Ocean Finance PPI

HAVEFAITH

michele16 wrote: »

I had a loan with OF and have tried through 2 different companies to try and claim back PPI but have had no luck. Would be very interested to see if anyone has succesfully claimed back PPI from Ocean.

Hi sorry to hear so far no luck ... did you take it the FOS?

michele16

HAVEFAITH wrote: »

Hi sorry to hear so far no luck ... did you take it the FOS?

No I haven't. The last company I used to pursue this did give me a reason why I couldn't claim but can't remember what it was. Will have to try and dig the letter out and will let you know what is said.

michele16

michele16 wrote: »

No I haven't. The last company I used to pursue this did give me a reason why I couldn't claim but can't remember what it was. Will have to try and dig the letter out and will let you know what is said.

Found the letter, it states that OF were not regulated by the FSA at the time of our application!

HAVEFAITH

PPI_Help wrote: »

Hi, sorry for the delay in responding.

Ocean Finance have been known to make an offer where they refund all the premiums you paid, but deduct the cost of an imaginary alternative policy. They justify this by claiming that if you hadn't purchased their overpriced policy, you would have purchased a cheaper one elsewhere. If this happens you will have to consider the figures involved, and the current delays at FOS, but in most cases it is worth carrying on to FOS.

Regarding who to pursue, it is Ocean Finance responsible as they were the broker. The authority they require from you is to obtain details from FirstPlus, because they will have no details about the loan after the point of sale.

Ben - helping out where he can

Ben, thanks that's v useful. Did you have actual experience claiming with OF?

HAVEFAITH

michele16 wrote: »

Found the letter, it states that OF were not regulated by the FSA at the time of our application!

So what does this mean? you can't put a complaint into the FOS. I've got a feeling i'm in for the long haul on this one. But will see it through to the end. Shared experiences are good ones.

michele16

HAVEFAITH wrote: »

So what does this mean? you can't put a complaint into the FOS. I've got a feeling i'm in for the long haul on this one. But will see it through to the end. Shared experiences are good ones.

Not sure what this means, but have tried twice now. I think because they weren't regulated by FOS then the FOS can't do anything. Good luck with your pursuit.

amersall

HAVEFAITH wrote: »

So what does this mean? you can't put a complaint into the FOS. I've got a feeling i'm in for the long haul on this one. But will see it through to the end. Shared experiences are good ones.

You have to go the insurer route with this one, find out who the insurers were and if they were regulated when you took out your loan, if they were, put a mis sell claim in with them, and if they tell you to get lost, then you can go to fos, as they will have jurisdiction over them. Hope this helps.

HAVEFAITH

amersall wrote: »

You have to go the insurer route with this one, find out who the insurers were and if they were regulated when you took out your loan, if they were, put a mis sell claim in with them, and if they tell you to get lost, then you can go to fos, as they will have jurisdiction over them. Hope this helps.

Sorry what do you mean by insurer? the broker? or the ppi seller?

HAVEFAITH

michele16 wrote: »

Not sure what this means, but have tried twice now. I think because they weren't regulated by FOS then the FOS can't do anything. Good luck with your pursuit.

Hi, i've yet to claim ... are you saying OF are not regulated by the FOS?

di3004

If at the time when you taken the loan out it wasn't regulated by the FSA, the ombudsman are not able to adjudicate the complaint, even if the business were regulated after the loan was taken out it make no difference.

However, lots of us have been caught out in this position, and the FOS have suggested the insurer avenue, I am one of those, and even though its currently ongoing with the FOS they will be able to judicate the complaint against the insurer.
They will check the agency connections with the broker/underwriter-insurer.

What you could do in your case is contact the FOS on the general customer query line, and explain your situation with OF and they will advise the rest of it, please let us know and we can take it from there, good luck.
http://www.financial-ombudsman.org.uk/contact/index.html