Ocean Finance - Help???!! Sorry extra long post!

cria28

Hi
I sent off complaint to Ocean Finance on 23rd March regarding a misold PPI policy on a secured loan I took out with them in July 2004. I was struggling financially at the time and was told by the adviser at OF that because of that I would need protected loan as I would be guaranteed to get it. As it happened I ended up selling my house and paying the loan off early (including the PPI) I do not have any of the original paperwork but after a phone call to OF last week, they had my details on file and actually gave me the account number and told me the PPI was £1040. The loan was actually with GE Money
Anyway...I received a letter in response to my complaint (dated the following day...couldn’t believe how quick they were!) I have copied the content of the letter below and wondered if anybody can advise what I should do now – I don’t want to let it go as they were in the wrong but haven’t got a clue what to do and am hoping one of the lovely experts on here can advise!!
Letter starts...
“Thank you for your letter concerning the purchase of payment protection insurance by you in July 2004. Given the timing of this transaction, Ocean Finance & Mortgages Ltd (OFML) could not have played a part in the sale of the policy. OFML was not incorporated until Sept 2003 and did not actively operate as a business entity until 14th January 2005
From the information you have provided in your letter, it appears that Ocean Finance and not OFML may have played a role in the sale of the policy.
For your convenience, we are pleased to outline briefly the history of the operation of the Ocean Finance business:
1) The “Ocean Finance” business was originally established in May 1991 as a partnership. From January 1997, Paul Newey carried on the business as a sole trader, continuing to use the trading name “ocean Finance”
2) On 14th Jan 2005, OFML acquired the “Ocean Finance” business from Mr Newey, including certain customer records and the right to use certain “Ocean Finance” trademarks. A copy of the sale and purchase agreement is available from companies house (the SPA) the SPA deals with the private arrangements as between Mr Newey and OFML, however, and does not confer any rights upon any third parties, such as lenders or borrowers introduced to each other by Ocean Finance. Indeed, any third party rights are expressly excluded.
3) For OFML to have acquired any direct liability or responsibility to any customer in connection with an arrangements made prior to 14 Jan 2005 there would have had to have been
a. A specific agreement as between Mr Newey, trading as Ocean Finance and that customer:
b. Mr Newey and the customer would have had to expressly ensure that any obligations owed by him under that agreement would be transferred to OFML with effect from 14 Jan 2005. This is known in legal language as a “novation”.
OFML has no record of a novation involving you. In the absence of a novation, there is no basis for any claim against OFML.

As a matter of courtesy, and without prejudice to any of the points above, we have sent a copy of your letter to Mr Newey, PO Box 15718, Sutton Coldfield. B73 9TA. If you wish to take further steps on this matter we suggest you contact Mr Newey directly via the aforementioned address.
Yours Sincerely
Deborah Morgan
Compliance Assistant
Letter ends....


Any help you can give - i would be grateful!!
Cath
x

the_knitting_drummer

Sounds to me like you've complained to OFML, when you should have complained to OF. What address did you write to?

The other problem you have, is that you took the policy out in July 2004. That was a dark age in which the sale was unregulated, and the FOS didn't have sticks to beat them up. The chance of you ever getting your money back is sadly very slim.

amersall

You should put a complaint in to GE money, they are the ones that gave you the loan.
http://www.gemoney.co.uk/en/utility/contact_complain.html
Also, you should look here for reasons for mis sell
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#checklist
check if any/all apply to you
Just using " i was told i had to take it " is not a reason on its own for mis sell.
Good luck with this and please keep us posted.
People on here, myself included, have had wins from the 90s, so it is not all doom and gloom, you may get lucky with this. Please post up the reply you get from GE money.

cria28

Thanks for the advice, it has really confimred what I thought, I know its a long shot but I may as well try, I have nothing to lose.
Kind regards
Cath

the_knitting_drummer

amersall wrote: »

You should put a complaint in to GE money, they are the ones that gave you the loan.
http://www.gemoney.co.uk/en/utility/contact_complain.html
Also, you should look here for reasons for mis sell
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#checklist
check if any/all apply to you
Just using " i was told i had to take it " is not a reason on its own for mis sell.
Good luck with this and please keep us posted.
People on here, myself included, have had wins from the 90s, so it is not all doom and gloom, you may get lucky with this. Please post up the reply you get from GE money.

Unfortunately our friend amersall is mistaken here. GE Money didn't give you the loan, it was Ocean Finance that were the broker. GE Money were on the back benches providing the finance, and will confirm as much in their response to you.

You could go after the insurer who underwrote the policy, but that will just float around FOS for eternity because there is currently no gravity.

amersall

cria28 wrote: »

Thanks for the advice, it has really confimred what I thought, I know its a long shot but I may as well try, I have nothing to lose.
Kind regards
Cath

OFML have written to mr newey, so, put a complaint in to mr newey as well and see what he comes back with.
Dont know why they are passing this over to him as he sold ocean finance to american company AIG in 2006, so i am curious as to where you stand with your loan ppi,if the business has been sold and loans that predate 2005 are not covered in this !?.
We need someone who knows what this all about,maybe anyone who has a claim in for a ppi with OF before 2005, or just anyone with a brain really :D


Marshalka or robbedof, where are you both? .:eek:
These two may know more about this, hopefully they may post and partake of any knowledge on this.

the_knitting_drummer

amersall wrote: »

We need someone who knows what this all about,maybe anyone who has a claim in for a ppi with OF before 2005, or just anyone with a brain really :D

The Knitting Drummer is hurt and offended . It is pointless writing to OF or mr newey, because the sale was unregulated.

Hence our OP friend can either pursue the underwriter or use a solicitor. The first option won't work, and the second option will cost him money. It's an unfortunate sad state of affairs, but there you go.

cria28

Thanks for your advice, is there nothing I can do then, shall i give up? i am happy to write letter but haven't a clue who I should be targetting??

alsmals

I'm in excatly the same position as you cria28. I received the same letter regarding my PPI, and I do have a resonable claim as I shouldn't have been sold it due to an existing medical condition!! My PPI is valued at just short of £6000. I called the Financial Ombudsman today and recommended that find out who the Insurance Underwriters are for the Loan, and they will contact them on my behalf. My problem is, in all my old paper work, there is nothing to state who the Insurance Underwriters are. The FO also stated that I should contact Mr Newey myself, even though OFML have already passed my details on.
It seems so so unfair that the monies paid has just slipped into the ether!! I also paid off my loan early, and paid interest on the PPI!!! Just so unfair. I'm not giving up yet, I just need to find out who the Insurance Underwriters are, so if any of you experts out there know, please let me know. It might be a long shot, but £6000 is too much for me to just let go. Anne Robinson - get ready!

di3004

Hi

I posted the below on the other thread as well, good luck folks (Copied and pasted to below).


Hi

The FOS normally suggest this avenue as another way of trying to get your money back to you.
And check the liabilities of the underwriter/insurer to the broker/lender etc in regards of when the policy was sold to you.

If Ocean cannot provide you with the details, you can ask for the policy details from the lender, ask them to provide you with a copy of the insurance policy details and the Undewriter/insurer details are enclosed on them.

Good luck.;)