say.

I checked the forums on PPI reclaim companies and the general concensus was to not use them as PPI is simple to reclaim - so why pay someone else. In a case like this is it worth using someone who claims to be an expert and if so, can anyone recommend a reputable business?

Cheers
Mick

marshallka

mickmcg68 wrote: »

Thanks again.
I am going to send the SAR - a tenner well spent I say.

I checked the forums on PPI reclaim companies and the general concensus was to not use them as PPI is simple to reclaim - so why pay someone else. In a case like this is it worth using someone who claims to be an expert and if so, can anyone recommend a reputable business?

Cheers
Mick

From what we are ware on here most of these claims companies only send them off to FOS and I have never heard anyone state they took a case to court for them on a PPI claim. I would first try on your own and also ask the FOS advice on the insurer. Others may give their views on this and like I said before, we really need to confirm that this company that you used as your broker (or FP say you did) has actually dissolved.

marshallka

Mick, do you have any company reference number for Ocean Finance and is it this one

Company No. 05747567
If it is then they are dissolved and it was last year they actually did BUT there is another Ocean Finance that is actually still trading under a company address in Staffordshire and number of


Company No. 06980352


This is so annoying..... have a read of this thread here

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/209234-endeavour-ocean-finance-alabaster.html


Seems to me like Ocean Finance are claiming they were only perhaps processing the loan for Alabaster. I would certainly ask for FOS advice here against the insurer/underwriter.

halifax71

"Are FirstPlus having a laugh?" Yes

Don't worry, you will get your PPI back, i get the impression they don't even contest them now as they don't want to incur any regulator costs.

In addition to PPI have you wondered why none of the 80% reduction in base rates have been passed on?

Did you know that your APR can increase by double any future base rate increase? So if base rates recover to their 5 year average you can expect an increase in your APR of about 8%.

So, once gain, yes they are having a laugh, at their customers expense.

Get complaining about both issues. There's a dedicated website if you want to join us.

www.FirstPlusComplaints.co.uk. No costs, just like minded customers conned by this disgrace of a company.

P.S. Call them by their proper name - Barclays FirstPlus. This is a supposed reputable bank (if there is such a word).

marshallka

halifax71 wrote: »

"Are FirstPlus having a laugh?" Yes

Don't worry, you will get your PPI back, i get the impression they don't even contest them now as they don't want to incur any regulator costs.

In addition to PPI have you wondered why none of the 80% reduction in base rates have been passed on?

Did you know that your APR can increase by double any future base rate increase? So if base rates recover to their 5 year average you can expect an increase in your APR of about 8%.

So, once gain, yes they are having a laugh, at their customers expense.

Get complaining about both issues. There's a dedicated website if you want to join us.

www.FirstPlusComplaints.co.uk. No costs, just like minded customers conned by this disgrace of a company.

P.S. Call them by their proper name - Barclays FirstPlus. This is a supposed reputable bank (if there is such a word).

So are you saying that the poster can make FP responsible for the sale just like that cause FP are saying there was a broker.... Never heard of this before on here.

halifax71

Not too sure of all the issues re brokers but i do know that the Firstpluscomplaints site have negotiated Legal Support with a 100% promise to recover PPI to those who have used brokers.

Might be worth a look.

marshallka

halifax71 wrote: »

Not too sure of all the issues re brokers but i do know that the Firstpluscomplaints site have negotiated Legal Support with a 100% promise to recover PPI to those who have used brokers.

Might be worth a look.

OK, thought it was with FOS then:eek:.